Rostow's Stages of Economic Growth focuses on how a traditional society transitions into a modern economy. Rostow's model delineates five distinct stages: traditional society, preconditions for take-off, take-off, drive to…
The trickle-down economics or trickle-down effect posits that tax incentives and benefits for the affluent will trickle down to benefit society at large. Hence, this strategy advocates for reduced regulations…
Brain drain involves the substantial emigration of skilled individuals from a country or organization, often in pursuit of better opportunities elsewhere. Brain drain manifests at different levels, from the geographic…
Infrastructure's impact on growth emanates from multiple interrelated avenues. Expansion and modernization of energy, telecom, and transportation infrastructures positively affect economic expansion, since these vital systems are essential in producing…
In 1986, a mere 176 Export Processing Zones (EPZs) operated in 47 countries according to the International Labour Organisation. By 2015, approximately 4,300 EPZs were found in over 130 nations. This surge…
In 2021, U.S. multinational corporations employed an astonishing 43.3 million workers worldwide. This fact highlights their significant impact and extensive global reach. These giants, also known as MNCs, are instrumental in the advancement…
According to dependency theory, the flow of resources from a "periphery" of impoverished states to a "core" of affluent nations results in the latter's enrichment while sacrificing the former. This pioneering concept,…
Globalization implies the interconnectedness and integration of economies, cultures, and societies worldwide. furthermore, it is driven by advancements in technology, communication, transportation, and trade. Globalization allows goods, services, information, ideas,…
The United Nations Development Programme (UNDP) introduced the Gender Inequality Index (GII) as a composite measure to assess gender disparities in various dimensions. It is part of the broader framework…
The Gender Development Index (GDI) measures gender-based gaps in development. Hence, it is a statistic that takes into account disparities between men and women. It considers three basic dimensions of…
Inclusive development refers to a development approach that aims to ensure that the benefits of economic growth and progress are shared by all members of society, regardless of their background,…
"Economic imperialism" means the domination and influence exerted by a nation, a group of nations, or large corporations over others. Hence, it involves the extension of economic power and control…
Sustainable development is a concept and approach to addressing the world's economic, social, and environmental challenges in a way that seeks to balance current as well as future needs. Hence,…
Simon Kuznets observed a relationship between inequality and development which came to be known as the Kuznets Inverted-U hypothesis. He postulated that inequality in income distribution will rise during the…
Similar to the Lewis Model, the structural change theory by Fei and Ranis attempts to explain the transition of underdeveloped agricultural economies with surplus labour into industrialised economies. Furthermore, the…
