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Quiz 3 ECO

The document summarizes key points about economic development factors: Non-economic factors like culture, religion, social structures significantly impacted economic growth in Western nations. Economist Ester Boserup viewed societies as dynamic interplays between natural, economic, cultural and political structures. The relative income gap between developed countries and African/Asian nations is now around 12 times, greater than a century ago due to faster economic growth in developed countries. Japan and Asian Tigers like South Korea and Taiwan had most development success in the last century through state-guided capitalism and education investment. Their models of infrastructure support, technology adoption and export-focused policies can provide selective lessons for today's developing countries.

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Eugene Alipio
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96 views2 pages

Quiz 3 ECO

The document summarizes key points about economic development factors: Non-economic factors like culture, religion, social structures significantly impacted economic growth in Western nations. Economist Ester Boserup viewed societies as dynamic interplays between natural, economic, cultural and political structures. The relative income gap between developed countries and African/Asian nations is now around 12 times, greater than a century ago due to faster economic growth in developed countries. Japan and Asian Tigers like South Korea and Taiwan had most development success in the last century through state-guided capitalism and education investment. Their models of infrastructure support, technology adoption and export-focused policies can provide selective lessons for today's developing countries.

Uploaded by

Eugene Alipio
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Eugene D.

Alipio
ECOPE05: Economic Development Online
MR. FRANCIS A. GUMAWA

Read and answer the following questions below.

1. How important were noneconomic factors in contributing to modern capitalist


development in the West?

Some of the major non-economic factors with a significant impact on economic


growth and social development are: culture, religion, the role of family, class,
tradition, role of the individual, social and political dependence, the role of
government, religion, language as a resource of human capital, corruption factors.
Ester Boserup (1910–99) summed up her research as focusing on the interplay of
economic and non-economic factors in the process of social change, both today and in
the past, viewing human societies as dynamic relationships between natural,
economic, cultural, and political structures, instead of trying to explain.

2. How does the relative gap between the West and Afro-Asian LDCs today com-
pare to the gap a century and a quarter or half ago? How do we explain this
difference?

GNP per capita for the DCs in the first decade of the 21st century is roughly
twelve times that of Afro-Asian low-income economies, if compared using
international dollars using purchasing power parity rates. The gap was not so great
130 to 150 years ago since people could not have survived on one-twelfth the per
capita income of the West in the late 19th century. Moreover, DC economic growth
has been much more rapid during the past 130-140 years.

3. Which countries outside the West have had the most development success in the
last century? Are these non-Western development models useful for today’s LDCs?

Japan was extremely successful using "guided capitalism," in which the state
played a major role in providing infrastructure and investment assistance. Asian
tigers, such as South Korea, Taiwan, Singapore, and Hong Kong, were also
successful. LDCs can selectively learn from these East Asian countries: some major
ingredients of their successes included high homogenous standards (especially in
science) of primary and secondary education, able government officials that planned
policies to improve private-sector productivity, infrastructure development,
substantial technological borrowing and modification, exchange-rate policies that
lacked discrimination against exports, and (in Japan and Taiwan) emphases on
improving the skills of small- and medium-scale industrialists.

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