IBDP Economics Chapter 17 Notes

topics in economic development

STUDY NOTES FOR ECONOMICS CHAPTER 17 – TOPICS IN ECONOMIC DEVELOPMENT

These notes have specially been curated by expert teachers to simplify and enlighten concepts given in IB Topics in Economic Development HL. The notes are comprehensive in nature and are sufficient to study the chapter in depth and one need not look for other resources beyond the notes provided on our website which can be accessed for free. The notes for Topics in Economic DevelopmentIBDP HL are available on our official website and can be downloaded for free. The material made available on Tychr’s website is available for all IBDP subjects and is specially curated after an extensive amount of effort to ensure that the notes are in consonance with the IB curriculum and are an amalgamation from various textbooks prescribed by the IBO.

This chapter talks about the importance of economic development which leads to improved quality of life. Firstly we will look at the role of domestic factors like that of education and health, appropriate Technology, banking, credit, and micro credit, the empowerment of women, income distribution and infrastructure. All of these above mentioned points add to the improvement of the economy as a whole which leads to a better quality of life and sustainable living. The students must understand that for international trade to be considered as an engine for growth and development it must achieve certain objectives like increased rate of economic growth, increased incomes and diversification of domestic production and Exports through improved employment opportunities.

The chapter also focuses on the over specialisation on a narrow range of products which leads to missing benefits of diversification. A detailed study about the inability to access International markets is also taught in the chapter to give the students a clearer idea about the economic development through international trade. Next in the chapter trade Strategies for economic growth and development are mentioned such as import substitution, export promotion, trade liberalization, the Washington consensus and Joseph Stiglitz’s new development consensus. The trade strategies also include the world trade organisation and its benefits, the Uruguay round which provided a 33% reduction in the tariff, the millennium round in 1999 and strategies like diversification and capital liberalisation through elimination of exchange controls and capital flight. This is a fairly short chapter which discusses the importance of international trade in economic development.