...One of the consequences of the recent and continuing economic crisis is the emerging or strengthening of alternative actions and views, although not necessarily new. Some of these voices to some extent complementary, derived mainly from research institutions and activist groups in Western Europe, expressed through a new concept of lifestyle, the one of degrowth. Degrowth is the (new) revolutionary theory which claim to alleviate the negative consequences of the current “economic” system and to create a new, sustainable and “friendly world”. Degrowth theory claims that as a development and growth causes political, economic and environmental crises, does not constitute as part of the solution for the global challenges but part of the problem....
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...industry success which directly relate to the economic development of a country as well as the global economy. In such a relationship, entrepreneurship with innovation is the major driving force behind the sustainable economic development and thus, entrepreneurs play the key role in manipulating the factors of production that include land, labour, capital and also the natural resources (Econlowdown, n.d.) to cause economic growth. In short, entrepreneurship contributes to the economic performances by introducing innovations, effectively allocating resources and creating changes. Hence, the aim of this essay is to discuss the nexus of entrepreneurship, innovation and economic development as well as the role that creativity and problem solving play in this relationship. From the business point of view, entrepreneurship is referred to the capacity and willingness to develop, organise and manage a business venture along with any of its risks in order to make profit by using the factors of production (BusinessDictionary.com, n.d.). Clearly, entrepreneurs are the people with particular characteristics and traits of behaviours whereas entrepreneurship is the result of what entrepreneurs do and refers to events and their economic impact (Lumsdaine and Binks, 2006). Innovation on the other hand is one of the key tools that could assist entrepreneurs to effectively realise the market opportunities that leads to a sustainable economic development. New ideas that add value to a firm is introduced...
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...Nottingham University Business School Undergraduate Programmes TITLE OF MODULE: Entrepreneurship and Business (N11440 MY) Title of Work: Discuss the relationship between entrepreneurship, innovation and economic development. What role if any do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion COPY 1 TITLE OF MODULE: Entrepreneurship and Business (N11440 MY) Title of Work: Discuss the relationship between entrepreneurship, innovation and economic development. What role if any do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion COPY 2 Austrian writer, professor, management consultant and self-described “social ecologist,” Peter F. Drucker once said “Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.” (BrainyQuote, 2014) This essay aims to show how innovation, entrepreneurship and economic development are all linked together as shown in the statement above. Even though many a time the spotlight has been shined on entrepreneurship as the propellant towards success, there are still many factors that have to be taken into account such as creativity and problem solving skills...
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...In this essay, it would be found out that the relationship between entrepreneurship, innovation and economic development is a multidirectional cycle, which means that they affect each other in two directions. From one direction, when there is a problem entrepreneurs would use innovation which comes from creativity to solve it by entrepreneurship. Innovation deliveries new industries or get exist industries developed and both of those actions will lead economic to develop. The births of new industries encourage people with entrepreneurship to organize new economics. From the other direction, the development of economic absorbs new investments. Those investments include not only labour, land and capital, but also innovation which can improve the new good or service. The development in new industry can also offer money or other capital to encourage people with creativity to innovate. Innovation can be protected by entrepreneurship because it relies on innovation. As Thomson Edison* said, his inventions were from seeing a worthwhile need to be met and trailed after it until it came. So it can be seen as innovations are from solving problem and creativity. As an entrepreneur, spotting a problem and turn it into opportunity by creativity is called entrepreneurship. Entrepreneurship sets innovation to processing first and then gets profits from economic development. As Bolton and Thompson (2000) has recognized, entrepreneurship is about change and innovation. So every entrepreneurs...
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...“Rostow’s pattern of thought of economic development is often compared and contrasted with that of Alexander Gerschenkron, though the two are more or less compatible and complementary.” Critically discuss this statement. The theory of economic development throughout history has been of significant discussion especially in regard to the works of Rostow and Gerschenkron. The differentiation between the pattern of thoughts and ideals is a hotly debated topic within economics. The ideals the two theorists create, each substantially creditable in their own right, entail degrees of correlation and variation. Leaving the conclusion, do the to patterns of economic thought complement one another or is there distinct disparity between the two. Applied examples will be used below to analyse the extent of segregation or association between the works of Rostow and Gerschenkron. The two theories of work are mainly discussed with Asian development as it is more relevant, timely and there is significantly more information available than previous developed countries such as Great Britain. Walt Whitman Rostow developed one of the major historical models of economic growth in 1960, The Stages of Economic Growth: A non-communist manifesto. This piece portrays the process of economic development in a previously unseen approach, evidently forging it as a milestone in economic literature. Rostow's Stages of Growth model, The five stages are (1) the traditional society, (2) the preconditions...
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...The Evolution of Development Perspectives The Evolution of Development Perspectives The study below is a review of different articles and the evolution of development perspectives. The study reviews the work of different authors and their perceptions about the evolution of development. A brief summary of the developed economic models has also been included, as most journals have mentioned these theories in their reviews. Development has come a long way over the last sixty years as both a scholarly discipline and as an enterprise. It became very significant after the Second World War and was considered the same as industrialization. Its objective was very clear: to raise incomes and offer goods and services to poor people, who couldn’t have access to them before (Rapely, 2007, p. 1). Evolution can be defined as the self-transformation of a system under study (Witt, 2002, p. 9). Six decades ago, depression and political developments had made first world countries rely on Keynesian models in political and economic circles. This further influenced third world countries whose confidence was supported by the emergence of structural economics in a bid to enter the industrial age. Since the beginning of the twentieth century, those involved with development studies tried to answer the question relating to what it means for the economy to be developed...
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...Politics and Economics of the Third World viz a viz Theories of Development Student’s Name: Course: Tutor’s Name: 17/05/2013 Outline i. Abstract ii. Introduction iii. Literature Review iv. Method of Analysis v. Analysis vi. Conclusion vii. Works Cited Abstract This paper analyzes the politics and economics of the third world. It seeks to provide information about development and the steps that countries in the developing world ought to follow in order to attain economic development and growth. The rationale is that the countries in the developing world have continued to experience challenges that hinder growth. This study will use theoretical models of development and discuss various aspects of development and politics in the third world. Keys Words: Third World Development; Modernization; Globalization; Global South Introduction Various theories propose ways through which a developing country can achieve economic growth while at the same time attaining development. This has precipitated politics in the global south. This paper seeks to explore various development theories proposed by various authors. Besides, the paper will explore elements of economics that are pertinent to the third world countries. This is in recognition of the fact that many countries in the third world still grapple with poverty and slow economic development. From Immanuel Wallerstein to Rostow, the paper will...
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...Sciences University of Uyo, Uyo. Submitted To Dr Uko Uwak Lecturer in change Pol 314; Politics of Development and Underdevelopment Department of political science and public administration Faculty of Social Sciences University of Uyo, Uyo. July, 2014. BOOK REVIEW Title: Development and underdevelopment: Politics of the north-south divide Author: O. O. Okereke/ A. E. Ekpe Place of Publication: Enugu-Nigeria Publishers: John Jacobs Classic Publishers Ltd. Year of publication: 2002 Numbers of Chapters: Nine Chapters Price of the book: Not Stated Numbers of pages: XV + 198 = 213 ISBN: 978-050-276-9 Reviewer: Johnson, Nsikak Emmanuel INTRODUCTION - PURPOSE OF THE BOOK Development and underdevelopment: The politics of the north-south divide is written specifically to keep the students and the general public abreast of the causes and reasons for Africa, Asia and Latin America Perpetual underdevelopment despite the enormous human and materials resources God deposited in the continent. According to the author of the book, development and underdevelopment: Politics of the north-south divide was written with the intention to familiarize the readers with exciting and challenging subject of political economy of development and underdevelopment. It endeavour to expose the students to various strands of perspectives that are inherent in the study of politics of development and underdevelopment- it is the anticipation of the author that the book would be a good resource material...
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... * Historical Events Economic Development: a Comparison of Rostow and Gerschenkron In: Historical Events Economic Development: a Comparison of Rostow and Gerschenkron “Rostow’s pattern of thought of economic development is often compared and contrasted with that of Alexander Gerschenkron, though the two are more or less compatible and complementary.” Critically discuss this statement. The theory of economic development throughout history has been of significant discussion especially in regard to the works of Rostow and Gerschenkron. The differentiation between the pattern of thoughts and ideals is a hotly debated topic within economics. The ideals the two theorists create, each substantially creditable in their own right, entail degrees of correlation and variation. Leaving the conclusion, do the to patterns of economic thought complement one another or is there distinct disparity between the two. Applied examples will be used below to analyse the extent of segregation or association between the works of Rostow and Gerschenkron. The two theories of work are mainly discussed with Asian development as it is more relevant, timely and there is significantly more information available than previous developed countries such as Great Britain. Walt Whitman Rostow developed one of the major historical models of economic growth in 1960, The Stages of Economic Growth: A non-communist manifesto. This piece portrays the process of economic development in a previously unseen approach...
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...Question 2 (1 point) Why might dependency theorists criticize modernization theory? Question 2 options: | a. They would point out that the only way for traditional societies to develop is to shed their traditional ways. | | b. They would argue that modernization theory ignores the fact that markets, if freed from state intervention, will develop any society. | | c. They would point out that traditional societies are typically low income because of a history of colonialism and oppression. | | d. They would assert that traditional societies should model their institutions after the United States if they want to develop. | Save Question 3 (1 point) There is significant income inequality in countries in which of the following regions? Question 3 options: | a. The industrial world. | | b. The developing world. | | c. Both the developing AND industrial world. | | d. Income inequality exists between nations, not within nations. | Save Question 4 (1 point) The value of a country's yearly output of goods and services, divided by its total population, is: Question 4 options: | a. global inequality. | | b. global per person output. | | c. per person gross national income. | | d. per capita product. | Save Question 5 (1 point) Which of the following statements is accurate? Question 5 options: | a. Economic development in...
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...Critically Compare and Contrast Two Sets of the Following Theories of Development: Modernization, Structural Change and Dependency Since the end of World War 2 international development has become increasingly endeavoured upon by academics and politicians alike. The impulse to further understand growth and development was largely due to the dismantling of the European empires following the war. Nations now freed from their colonial ties strived towards a modern status as economies and societies. These Third-World nations were in search of a development model to stimulate their advance towards a modern and affluent society; this was mirrored globally, for various reasons ranging from economic self-interest to genuine humanitarianism. Development institutions such as the United Nations and International Monetary Fund were created, both in 1945, to aid international cooperation and economic development. The prominent theories of development have long been debated. Adelman (2001, p 103) said “no area of economics has experienced as many abrupt changes in its leading paradigm since Wold War 2 as economic development”. The two competing perspectives of development theory I shall compare and contrast are the Modernization and Dependency theories, both will also be applied to Latin-America. Modernization Theory dominated developmental economics in the 1950’s and 60’s. It explains underdevelopment is a result of traditional society systems, caused by internal problems within the...
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...Bullecer, Leur Anne Fay January 29, 2014 Calangi, Kirsten Iola Cusi,Anne Christine Bautista, Luis Fernando Ipinasa kay: G.Aaron A.Tolentino, Guro Proyekto Modernization Theory Background of the Theory The idea of modernization is relatively new. Its basic principles can be derived from the Idea of Progress, which emerged in the 18th-century, Age of Enlightenment, with the idea that people themselves could develop and change their society. French philosopher Marquis de Condorcet was involved in the origins of the theory with the concept that technological advancements and economic changes can enable changes in moral and cultural values. Condorcet was the first to make the connection between economic and social development connection and that there can be continuous progress and improvement in human affairs. With that said, new advancements and improvements would need to keep pace with a constantly changing world. Furthermore, he encouraged technological processes to help give people further control over their environments, arguing that technological progress would eventually spur social progress. In addition to social structure and the evolution of societies, the French sociologist Émile Durkheim developed the concept of functionalism, which stresses the interdependence of the institutions of a society and their interaction in maintaining cultural and social unity. His most famous work is The Division of Labour in Society, which described how social order was...
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...SHOLLAH MANUEL Development is an elusive concept to define. It is not simply an increase in the Gross Domestic Product (GDP). It is rather multidimensional and there are no universally accepted approaches which can work as a utility and panacea for development. Development encompasses the advancement of agriculture, village and cottage industries, the socio-economic infrastructure, human resources, community services, human rights and the political environment. Phenomenally, development is the end result of the interactions between various physical, technological, economic, social, cultural and political institutional factors (Singh, 1999). The thrust of this paper is however, not on definition of terms but a chronicle of the modernization theory, its basic tenants and its critical appreciation in the development context of the third world countries. In development discourse the modernization movement of the 1950s and 1960s is an economic theory that is rooted in capitalism. The concept of modernization incorporates the full spectrum of the transition and drastic transformation that a traditional society has to undergo in order to become modern (Hussain et al., 1981). Modernization is about Africa following the developmental footsteps of Europe. According to modernity, policies intended to raise the standard of living of the poor often consist of disseminating knowledge and information about more efficient techniques of production. The modernization theory assumes a total...
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...of importance of political structures and market forces in economic development. This dynamic serves as one of the basic foundations of the discipline itself as well as subsequent major schools of thought. Theories in International Economy have been founded on empirical observations on the economic conditions of a set of cases and are, as Robert Cox posits, critical of the circumstances from which certain politico-economic configurations emerge[1]. A contemporary theory that has surfaced in the last few decades is the developmental state theory which sought to explain the precipitous economic progress of East Asian states after the Second World War. Although the initial outcome of adopting developmental strategies among East Asian states have shown the theory’s potency as a basis for economic development policies, subsequent events especially the results of Southeast Asian attempts to pattern itself after developmental strategies have put into question the developmental state’s efficacy as a long-term arrangement. Specifically, the Philippines’ status as an “anti-developmental” state[2] serves as a channel for criticism of the developmental state theory through other IPE theories not only in terms of strategies and policies, but also in the deeper level of societal conflict and political structures. The origins of the Developmental State and its basic premises The literature on developmental state theory attributes its conception to Chalmers Johnson who argued in...
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...Understanding Development Theory In the Context of Social and Community Change by Michel Adjibodou[1] I. INTRODUCTION If you are fortunate enough to have walked the land and worked with the people of South Central Los Angeles in California, the mountains of Chiapas in Mexico, the plains of Tanga in Tanzania, the hills of Save in Benin, the streets of Hartford, Dorchester and Roxbury, the hills of Funyula in Western Kenya, one common characteristic you probably noticed is the resolve and resilience of those communities. Despite the daily challenges and stresses on their health, income, environment, land, and physical security, the residents are determined to improve their communities and create greater opportunities for their children. Many of us who chose to work in “development”, or who accidently ended up doing this work, must learn how to work in communities which face horrendous challenges. Engaging people in improving their own communities and, perhaps, working on broader issues demands that we develop great skills and knowledge, not to mention a certain attitude, some character, plenty of courage, and listening skills. Most of us simply behave like backpackers on our way to solve the world’s problems and save humanity from itself. Mistakes are made along the way, success stories abound, lives are damaged and rebuilt, hopes restored, and life goes on. Many practitioners working in communities around the world, and people who want to become development practitioners...
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