INDUSTRIALIZATION DEFINITION The process in which a society or country (or world) transforms itself from a primarily agricultural society into one based on the manufacturing of goods and services. Individual manual labor is often replaced by mechanized mass production and craftsmen are replaced by assembly lines. Characteristics of industrialization include the use of technological innovation to solve problems as opposed to superstition or dependency upon conditions outside human control such as the weather‚ as
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Economic Development - Changes in income‚ savings and investment along with progressive changes in socio-economic structure of country Economic Growth - Economic growth refers to an increase in the real output of goods and services in the country Globalisation refers to the integration between different countries and economies to operate as a single eco entity Can achieve eco growth by eco development How to achieve eco dev? Trade Patterns - What goods and services a country trades‚ with whom
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ref=MjBfMDZfMTFfMTNfMV8yN18xNzI0OTk= Economic growth and economic development Like the infrastructure development‚ improvement of legal mechanism Can now be regarded as the most important precondition for sustainable Growth‚ a stronger economy‚ and pro-people system of governance‚ Writes M S Siddiqui Economic development generally refers to sustained and concerted actions‚ taken by the policy-makers and communities‚ which promote the standard of living and economic health
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Assess the reasons why Thatcher’s economic policies were controversial There is little which unites Thatcher’s passionate supporters‚ and equally passionate critics. However‚ both camps would agree that she was‚ without question‚ one of the most controversial prime ministers the UK has seen‚ and her economic policies were at the heart of that controversy. She instituted an economic revolution in the UK‚ bringing the post-war consensus to a crashing halt‚ and replacing it with a free-market ideology
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Professor: Theodore Lapekas Economic Analysis The South African economy is widely affected by the decisions that the government makes and unfortunately due to its history still experiences affects from the Apartheid era. Many upper class citizens and even middle class citizens have immigrated to other countries in order to find a safe community in which they can live. High crime and illiteracy rates make it a volatile market for foreign investors. South Africa has an estimated population
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Development Economics focus is on methods of promoting economic growth and structural change. The early proponents of development as a policy emerged with Keynesian Macroeconomics which encouraged the need for Government Intervention in order for economic growth to take place. This theory identified that fixed capital formation was a major source of economic growth and development. It also pointed out a need for a raise in domestic savings rate in the poor countries since savings led to investment
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The world has been divided into developing‚ under-developed and developed countries. And the race has been always to move from under-developed to developed counties. But the confusion lies herein in this process of movement from the under-developed/developing countries to developed countries. When should a country consider itself to be moving in the right direction i.e. towards its goal of being a developed country? Surveys are made and reports being churned out that state the economic growth
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Question Number 1 1. Strategic Priority 1: Economic Growth and Job Creation. 2. Strategic Priority 2: Massive programme to build economic and social infrastructure. 3. Strategic Priority 3: Rural Development 4. Strategic Priority 4: Education 5. Strategic Priority 5: Health Question Number 2 * Priority 1- Factors beyond the control of policy-makers and stakeholders in South Africa have a big impact on the environment for growth and job creation‚ and it is difficult to measure achievements
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Throughout the course of the 19th and 20th century‚ economic considerations played a significant role in shaping both racial discrimination and concepts of white supremacy in South Africa. When large deposits of gold and diamonds were discovered in the latter half of the 19th century‚ the economic structure of southern Africa was dramatically altered. The mining industry necessitated vast amounts of inexpensive labor in order to be profitable. In the post South African War period‚ the necessity to return
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Challenges: energy supply (South Africa) Capacity constraint that has arisen precisely because of the country’s strong economic performance in recent years is the largest immediate menace to South Africa’s continued economic growth. This growth‚ coupled with the rapid industrialisation and mass electrification programme of the last decade‚ eventually led to demand for electricity outstripping supply in January 2008. At the end of 2007‚ South Africa began to experience an electricity crisis. State
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