Politics of the Developing World Essay Example | Topics and Well Written Essays - 1250 words

Politics of the Developing World - canvass ExampleOn the other hand, the south comprises of Africa, Asia, and Latin America. Political Economy This is a term apply to describe the relationship between the state, the legal system, and the economy. In general, name it captures the interplay between the three facets in a way that determines the stability of countries and the economic structures. Development refers to the growth of a country in terms of matters of economy, governance, and gentlemans gentleman development. The term embraces such areas as the growth of GDP, economic growth in relation to the improvement of infrastructure, healthcare, information systems, and other indicators of growth. New International Economic Order The term describes a combination of proposals created by development countries in the 1970s with the objective of improving their economies. The proposals included the improvement of trade terms through prosperous tariffs and enhancing development assi stance. Walt Rostow (1916-2003) He was a renowned American economist and an acclaimed political thinker. Rostow was a staunch shielder of capitalism and policies of a free enterprise in the twentieth century. Rostow played a significant quality in determining US unconnected policies particularly with regard to Asia. Raul Prebisch (1901-1986) Prebisch was a renowned economist from genus Argentina remembered for contributing to the development of structuralist economics. He developed a trade-focused orgasm on matters of development and recommended preferential give-and-take for some countries in trading matters. Hans Singer (1910-2006) Singer was a German development economist. He believed that terms of trade generally do not play to the advantage of primary producers. He advocated for the increment of foreign aid to poor countries. Hegemonic Stability Theory The theory was developed for understanding foreign relations. The conductership of a hegemon in whatever form eventually results in the deployment of its influence on economic systems. The theory is mostly attributed to Robert Keohane although various theorists who gave it varying interpretations developed it. Joseph Stiglitz (1943-Present) Stiglitz is an American economist well known for his strong support of globalisation and the creation of free market economies. Much of his contribution in economics are in the areas of income distribution, international trade, corporate governance, and other areas that relate to modern economies. Section B 1). Different Interpretations of Poverty The linked Nations approach to poverty was largely focused on the aspects of unemployment, equality, and poverty. On the other hand, the Bretton woods institutions focussed largely on the aspect of economic development as the key driver of development or the elimination of poverty. The United Nations was cognizant of the fact that economic growth does not necessarily translate into development. The difference between the dickens systems is mainly focused on the human factor at the core of the developmental initiatives. The IMF and World fix kind of development was largely hinged on the development of free-market economies, which would spur economic growth and eventually lead to the elimination of poverty. 3). Realism, Institutionalism, and Structuralism The realist view, as understood within the framework of the International Political Economy (IPE) was establish on policies that supported the use of tariffs to shield weak and infant economies.