Economic Development Concepts

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Rostow's Level of Development

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A model of economic development that describes a country's progression in five stages from least-developed to most-developed countries.

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LDC

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Less Developed Country with low HDI, periphery, non-industrialized, often in primary and secondary economic activities (Rostow Stage 1 & 2).

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MDC

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More Developed Country, post-industrialized, high HDI, often in tertiary economic activities, core (Rostow Stage 4 or 5).

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Emerging Economy (NICs)

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Newly industrialized, medium HDI, semi-periphery, majority secondary economic activity (moving to tertiary), Rostow Stage 3.

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Periphery

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Least percentage of highly skilled workers, labor-intensive production, primary economic activity, provide core & semi-periphery with raw materials, cheap labor, agricultural production.

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Core

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Post-industrial, economically advanced areas, centers of business & finance, contain most multinational companies, dominate lower levels economically.

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Wallerstein's World Systems Theory

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Sees the world economy as a flexible core, periphery, and semi-periphery.

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GDP

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Gross Domestic Product - The sum total of the value of all the goods and services produced in a nation.

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GNI

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Gross National Income - The total amount of money earned by a nation's people and businesses (includes outside income such as investments).

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Development

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A process of improvement in the material conditions of people through diffusion of knowledge and technology.