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Theories of Economic Development
Terms:
First World
Third World
Developed
Developing
More Developed Countries
Less Developed Countries
Global North
Global South
The West
The Rest
Modernization Theory
Dependency/World System
Theory
Modernization/ Neo-Liberal/Standard Development Theory
aka the \u201cWashington Consensus:
Principle Elements of Modernity:

\u2022Secularization
\u2022Urbanization
\u2022Increased Science and technology
\u2022Increased social mobility
\u2022Rewards based upon merit
\u2022Tolerance/rewards for social innovation
\u2022Private sphere with limited government control
\u2022Rule of law
\u2022Division of labor

\ue000 modern market-based economy
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