Determine the Theories/Models and Strategies of Development

The term "development" is frequently used to describe a particular stage of progress or growth. It could
also be used to indicate an innovative new concept or item, as well as a situation in which an occurrence
marks the beginning of a new stage. Development typically refers to positive transformation.

Development is visible and useful, not necessarily immediately, and includes an

aspect of quality change and the creation of conditions for a continuation of that
change.
The purpose of development is a rise in the level and quality of life of the population,
and the creation or expansion of local regional income and employment opportunities,
without damaging the resources of the environment. 
Why Are Some Nations Richer than others?

GEOGRAPHY - Higher productivity promotes faster economic growth, and faster growth allows
a nation to escape poverty.

CULTURE - Why is culture important for economic development?

Culture generates assets such as skills, products, expression and insights
that contribute to the social and economic well being of a community. Both
culture and values shape economic development. According to Sen, the
values held by a society will affect economic development efforts 

PROPERTY RIGHTS – The fundamental purpose of property rights is that they eliminate destructive
competition for control of economic resources. Well-defined and well-
protected property rights replace competition by violence with competition
by peaceful means

Just like in China, the people of China don’t have property. All of the property in
China is owned by the government.

Lack of Freedom – because OF WAR. I believe freedom is one of our basic needs. It is “the
enhancement of freedoms that allow people to lead lives that they have reason
to live”

Methods of Development

Western Liberal Model of Development

It supports the autonomy, right and self-interest of the individual as basis of all
development
 This model also advocates that opening up of the economies of all sates is the
only way for development

It is also known for its election of several different political parties; the division
of powers among the three branches of government; the application of the rule
of law in all aspects of public life; the existence of a market economy with
private property; and the equal protection of all individuals' civil and political
rights as well as their human, and civil liberties are its qualities.

Welfare Model of Development

A social welfare model is a framework for providing social welfare and the
guiding principles that underpin it. In a market or mixed economy, it typically
involves social policies that have an impact on citizens' wellbeing.

Elements of a social welfare model

 Taxation
 Social insurance
 Public services
 Employment

Socialist/Marxist Model of Development

Production, according to Marxist philosophy, is the process of creating value.

Therefore, economic growth is the process of generating additional value
through labor. High levels of output are, however, made feasible by increasing
capital accumulation and technological advancement.

This model rejects the capitalist-liberal model of development.

Democratic-Socialist Model of Development

• Democratic socialism is characterized as having both a liberal democratic political form of

administration and a socialist economy in which the means of production are socially and
collectively owned or controlled. Democratic socialists disapprove of most countries that
identify as socialists as well as Marxism-Leninism.

• India and several other Third World countries decided to adopt this model. In fact, these states
combined the democratic socialist model and welfare state model for rapid industrialization,
economic growth and development. Organized planning and democratic process of politics were
adopted by this TYPE OF MODEL.
Gandhian model of development

The Gandhian model is a partnership that upholds the principles of equality,

inclusiveness, and growth with dignity so that everyone can benefit.

SUSTAINABLE DEVELOPMENT MODEL

A sustainable model is one where all stakeholders interact and participate

towards a better, greener future for all

IT seeks to generate present growth without in any way of disturbing and limiting the
quality of life for future generations. It focuses attention upon the need to maintain a
necessary, healthy, productive and enduringly sustainable balance between human
needs, natural resources and features, and ecosystems.

Strategies of development

Poverty Reduction

To achieve sustained poverty reduction, developing countries must

attain higher, durable growth that involves and benefits poor people.
Trade-Not-Aid

Developing countries definitely needs trade from the neighboring and other
developed countries. This helps in increasing the economic conditions and it
develops a good bondage between them. One cannot always aid a person so it
is better to help him by providing an opportunity to grow.

Good Governance

good governance encourages accountability, transparency, efficiency, and the

rule of law at all levels. It also enables effective management of human, natural,
economic, and financial resources for equitable and sustainable development.

SUSTAINABLE DEVELOPMENT

It is about meeting the diverse needs of different communities to create a

better quality of life and future for all.
GENDER EQUALITY

Ending sex-based discrimination and ensuring equitable access to both

education and work opportunities are necessary for sustainable
development.
Gender equality is a human right and a requisite for achieving broader
social, political and economic development goals

NEW INVESTMENT STRATEGIES

IT refers to a set of guidelines created to assist a single investor in achieving

their financial and investment objectives. This strategy directs an investor's
choices in accordance with goals, risk tolerance, and anticipated capital
requirements.

EXAMPLE IS MICROFINANCE
The majority of microfinance organizations concentrate on providing credit in the
form of modest working capital loans, sometimes known as microloans or
microcredit.