Economic Development. 5.4 Export led growth / outward orientated strategies. Benefits of integrating domestic economy into the world economy?. What are they?. Export-led growth – ‘easy export substitution’.
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What are they?
Explain and show on an AS/AD diagram how increased exports can increase GDP, employment and living standards.
Spot the difference?
See Tragakes pages 462 – 464 for summary and further reading
You work at the World Bank and realise that the Washington consensus approach has not worked. Develop a new roadmap for developing countries that can lead them from rural poverty to industrialisation and growth.
In pairs, work on model answers to the questions 1 – 5 in Tragakes, page 467.
Type up for homework.