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The Developing World

The Developing World. Ch. 2 Sec. 3 . World Economic Patterns. Interdependence: During Age of Imperialism, Western powers seized control of global market Forced colonies to switch from subsistence agriculture to cash crops Sold manufactured goods to colonies

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The Developing World

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  1. The Developing World Ch. 2 Sec. 3

  2. World Economic Patterns • Interdependence: • During Age of Imperialism, Western powers seized control of global market • Forced colonies to switch from subsistence agriculture to cash crops • Sold manufactured goods to colonies • Post independence: many former colonies still depend on Western nations for manufactured goods • Livelihood depended on production of one specific crop

  3. World Economic Patterns • Modernization: • Political stability • Obstacles: Imperialists created nations regardless of clan, tribe or loyalty • Economic diversity • Dependence on one good if the value of that good drops, economy plummets • Solutions: • Tariff: tax on foreign goods encourages people to buy locally • Privatization: selling industries to private investors to encourage diversity + efficiency • Infrastructure • Improve education, sewage and water systems, hospitals, law enforcement, etc. The lingo: Previously: 1st, 2nd + 3rd world Now: underdeveloped, developing, developed

  4. Debt Crisis • Nations that could not afford to modernize, borrowed • Interests rate rose, unable to pay debts • Infrastructure suffers when debts go unpaid • Similar problems: • Price of oil soaring: developing (and developed) nations can’t afford new prices • Value of cash crops dropping on national market

  5. Growing Pains • Population explosion: • Better health care + sanitation, more food = bigger populations • Leads to: poverty, unemployment, overcrowding • Urbanization: • Growth of cities + migration to cities • In developing nations: crime, poverty, etc.

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