4.10 Economic growth and/or economic development strategiesSyllabusFirst assessment 2022Topic4.10LevelHL
What you’ll learn6 learning objectivesChoose one objective for a focused lesson, or study the complete topic.4.10.1Trade and diversification strategies• Trade strategies include import substitution, export promotion, and economic integration• Diversification reduces dependence on narrow sectors or products• Social enterprise can support growth and development goals• Diagrams: draw from relevant diagrams used in other sectionsSyllabus objective4.10.2Market-based strategies• Market-based policies include trade liberalization, privatization, and deregulation• These strategies aim to improve efficiency, incentives, and market accessSyllabus objective4.10.3Interventionist and merit good strategies• Interventionist policies include redistribution through tax policies, transfer payments, and minimum wages• Merit good provision includes education, health, infrastructure, energy, transport, telecommunications, clean water, and sanitationSyllabus objective4.10.4Investment, aid, and development assistance• Inward FDI can support growth and development• Foreign aid includes humanitarian aid, development aid, debt relief, ODA, and NGO support• Multilateral development assistance includes the World Bank and International Monetary FundSyllabus objective4.10.5Institutional change• Institutional change includes improved access to banking, microfinance, and mobile banking• Institutional strategies include women's empowerment, reducing corruption, property rights, and land rightsSyllabus objective4.10.6Evaluating growth and development strategies• Strategies should be evaluated for strengths and limitations in promoting growth and development• Government intervention and market-oriented approaches should be compared in context• Progress toward selected Sustainable Development Goals should be assessed in two or more countriesSyllabus objective