Question 1
Using real-world examples, discuss the view that the weak institutional framework in many economically least developed countries (ELDCs) represents the most significant barrier to economic growth.
Answers may include:
- Terminology: economically least developed country, economic growth.
- Explanation: of the view in terms of how various aspects of the institutional framework such as poorly-functioning legal system, ineffective/inequitable taxation structure, underdeveloped banking system and lack of property rights may act as a barrier to economic growth.
- Diagram: a diagram is not required for this question, but candidates may use a LRAS/PPC diagram to illustrate economic growth in the long run and explain that the weak institutional framework is preventing economic growth from happening.
- Synthesis (discuss): a challenge to the view in terms of the relative significance of other economic and social/political barriers.
- Examples: real-world examples of countries facing a weak institutional framework and/or other barriers to economic growth.
A maximum of [12] should be awarded if only weak institutional framework is considered.
N.B. It should be noted that definitions, theory, and examples that have already been given in part (a), and then referred to in part (b), should be rewarded.
Examiners should be aware that candidates may take a different approach which, if appropriate, should be rewarded.
Assessment Criteria
Marks ..... Level descriptor
0:
- The work does not reach a standard described by the descriptors below.
1-3:
- The response indicates little understanding of the specific demands of the question.
- Economic theory is stated but it is not relevant.
- Economic terms are stated but they are not relevant.
- The response contains no evidence of synthesis or evaluation.
- A real-world example(s) is identified but it is irrelevant.
4-6:
- The response indicates some understanding of the specific demands of the question.
- Relevant economic theory is described.
- Some relevant economic terms are included.
- The response contains evidence of superficial synthesis or evaluation.
- A relevant real-world example(s) is identified.
7-9:
- The response indicates understanding of the specific demands of the question, but these demands are only partially addressed.
- Relevant economic theory is partly explained.
- Some relevant economic terms are used appropriately.
- Where appropriate, relevant diagram(s) are included.
- The response contains evidence of appropriate synthesis or evaluation but lacks balance.
- A relevant real-world example(s) is identified and partly developed in the context of the question.
10-12:
- The specific demands of the question are understood and addressed.
- Relevant economic theory is explained.
- Relevant economic terms are used mostly appropriately.
- Where appropriate, relevant diagram(s) are included and explained.
- The response contains evidence of appropriate synthesis or evaluation that is mostly balanced.
- A relevant real-world example(s) is identified and developed in the context of the question.
13-15:
- The specific demands of the question are understood and addressed.
- Relevant economic theory is fully explained.
- Relevant economic terms are used appropriately throughout the response.
- Where appropriate, relevant diagram(s) are included and fully explained.
- The response contains evidence of effective and balanced synthesis or evaluation.
- A relevant real-world example(s) is identified and fully developed to support the argument.