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Lecture International business (9e): Chapter 3 - Charles W.L. Hill

Chapter 3 - Political economy and economic development. After completing this unit, you should be able to: Explain what determines the level of economic development of a nation, identify the macro-political and economic changes occurring worldwide, describe how transition economies are moving toward market-based systems, explain the implications for management practice of national difference in political economy. | International Business 9e By Charles W.L. Hill McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 3 Political Economy and Economic Development What Determines A Country’s Level Of Economic Development? Gross national income (GNI) per person measures the total annual income received by residents of a nation Japan, Sweden, Switzerland, and the U.S. have high GNI China and India have low GNI GNI can be misleading because it does not consider differences in the cost of living need to adjust GNI figures using purchasing power parity (PPP) LO1: Explain what determines the level of economic development of a nation. How Do Countries Compare On GNI? Economic Data for Select Countries What Determines A Country’s Level Of Economic Development? Nobel-prize winner Amartya Sen - economic development should be seen as a process of expanding the real freedoms that people experience the removal of major impediments to freedom like poverty, tyranny, and neglect of public facilities the presence of basic health care and basic education Amartya Sen also claims that economic progress requires the democratization of political communities to give citizens a voice What Determines A Country’s Level Of Economic Development? The United Nations used Sen’s ideas to develop the Human Development Index (HDI) which is based on life expectancy at birth educational attainment whether average incomes are sufficient to meet the basic needs of life in a country How Does Political Economy Influence Economic Progress? Innovation and entrepreneurship are the engines of long-run economic growth innovation includes new products, new processes, new organizations, new management practices, and new strategies entrepreneurs commercialize innovative new products and processes Innovation and entrepreneurship help increase economic activity by creating new markets and products that did not previously exist require a market economy and strong property rights How . | International Business 9e By Charles W.L. Hill McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 3 Political Economy and Economic Development What Determines A Country’s Level Of Economic Development? Gross national income (GNI) per person measures the total annual income received by residents of a nation Japan, Sweden, Switzerland, and the U.S. have high GNI China and India have low GNI GNI can be misleading because it does not consider differences in the cost of living need to adjust GNI figures using purchasing power parity (PPP) LO1: Explain what determines the level of economic development of a nation. How Do Countries Compare On GNI? Economic Data for Select Countries What Determines A Country’s Level Of Economic Development? Nobel-prize winner Amartya Sen - economic development should be seen as a process of expanding the real freedoms that people experience the removal of major impediments to freedom like poverty, tyranny, and