Economics of Developing Countries

Catalog description

This course focuses on international aspects of economic development. The term "developing country" is often defined as a country that exhibits low per capita income, high poverty level, low level of industrialization, or low life expectancy. In terms of size, the developing countries make up at least three-fourth of the world population. Why do we study those countries' economies separately from the industrialized economies? In fact, low economic growth, high unemployment, or high poverty rates also exist in many developed countries. The differences lie not in the types of problems but in the causes of these problems. In addition, differences in the kind of institutions that prevail in developing countries also lead to different policy prescriptions. Among developing countries, differences in historical experience, cultural practices, political institutions and economic conditions are also enormous. Illustrations and explanations of those differences are provided from a wide range of developing countries. Prereq: ECON 102 and ECON 103 .