What are the strengths and weaknessesModernization- strengths-

culture/values matter, first theory to consider development in

third worldWeaknesses- blames the third world,
ethnocentric+Dependency- strengths - dismisses notion that
global inequality is a product of laziness in peripheral countries
Weaknesses- does not address internal shortcomings of
countries, does not preclude development +World-system
theories- strengths - aids in explaining changes that led to
shaping the world into what it is todayWeaknesses- does not
take into account that the world economy is constantly
changing. characteristics of developing countriesLow per
capita real incomeThey suffer from low per capita real income
level, which results in low savings and low investmentsHigh
population growth rate/sizeThis increase in recent decades
could be because of higher birth rates and reduced death rates
through improved healthHigh rates of unemploymentIn rural
areas, unemployment suffers from large seasonal
variationsDependence on primary sectorAs income levels
rise, the structure of demand changes, which leads to a rise in
the manufacturing sector and then the services sector.
Dependence on primary sectorsignificant portion of output
originates from the primary sector, a large portion of exports is
also from the primary sector. QUESTN3 economic grwth and
dev- Economic Growth is the increase in the real output of the
country in a particular span of time. Whereas, Economic
Development is the increase in the level of production in an
economy along enrichment of living standards and the
advancement of technology.+Economic growth does not
consider the Income from the Informal Economy. The Informal
economy is unrecorded economic activity. Whereas, Economic
Development takesconsideration of all activities, whether formal
or informal and eases people with low standards of living a
suitable shelter and with proper employment.+Economic Growth
does not reflect the depletion of natural resources. Depletion of
resources such as pollution, congestion & disease. However,
Economic Development is concerned with Sustainability, which
means meeting the needs of the present without
compromising.+ Economic growth is the subset of economic
development. Unlike economic development, Economic growth
is an automatic process. Meanwhile, economic development is
the outcome of planned and result-oriented activities.
limitations of gdp GDP does not incorporate any measures
of welfare: This is probably the most obvious issue. It only
describes the value of all finished goods produced within an
economy over a set period of time.+GDP only includes
market transactions: As a result, it does not account for
domestic or voluntary work, even though these activities
have a considerable positive impact on social welfare.+GDP
does not describe wealth distribution: If there is a high
degree of wealth inequality, the majority of people do not
really benefit from an increased economic output because
they cannot afford to buy most of the goods and
services.+GDP does not describe what is being produced:
Since GDP measures the value of all finished goods and
services within an economy, it also includes products that
may have negative effects on social welfare (such as guns
or tobacco products).+GDP ignores externalities: Economic
growth usually goes hand in hand with increased exploitation
of both renewable and non-renewable resources. This is not
included in GDP at all.+limitations of hdi Wide divergence
within countries. For example, countries like China and
Kenya have widely different HDI scores depending on the
region in question. (e.g. north China poorer than south-
east)+HDI reflect long-term changes (e.g. life expectancy)
and may not respond to recent short-term changes.+Higher
national wealth does not indicate welfare. GNI may not
necessarily increase economic welfare; it depends on how it
is spent. For example, if a country spends more on military
spending – this is reflected in higher GNI, but welfare could
actually be lower.+Also, higher GNI per capita may hide
widespread inequality within a country. Some countries with
higher real GNI per capita have high levels of inequality (e.g.
Russia, Saudi Arabia)+However, HDI can highlight countries
with similar GNI per capita but different levels of economic
development.+QUESTN5Leadership is the ability of an
individual or a group of individuals to influence and guide
followers or other members of an organization. It helps to
solve complex problems.Leaders wouldn’t be brought into
their role if they didn’t know how to solve problems.It builds
team-based relationships.People who work with leaders
that use democratic methods tend to form closer
relationships with those in chargeIt makes honesty a top
priority.With a democratic leadership style in place, leaders
come to their teams with an authentic problem that needs to
be solved.It gives team members a look at the bigger
picture.In many workplaces, the entry-level employees are
not always privy to the long-term goals or vision that an
organization is pursuingIt creates higher levels of job
satisfaction.When people feel like their experiences matter,
then it gives them more personal satisfaction over the work
being done.It improves the relevant knowledge of the
team.Because each person is given a chance, if they wish,
to contribute their own experiences and knowledge to any
given situation, every other team member is able to
benefit.Role of ethic and governanceIt would promote and
encourage for Transparency and accountability in functions
of any government authority+It would inculcate compassion,
love,empathy towards vulnerable and weaker sections of
society especially poor and women +It contributes in
encouraging integrity and probity in governance for eg., zero
tolerance to corruption +It promotes public welfare and not
personal gain +It provides courage, dedication,determination
and commitment to do work effectively and
efficiently+Effective and efficient utilization of resources+