Less developed Countries LDC’s
Countries at a relatively low level of economic development
Infrastructure
Basic structures necessary for social activity, such as transportation, tele communications networks, and power and water supply
primary products
raw materials and agricultural products, typically unprocessed. The primary sectors are distinguished from secondary sectors (industry) and tertiary sectors (services).
oligopoly
a situation in which a market or industry is dominated by a few firms
terms of trade
the relationship between a country’s export prices and import prices
Import-substitution industrialization ISI
a set of policies pursued by most developing countires form the 1930’s through 80’s to reduce imports and encourage domestic manufacturing, often through trade barriers subsidies to manufacturing and state ownership of basic industries.
Export-oriented Industrialization EOI
a set of policies originally pursued in the mid 1960’s by several east-Asian countries to spur manufacturing for exports of, often through subsidies and incentives for export production
Washington consensus
The Washington Consensus is a set of reform policy package suggested by the International Monetary Fund (IMF), World Bank, and the US Department of the Treasury to developing countries faced with economic crises.
Commodity Cartels
associations of producers of commodities that restrict world supply of their products and thereby cause the price of their goods to rise
Group 77
a coalition of developing countires in the UN, formed in 1964 with 77 members, that seeks changes to the economic order to favor the developing world. Ut has grown to over 150 members.
