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Dependent Economy and it's Attributes: An Analysis from Dependency Perspective
- 1. D e p e n d e n t E c o n o m y a n d I t ’ s A t t r i b u t e s : A n A n a l y s i s f r o m D e p e n d e n c y P e r s p e c t i v e s C o u r s e N o : S o c 4 1 0 1 C o u r s e N a m e : S o c i a l C h a n g e 1
- 2. Presenting By… 2 Jannatul Ferdous ID: 151605 Zannatul Ferdaush Keya ID: 151630 Umme Kulsum ID: 151642 Retu Das ID: 151643
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- 4. What Is Dependent Economy? • Due to the globalization, the economic village has brought a mixture of hunger and plenty, advancement and backwardness, dependence and interdependence. • Globalization has only integrated poor states into world economy for the good of the rich state that has advanced in technology, industrial breakthrough, world finance and banking. • Countries from the north side of the world are economically and politically stable, technologically advanced while the majority in the southern part is unstable and backward, comprising of most third world countries (Ushie, 2018). 4
- 5. 5 Is dependency double sided or one sided? • Dependence should not be viewed from a single side, but from a double perspective - the south relying on the north and the north relying on the south. • Economic dependency is higher on the part of the south than the north on the south in terms of finished goods but higher on the part of the north on the south in terms of raw materials (Ushie, 2018).
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- 7. So, economic dependence is basically depend on the theory of dependency, national economy and international economic relations. (Ushie, 2018) 7
- 8. Economic Dependency: Perspectives (Ushie, 2018) Historical Ideologica l Colonialism and Imperialism Capitalism
- 9. How Does Economic Dependency Occurs? 9 • Trade • Foreign Direct Investment (FDI) • Science and Technology • Free Trade Philosophy (Ushie, 2018)
- 10. Premises For Economic Dependency 10 Available natural resources, cheap labor, a place for out of date technology and a market. Promote a state of dependency . Military Invasion
- 11. Let’s Talk About Dependency Theory… 11 Dependenc y Theory ECLA School The Moderates The Radicals
- 12. Dependency Theory: ECLA School • United Nations Economic Commission for Latin America (ECLA) established in 1948. • Raul Prebisch, Osvaldo Sunkel, and Celso Furtado (Namkoong, 1999). 12
- 13. Dependency Theory: The Moderates • Frenando Henrique Cardoso and Enzo Faletto (Namkoong, 1999). 13
- 14. Dependency Theory: The Radicals • Theotonio Dos Santos, Andre Gunder Frank and lmmanuel Wallerstein (Namkoong, 1999). 14
- 15. Implications for Economic Dependency Third world and dependent countries were former colonies. Protectionism in trade and development. There are skilled workers at the center and unskilled workers at the periphery. Luxury spending does not promote development and economic self dependence as it encourages waste. (Ushie, 2018) 15
- 16. Implications for Economic Dependency 16 Import substitute industrialization. The importance of technology. Debt crisis. Capitalism. (Hoogvelt, 1994)
- 17. Dependent Economy: In The Light Of Dependent Perspectives 17 Finished Products and Investments Labor and Raw Materials
- 18. Dependency Theory: Flaws • Every theory has it’s flaws or criticisms. Here, criticism of dependency theory can be divided largely into two parts: –The liberalist critics and –The non-dependency Marxist critics. (Webster, 1984) 18
- 19. Ending & Recommendations • Third world countries that were former colonies should break free from the colonies of imperial powers and establish a self sufficient program. • Developing nations should protect their local industries from foreign and uneven competitions, through tax reduction and aversion on local industries, patronization of locally manufactured goods and services. • Professional technical education should be encouraged in less developed countries (LDCs) especially in tertiary institutions so as to have better skilled workers to promote local industries (Ushie, 2018). 19
- 20. Ending & Recommendations Cont’d • Certain goods and services should be banned from being imported into the country. • Internal generation of fund by nation states should take the front burner instead of resulting to borrowing from IMF. • Nationalization of corporations and institutions by economic dependent nations would curb the exploitative tendencies of Multinational Corporation, thereby relaxing the negative effects of capitalism on dependent economies (Ushie, 2018). 20
- 21. Thanks & QA Thank you everyone for your patient hearing. Any Questions??? 21
- 22. Data Sources • Webster, A. (1984). Introduction to sociology of development (1st ed.). London: Macmillan Publisher. • Hoogvelt, A. M. M. (1994). The Third World In Global Development (7th ed.). London: MACMILLAN. • Namkoong, Y. (1999). Dependency Theory: Concepts, Classifications, and Criticisms from http://ias.sagepub.com/ • Ushie, H. E. (2018). ECONOMIC DEPENDENCE: IMPLICATIONS ON THIRDWORLD COUNTRIES 22