Economic development a global challenge

Summary: How is the economic progress of a country or a region measured? What causes underdevelopment and poverty? Will the struggling nations of the world ever "catch up" with the wealthy ones? This program studies various methods for calculating economic potential, growth, and stagnation in the context of today's global environment. Introducing the three main determinants of income and expansion--physical capital, human capital and technology--the video examines geographic, historical, and political reasons behind underdevelopment, especially the vestigial effects of colonialism and the population disparities that exist between rich and poor nations. Production structure, credit markets, income inequality within a country, and the concept of the dual economy are all explored in detail. The success of micro credit systems highlights the possibility of development in even the most disadvantaged societies.