Chapter 3 Review Questions

Theories of Development Economics
  1. What are the main differences between the ideas of Adam Smith, David Ricardo, and Karl Marx in relation to the Industrial Revolution?
  2. Identify and compare/contrast the major historical events and economic thinkers that influenced economic development theories in the twentieth century?
  3. Briefly describe the main characteristics of Walt W. Rostow’s economic development five-stage model? How successful has this model been?
  4. How did the Cold War and the end of World War II influence modernization theory?
  5. Describe the consequence of the advent of neo-liberalism on North-South relations.
  6. Why is Ronald Coase considered an influential figure for the new institutional economics (NIE)?
  7. Why have simplistic notions of development economics not produced a convergence between developed and developing countries?
  8. Define and describe Elinor Ostrom’s theory that people can create self-governing institutions.
  9. How did Daron Acemoglu and James Robinson build on Dani Rodrik’s historically-generated political institutions?
  10. Define and describe the theory of path dependence.
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