1. Approaches for Developing Economy

2. Export Orientation
Find niche in international economy & export goods (comparative advantage)
“Luckiest Nut” video  groundnuts in Senegal
Gov’t support (subsidies) for exporting sectors
“Asian Tigers” (Hong Kong, S. Korea, Taiwan, Singapore) used this strategy post-WWII & v. successful
Limitations >>> sensitive to external factors; lack of product diversity; localized disaster = worldwide shortage; do govts have this knowledge?

3. Tourism
Latin America, Asia, sub-Saharan Africa among fastest evolving destination markets
Int’l tourism plays significant role in African economies (esp. S. Africa)
Limitations: exploitation, incl. low wages & poor working conditions; endangering biodiversity

4. Complementary Currencies
Alternative money device; parallel to national currency
Not legal tender
To fill some need that nat’l currency doesn’t (local dev; sustainability; social capital; etc)
Works like actual money, but can only be used in certain places (local businesses)
Limitations: requires teaching; more complicated for business; not all participate

5. --examples-- Ithaca HOURS – Ithaca, NY Fureai Kippu – Japan
Time < - - > money
Fureai Kippu – Japan
“Caring Relationships Tickets”
Basic unit: one hour of service to elderly person
Toronto Dollar – Canada (backed by Canadian dollars)
Frequent Flier Miles! 

6. Circular Economy Promotes greater productivity; reduce waste
Contrast to linear economy ----> “take-make-dispose”
Renewable energy; components designed for disassembly/ repurposing; minimal energy
Continuous positive development cycle
Uses living systems (organisms) as model
Ex: Google
Ex: Scotland
“Two of the strategy’s key elements are: to develop a more comprehensive approach to producer responsibility by setting up a single framework for all product types that drives choices for reuse, repair and remanufacture, while more fully exposing and addressing the costs of recycling and disposal; and to reduce all food waste by 33% by 2025 – the first such target to be set in Europe.”

7. Knowledge Currency Knowledge resources just as impt as other resources
Intellectual capabilities >>>>> physical inputs/ natural resources
Knowledge & education (human capital) can be both product & asset
Technology & science
Limitations: fastest-growing job sectors aren’t ones that require degree
“One-third of the US labour market is made up of three types of work: office and administrative support, sales and food preparation.” (