1. Warm Up What do you think causes the economies of some less developed nations to grow rapidly?

2. Thursday, October 13, 2015 Objective: Students will be able to analyze changes in development and their effects. Importance: The development of a nation’s society has a major impact on how it makes economic decisions.

3. Growth in Asia Through Trade Asia has been an attractive market for companies because it is where over 60% of the world’s population live Nations such as South Korea, Taiwan, and Singapore enjoy a very high standard of living today because of trade with the West

5. Growth in China In the 1980s, China’s government created areas called special economic zones (SEZs) designated regions that operate under different economic laws from the rest of the country in order to attract foreign investment and promote exports These SEZs have led to very large economic growth (China is now the second largest economy in the world) China has also seen a rise in crime and pollution with its economic growth

6. Growth in India India had a socialistic economy until the 1990s, when it made free- market reforms The reforms helped India attract a high level of foreign investment India has particularly seen growth in high tech fields such as software development

7. Growth in India Over half of India’s workers still work in agriculture and only 19% work in industry Growing gap between the wealthy and the poor Urban dwellers with education and skills have benefitted the most from growth Uneducated people in poor rural areas struggle with poverty

8. Continuing Poverty in Africa Nigeria Has large reserves of oil, but also high levels of corruption Recent efforts are beginning to reduce corruption and increase accountability in the oil sector South Africa Large amount of natural resources, but poor human capital, even after the end of Apartheid

9. Different Paths in Latin America Mexico Lots of natural resources, large tourism sector Lack of high quality capital has restricted the growth of its middle class Brazil Also has a lot of natural resources Government investment in human capital and private investment in industry have led to high growth rates