International Development Studies: Economic Development Term Paper

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Globalization in the economic sense - economic, social and technological process that advocates a constant interdependence at a global level, supporting trade liberalization.

International Monetary Fund (IMF) - an international financial organization that monitors the global financial flows and that offers financial assistance to Third World countries.

African Festival of Arts and Culture (FESTAC) - cultural festival that promotes and sustains the revival of the Black cultural values and civilization.

1945 - the end of the Second World War and the beginning of the contemporary period. It is also equivalent with the start of the decolonization period, with Indonesia one of the first countries to make this step. Poverty - lack of the material capacity to finance the basic needs of an individual or a society.

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A unfreedom" ref. Sen - according to Sen, these would include, besides lack of political freedom or freedom of the press, forms of unfreedom such as famines or limited health, including limited access to education etc.

A individual capacities" ref. Sen - Sen emphasizes the connection between the individual capabilities and the lowness of income, mentioning that low income affects individual expression and development.

A agency" ref. Sen - according to Sen, the importance of agency is to see people as agents rather than patients

Utopia - an imaginary societal creation......

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