Defining development

Defining development

1. Promoting development -Rostow and contemporaries set out to formulate ways in development could be encouraged. Universal theme would be some form of intervention by richer countries proving catalysts which would prompt movement towards modernisation. Main channels that capital can be acquired: Economic catalysts • Overseas Development Aid- rich donor countries- form of gifts and option to take out loans from agencies- financial aid for modernisation. • Foreign Direct Investment- In country- outside donors- corporations invest in recipient nations- company builds a factory from scratch in a developing country- investment in infrastructure- brings advanced technologies.