Poverty and Dr Jims Approach Essay example

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1. Dr Jims approach to economic development is known as the demand driven approach. This approach requires that there is a definite demand and a known buyer for a specific product prior to the product being produced. The opposing theory that Dr. Jim spoke about is the “supply-push” theory which produces a product without a known buyer based on the assumption that there will be a demand and a market for that product. As Riordan explained, this method, particularly in poor countries, this has a negative impact on the poor people producing this product because they are spending their time, money and resources for a product that no one will buy.
2. Rule of law, property rights and contracts play crucial roles in economic development because it implies that someone will be held accountable for a product not selling and the indigenous people being compensated. Dr. Jim emphasized how important accountability is in economic development because at the end of the day the large wealthy company who is trying to develop a countries economy can afford to take a chance on a product and risk losing money; however the indigenous people do not have that luxury.
3. Trust building is the process of developing a bond between two parties so that both parties know that they will hold up their end of the deal. In poor nations, this is crucial because the people cannot afford to take risks. They have to be assured that they will profit in some way from their partnership.
4. In poor countries,

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