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Explain the basic premises of the dependency approach to underdevelopment. In your answer, be sure to distinguish between the "hard" and "soft" versions of dependency theory.
Automatic Stabilizers
Economic policies and programs designed to balance fluctuations in a nation's economic activity without additional intervention, such as unemployment benefits and progressive taxes.
Economic Stimulus
Governmental measures intended to encourage economic growth or avoid economic slowdowns, typically involving increased public spending and tax reductions.
Record Budget
A detailed financial document recording projected revenue and expenditure over a specific period, often indicating a surplus or deficit.
Dot.com Bubble
A period of excessive speculation and investment in Internet-based companies during the late 1990s, leading to a market crash in 2000-2001.
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