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Lecture 8 Notes

Lecture 8 Notes - Garrett Brnger Lecture 8(Lecture 9...

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Garrett Brnger 2/14/08 Lecture 8 (Lecture 9 overall) Growth Rate (Transition From ISI) 1965.80 1980-90 Sub-Sah Africa 4 2 East Asia 7 8 South Asia 4 5 Latin Amer/Carib 6 2 ISI was working alright for some areas. Taiwan vs. Brazil in the Key Transition Period Taiwan Brazil Per capita income (billions $) 1980 2,340 2,050 1989 7,510 2,540 - Debt crisis wiped out gains in South America - South America couldn’t pay the loans - IMF pushed for re-structuring because ISI wasn’t working for them The Asian ‘Miracle’ - Share of World Trade East Asian NICS 1965 2% 1986 9% Sub-Sah Africa 1965 .4% 1986 .2% Asia really pulls ahead in this period. (by the end of import substitution era) Life Expect. Adult Lit Niger 45 years 14% Togo 54 41% Singapore 73 years 86% So. Korea 70 years 95%
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Why the Asian Success? - Trade (Export) emphasis o Before they were importing finished products o After they imported parts, machinery o Had some hindsight of Latin America o In the mid-60’s and in the 80’s it was easier to export o General Agreement of Tariffs and Trade (GATT)
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