2.29.12 - SOC 2237 Lecture Notes Instituting the...

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February 29, 2012 SOC 2237 Lecture Notes Instituting the Globalization Project Debt crisis transformed the development project into the globalization project Military/financial discipline of the 3 rd world policies that restricted foreign corporate access to resources/ markets Defeat of 3 rd World Unity (NIEO) Financial discipling of debtor countries lead to austerity and Third World charges of a lost decade EOI fuelled economic growth legitimized a new “free market” model of development Non-align movement Mutual respect for each other’s territorial integrity and sovereignty Mutual non-aggression Mutual non-interference in domestic affairs Equality and mutual benefit New International Economic Order – Group of 77 The NIEO was a charter of economic rights and duties of states, designed to codify global reform along neo-Keynesian lines It demanded reform of international trade, the international monetary system (to liberalize development financing and debt relief), and technological assistance. It also proclaimed the economic sovereignty of states and the 3 rd world right to collective self reliance Consequences 1974: World bank response was to refocus on basic needs via elevating rural development funding o Recognized inequalities within the 3 rd world o Questioned concept of aggregate growth as a goal United Third World front unravelled o Divergence between middle-income and poor countries NICs were doing well while others weren’t

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