Notes - The Global Economy and Development To what extent...

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The Global Economy and Development To what extent should developing nations engage the global economy as a means to development? o Neoliberal (focus on internal problems) Government failures, property rights, corruption Global trade and finance as efficient, lead to growth But some dispute trade-growth link, at least for some types of countries (Garret, Rodrik); and volatility of capital flows o Structural (External problems) Concerns about market failures “Dependency theory” – developing countries may become dependent on rich countries, don ‘t move up; developing countries should close off and develop on their own Lost credibility after Cold War Worries about bias in int’l institutions (WTO, IMF, World Bank) Mid-1980s/1990s: Washington Consensus (Sobel) o Prescribed economic liberalization to deal with debt crises and to generate growth (Asian examples of export-led growth) o Structural adjustment Reduction of subsidies, etc o Linked with IMF loans, pressure from US government
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Notes - The Global Economy and Development To what extent...

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