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Unformatted text preview: Autarky : Quality of being self-sufficient. Applied to political states/their economic policies- exists wherever an entity can survive or continue its activities without external assistance No trade, entirely internally dependant Jawaharlal Nehru : Indian politician, Indias first prime minister (left wing) By 1991, nation was suffering from Nehrus persistent views in their fight against colonialism: View was som and economic nationalism . o Central planning- very popular o Dreamed of making India a self-sufficient nation o Made it difficult for foreign companies to invest in independent India, hard for Indian companies to export, and expensive for Indians to buy imported goods Mahatma Gandhi: had anti-industrialization tenets (spiritual leader, Hinduism) Advocated traditional means of production Asked Indians to stop wearing imported clothing and using imported goods, as a revolt against economic ties to a colonial power Example of his wife dying, and he refused use of needles (violation of non-violence) Economic policies grew to be impractical Main principles: truth, simplicity, non-violence, faith Manmohan Singh: Current prime minister of India; was named finance minister; (nation was broke- bank cut off Indias borrowings, their foreign exchange reserves fell to very low levels). Began reform: devalued Indias currency by more than 9% in an effort to boost exports Known for economic reforms Abolished license raj that controlled both Indias trade and industry by requiring licenses for many transactions Lowered income taxes Raphael Lemkin : Lawyer who studied the American Genocide Best known for his work against genocide Coined the word in 1943 Current Account: one of two primary components of balance of payments: Balance of Payments : flow of goods, services, & other assets b/t residents of one states & residents in elsewhere o Balance of current account : balance of trade, net factor income (interests and dividends) & net transfer payments (foreign aid) Includes all transactions related to a countrys current expenditures and national income Balance of trade : differences b/t states imports & exports of goods & services o Balance on capitol account : portion of the payments balance dealing with sales & purchases of stocks, bonds & other assets b/t individuals & firms in different states Includes all transactions related to movements of financial capital into and out of a country *Both accounts must balance IMF conditionality: refers to the policies that a member is expected to follow in order to secure...
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- Fall '09