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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, India’s first prime minister (left wing) • By 1991, nation was suffering from Nehru’s 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 India’s borrowings, their foreign exchange reserves fell to very low levels). • Began reform: devalued India’s currency by more than 9% in an effort to boost exports • Known for economic reforms • Abolished ‘license raj’ that controlled both India’s 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 country’s 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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This note was uploaded on 12/23/2009 for the course GEN GEN STUDIE taught by Professor Kellyshonttell during the Fall '09 term at University of Washington.
- Fall '09