SO242

SO242 - 09/14/10 SO242 Strategies of economic development H...

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09/14/10 SO242 Strategies of economic development Historical overview Comparative advantage Import substitution Neoliberalism Challenges to neoliberalism, Comparative advantage Definition Counties are best at produce best and trade with other counties DCs- develop counties LDCs- less develop counties What was the strategy & how did the globally accepted strategy came about: Colonial origins but continued in post colonial era (in Latin America, especially) Characteristics in LDCs 1. Promote trade 2. Specialize economically – on 1-2 primary products ( while DCs 3. Minimal state involvement. Eg) traffics Based on theory of comparative advantage Formulated in DCs (England) “efficiency”: specialize in what best at doing, then trade to get wanted goods that other countries produce better Theory vs. Practice: whose interest best served? DCs supported & LDC elites developed vested interest in the
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This note was uploaded on 12/09/2010 for the course SS IR242 taught by Professor Eckstein during the Fall '10 term at BU.

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SO242 - 09/14/10 SO242 Strategies of economic development H...

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