12 Chapter10-Development water

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Unformatted text preview: onomic Development Theories • Import­Substitution Industrialization (ISI) – Limit imports – 1950s­1980s Latin America, India, China • Export­Led Industrialization – Promotes industrialization through exports– Asian Economies led by Japan • Washington Consensus – Free Market Promoted by IMF, World Bank and the US “Washington Consensus” • Privatization • Free trade of goods and capital • Deregulation • Flexible exchange rates • Fiscal discipline • Intellectual Property right protection • “Shock therapy” for former non­market economies – especially Eastern Europe World Bank’s World Bank’s ‘Structural Adjustment’ – Intended to lower LDCs governments’ debts by cutting public spending – Often failed to take into account domestic economic, social, and political concerns or environmental impact – Comprehensive Development Framework in...
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