Latin American theory cant ever catch up to the core robust system socialist

Latin american theory cant ever catch up to the core

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periphery; dependence, asymmetrical; client of bank and bank itself; power relation. Latin American theory, cant ever catch up to the core; robust system; socialist route or implement ISI but severe links to global north as much as possible and rely on other developing countries; ISI isn’t even enough. Explanation for why global south is lagging behind Keynesianism- more government spending and tighter regulation, can use budget to stimulate or pull back economy. Fiscal and monetary policies act of the state. During a bust state should spend more (money it does have) and during the boom it can save more. Stimulus and increase government spending to create jobs, investment, demand based approach. Spend to poorer parts of the society. After great depression whose ideas inspired turn towards state. North policies led to New Deal and welfare states in Europe. In south policies led to developmental economists. Development economists- Gershankron, etc . statist economists talking about global south and what they should do, brought Keynesian ideas to the south 1950s. advocating for mixed economy. Hershman, Singer. Development is possible within the capitalist system, don’t need to go socialist. 5 stages of development, advantages of backwardness Debt Crisis- petrodollars in international markets of foreign banks, lending to latin American banks because belief that countries cannot go bankrupt. These countries build up debts when mexico defaulted on payments caused affect that Latin American countries were in debt and couldn’t pay back their loans. Leads to lost decade. One of the major events that started neoliberal reforms in the south because debt crisis under state reforms High modernism- development through highly rational, scientific implementing. Ex is villagization, doesn’t take into account local knowledge. Governemtn knowledge vs. local knowledge. Top down aspects that were implemented on the population. Scott’s critique, don’t take into account of local knowledge, state used more as method of control, over simplified, not good intentions, more concerned about standards of operating procedures. Not democratic, criticizing the hierarchical model of planning. If it was more participatory it would be different. Mostly taken out by authoritarian state. Not critue of all planning. Technopols: hybrid of politician and technocrat. These people have not only political training but have economic training mostly from US schools. Some of them are Pedro Aspe, Alejandro Foxely, Domingo Cavallo etc. Idea that democracy is good for long term economic growth and Significance: these men were some of the key leaders in the neoliberal reform and helped
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introduce the free market reform. and markets are good for democracy. All were financial ministers in their countries. Command vs. mixed Lost decade Washington consensus- John Williamson, held in Washington DC idea in leaning away from marketing goals were to stabilize economy through liberalizing prices and privatizing companies.
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