POG 323 Lecture Notes - Lecture 2: Yom Kippur War, 1973 Oil Crisis, International Monetary Fund

• School: Ryerson University
• Department: Politics and Public Administration
• Course: POG 323
• Professor: Mitu Segupta

Document Summary

The embargo o(cid:272)(cid:272)urred i(cid:374) respo(cid:374)se to the u (cid:859)s support for israel during the yom kippur war. By the end of the embargo, the price of oil had risen from a barrel to nearly globally. What is development: prosperity-belief that the benefits of growth will trickle down. Development indicators: economic growth/income growth, gdp, gdp per capita, per capita income etc. Causes of underdevelopment: excessive state intervention in markets and failure to exploit comparative advantage. Development strategies: protect private property, deregulate markets/free trade, simplify and lower taxes, trim bureaucracy/ curb government expenditure/subsidies. Agents of development: private sector with governments playing only a facilitative role. International financial institutions structural adjustment programs, the wtp, multinational corporations seen as having a positive role. Intellectual roots: basic needs approaches of the 1970s capability approach. Influential in the united nations development program (undp) and other un agencies and. Ingos: context: perceived failures of world bank/imf structural adjustment programs, collapse of.