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Class 3 – PSCI2102B – January 21, 2014.docx

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Political Science
PSCI 2102
Peter Atack

Class 3PSCI2102BJanuary 21 2014Dependency TheoryStarted with Latin American economists trying to figure out why their economies hadnt developed like Canada US and EuropeoHow do we move forward and towards developmentRaul Prebisch had an understanding of why countries were having such a hard timeDiscovered declining terms of trade and Inelastic Demand CurvesoInelasticity to your demand doesnt matter how much is produced there is only so much that people want to consume no matter how cheap it isGoods from the Norths prices keep going up because they keep getting more and more complex relative to the primary goods of the Global SouthoEg cars farm machineryand things start to get worse and worse for the southEnded up with a capital shortage not enough money to reinvestoWerent able to invest in more and more machineryoStuck in a poverty trapSo the Global North turned said they would loan money via IMF and Global Bank Worked for Europe via Marshall PlanBut this didnt work out too well discovered that the reason it did not work out is Dependency TheoryGlobal South had been heavily integrated into worlds capitalist economy ever since 1492Latin America was a giant production unit for Europe as well as Africa and Southeast AsiaWere not undeveloped but underdeveloped oTransformation that Marx predicted already happenedeveryone was transformed but in a different fashionAll based on coerced labour Places that were transformed the first are the poorest
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