GEOG 210 Lecture Notes - Lecture 1: Sub-Saharan Africa, Millennium Development Goals, Neoliberalism
2 Nov 2015
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International financial institutions: government was to intervene in the economy to decrease unemployment that resulted in a free market, great depression, new deal. Incur debt if necessary: set the stage for bretton woods. Imf (international money fund: to create economic stability, employment and domestic demand, oversee the system of fixed exchange rate, discourage devaluation of currency within industrialised nations, promote currency convertibility, global trade. International bank for reconstruction and development: first loans to europe for econ restructuring. Infrastructure- runway for development (rostow: later provided money to developing nations. Economic runway infrastructure: international development agency (ida) 1960. Low/ no interest loans to more risky developing countries. Gatt (now the wto: general agreement on tariffs and trade/world trade organization, rules to govern global trade. Open countries to fdi: mncs/ tncs. Rich mans club: rules biased in favor of developed nations, free trade agenda. The root of the debt crisis: the turbulent 70"s, 1945-1970 world economy was booming.
