INTD 200 Lecture Notes - Neoliberalism, Food Security, Structural Adjustment
23 Nov 2012
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How debt accumul: focus of borrowing $ to invest in devel + indusz post wwii. Lots of lending fr/world bank + imf to sup keynesian model state-led econ devel. Also import substit indusz (indusz w/in nats) Also: prevent spread of communism (very connected to cold war) Lots of loans used to prop up dictators who were anti-communist. Didn"t always necess go towards benefiting ppl. S/corruption on how these loans were distrib to diff nats. 1970s: era of surplus capital + loan pushing. Growth of world econ slowed (growing based on recovery of eur + jap) Less demand for commodities being exported by devel"g world (growth also slowed) Us racked up debt b/c borrowed $ to supp wars in vietnam + other various projects. @this point, value of pinned to gold (gold standard) Us b/c of various debts, didn"t have amount gold to back up . Gold standard taken away + currencies float against ea/other (financial instability)
