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Lecture 9

2H03- November 5, 2013; lecture 9.docx

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Political Science

Economic Globalization Development crisis and inequality todays class is based on negative aspects of globalization Crisis of neoliberal globalizationIncreasing interdependence and openness at a global scale in trade finance for instance but it is not equal If you look at the indirect effects of globalization eco globalization create shifts in hierarchies like those countries who are able to manage globalization in hypercap globalization are rising stars but those who purely apply neolib become the losers Extensive commodification Rise of new actors MNCsMEOs and new spaces eg Offshore centersMarket liberalization free movement of goods and capitalCrisis of neoliberal globalizationWashington Consensus in 1980s Eco growth and sustainable development based on min role of statepromote free market economyIMF and World Bank and US and EU Hegemonic stability theory US generated a worldwide trendoMinimizing governments roleoMassive privatizationoTrade and capital market liberalizationoDeregulation Crisis of neoliberal globalizationVariations across countries depending on the context and policy objectives based on long term needs of the countries there are certain countries who poorly apply paradigm of liberalism on the other hand there are other countries who are mixing neolib with significant role of the state Each country prioritizes different aspect of economic policy making and goes for different form of programCountries with Pure Commitment to Washington Consensus losers vs Countries mixing Neoliberalism with National Preferences winnersLatin AmericaWholehearted embracement of Neoliberal policies in 1980sExtensive liberalization and trade opening the losers couldnt apply these policies aka didnt have institutional framework aka devastating effects in those countries in terms of stagnation and unsustainable growthOverreliance on short term capital flowAbsence of necessary regulatory mechanisms on capital markets Limited investment on welfare services Unsustainable growth Recession stagnation and economic crisis in 1990sArgentina government spending on educationLots of govt spending on education PRIOR to introduction of neoliberalism where the spending decreased significantlyThis is poor implementation of neoliberalismin the absence of educationimpossible for Argentina to have sustainable growth lacking human capital due to lack of education aka hard to attract foreign direct investment
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