Development, Trade and Global Health:
Final will be the same format, with the presence of the essay questions. Final will be cumulative.
The Regulation of Global Trade:
Developing countries sign up to WTO voluntarily but choice heavily influenced by political
pressures which favour powerful countries or blocks.
When they act in concert the US and EU are usually able to convert their interests into law. They
are able to use the institutional framework of WTO to exercise their power, that they have the
most say in terms of how money is distributed, which country may receive that aid and the
conditions of the aid. Websites on the course outline looks at the misconceptions of IMF and
how it works.
Regulatory structure presided over by IMF operates asymmetrically, favouring interests of
advanced industrialized countries. IMF and World Bank have taken lots of criticism who say that
this power development is detrimental. Because it favours the rich countries, the conditions
associated with the aid are detrimental to the economy of those countries than the country
receiving the aid. IMF and World Bank were created after the aftermath of WWII, to deal with
the monetary or currency issues and the default issues (whether a country is able to pay its loans/
debts). To be a recipient of the IMF and WB, they are lenders of last resort they do not give out
money freely to any country, countries that want money from IMF and WB they need to go to all
the other private financial lenders first. Once they have demonstrated they have done, only then
the IMF and WB will entertain proposals by the countries if they want. They only do it if the
countries say they want monetary aid. They do not go to the countries and give them monetary
aid. Criticism say that conditions attached to aid is unreasonable, but being a lender of money at
all there are always stipulations of how you use that money. You have to have a business plan to
show the IMF and WB how you are going to pay them the money. They are not charities in and
Emphasis: problem of development, how trade developments are connected, the development
practices are connected to other measures. These are criticisms of the international trade system
present today. They were created in the aftermath of the WWII. They came to stabilize western
Europe, to help the countries battered by the world war and to help them stabilize. Neo-liberal
institutionalism said that economies should be inter-dependent or increasingly inter-dependent
that they would be less likely to go on war. So to make countries inter-dependent economically
these institutions were created.
Market Self-Regulation in Trade and Finance: Global trend towards market self-regulation increases vulnerability of one sphere to shocks
arising from the other.
Bretton Woods system engineered to serve the interests of stable global trade relations.
Regulatory system generally follows very closely the perceived needs of the world’s most
powerful economies. Often times the regulatory mechanisms is built in the IMF and WB to
buffer the larger economies, the stability of the system as a whole. As a result, less emphasis on
the solutions of these crises is placed. It favours the stability of the whole rather than individual
Post- 1970s move towards market self-regulation has been most noteworthy trend in spheres of
global trade and global finance.
Spill-over effects are a big concern of the way the current system operates.
Because of decolonization and the function of the IMF and WB to integrate the global
economies, it has created interdependence, but also vulnerability in smaller countries.
World Poverty and Hunger:
Traditionally, there has been a near-universal monetary-based conception of poverty among
governments and international organizations
A condition suffered by people- mostly female- who do not earn enough money to satisfy
their basic material requirements
Regarded as external to developed countries, but defining feature of the Third World
Provides justification for the former to help ‘develop’ the latter through market
Development was on a micro level, it was not about feeding the global south but to try to ensure
that these countries would integrate into world capitalist system, and that their GDP would grow.
And the people would study that. But series of things happen in 1970s -80s because of
decolonization, failed plans, and types of aids given to south, and because of the proxy wars
within Cold War people s