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October 21 lecture 3B03

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Department
Political Science
Course
POLSCI 3B03
Professor
Richard Stubbs
Semester
Fall

Description
Started on: 10/21/2013 4:25:00 AM Last saved on: 11/10/2013 5:58:00 PM C LASS N OTES FOR : 3B03 McMaster University, Fall 2013 O CTOBER 21, 2013 FORMAT FOR M IDTERM EXAM ; 2 Parts - PART 1 Short answers (will be asked to answer 4 out of 8 questions) – 20 marks - PART 2 Essay question (2 out of 4 choices for essay questions) – 80 marks Up to topic #6 Summary by Stubbs What were, the neo-liberal driven policies that were promoted so as to bring about what was thought of as a convergence of policies in many different countries around the world? Generally, they were labeled the policies of the “Washington Consensus”. These policies included: 1) Limiting budget deficits. 2) Removing subsidies on food and fuel. 3) Tax reforms. 4) Financial liberalization. 5) Trade liberalization. 6) Reducing barriers to FDI. 7) Privatization. 8) Deregulation. 9) Respect Intellectual Property Rights. 10) Limit the role of the state. Convergence of institutions: Growth in importance of economic agencies – most notably Central Banks, Ministries of Finance, etc. These central agencies meet with each other in international conferences. Convergence promoted by: International organizations such as the World Bank, IMF and OECD etc. Epistemic communities. Best practices. Harmonization through trade agreements C ONVERGENCE Globalization – there has been a converge of institutions and a convergence of policies around the world. There‟s been pressure on the state to retreat; so there has been pressure of countries around the world (including the developmental state) to converge around particular kinds of policies (neo-liberal policies). - Washington Consensus 1 Started on: 10/21/2013 4:25:00 AM Last saved on: 11/10/2013 5:58:00 PM - IMF - World Bank - All essentially had the same ideas about the policies that governments around the world should adopt in order for them to be economically prosperous CORE ELEMENTS of Washington Consensus o Fiscal Discipline o Limiting deficits each year; trying to keep the debt right down; making sure that the amount that the government brings in (mostly through through taxes) is not exceeded by expenditures. o Trying to reduce subsidies on food and fuel; o Tax reform – Lowering taxes and spreading the tax base o Trade liberalization (encourages trade agreements) o Increasing foreign direct investment and lowering barriers to foreign direct investment  Example; The harper government has turned back an attempt by an Egyptian company to invest in a Manitoba company;  Washington Consensus would frown on this; want to open up economies from investments around the world;  Often countries are cautious about investments; prohibiting specific investments in certain areas (such as defense, in the United States etc.)  Is it going to be a net gain in terms of employment or the economy?  Washington Consensus – FDI is always a good thing o Privatization – reduce the role of the state;  Privatize all series on ways in which the state intervenes in the economy.  Privatize the road system?  Procurement? (European companies to be able to bid on contracts offered by the Government)  o Secure intellectual property rights  So that those people who
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