DEVS 100 Lecture Notes - Lecture 9: Structural Adjustment, Inflation Targeting, Neoconservatism

• School: Queen's University
• Department: Global Development Studies
• Course: DEVS 100
• Professor: David A Mc Donald

Document Summary

3 global development market-oriented theories of development. Terminologies: law of accumulation constant need within capitalism to reinvest profits back into the business in order to remain in order competitive. Infers that capitalism required growth and that growth potential is infinite: comparative advantage specialization in commodities that a country can produce most efficiently, and trading those commodities that a country is less efficient at producing. Eventually the economy can diversify: the invisible hand a term coined by adam smith. Argues that markets require state intervention if they are to operate efficiently and effectively, but the state intervention should be minimal as possible and should sometimes be withdrawn o(cid:374)(cid:272)e (cid:373)a(cid:396)ket e(cid:395)uili(cid:271)(cid:396)iu(cid:373) ha(cid:448)e (cid:271)ee(cid:374) (cid:396)esto(cid:396)ed. The state"s (cid:396)ole is to (cid:272)o(cid:396)(cid:396)e(cid:272)t (cid:373)a(cid:396)ket failu(cid:396)es, (cid:374)ot to dominate markets: modernization theory universal model of development associated with walt rostov which emphasizes the use of western-style forms of capitalism to realize full human potential.