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DEVS 230 (31)
Lecture 2

Monday September 17 Week 2

4 Pages

Global Development Studies
Course Code
DEVS 230
Marc Epprecht

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Monday September 17, Week 2 Bretton Woods Regime Key Concepts  Capitalism & Keynesianism  Relational Power & Structured Power (Susan Strange)  Regime (Peet) Exam Questions  Drawing on an IPE lens, discuss the types and sources of power underpinning the Bretton Woods Regime and it‟s framing of the Development Project. Who benefitted and why from the BWR?  Drawing on an IPE lens, explain how & to what extent the architects of the BWR sought to mediate the tensions between private interests & the needs of the wider community (stability, etc)? To what degree did the solutions resolve the paradoxes or create new ones? Descriptive Narrative of the BWR Key Terms / Concepts Beggar-thy-neighbor  International trading partner that use currency devaluations and protectionism to alleviate a nation‟s economic difficulties of other countries  It can help alleviate economic crisis, it harms their trading partners Exchange Rates  Floating ER (post BWR) is dependent on supply & demand in the foreign exchange market for that particular currency  Fixed or pegged ER (BWR) was a rate the central bank/government sets and maintains the official ER. There‟s predictability and stability in this system. Devaluation  A drop in country‟s ER relative to other currencies  Usually due to cheaper exports for foreigners and foreign products become more expensive domestically, discouraging imports Protectionism  Is largely shunned by the global trade/ policy circles, as it‟s detrimental to the world economy. (Less imports means someone else‟s economy is going to suffer)  Government action/policies (tariffs, quotas, taxes) that restrain international trade to protect local business and jobs Balance-of-Payments (BOP)  Accounting system of country‟s economic activities with the rest of the world  All trades made by public & private sectors to see how much money is going & out of the country  Trade deficit/surplus or budget deficit/surplus Fordism / Global North (1945-1970s)  Fordism brought about mass production and mass consumption brought on by assembly-line deskilled tasks and low prices  High wages in return for intensive work Import-Substitution Industrialization (ISI) / Global South  Post WW 2, aimed to increase self-sufficiency  Used protective tariffs to force businesses & consumers to substitute imports with local goods & services Inflation  The rate at which the general level of prices is rising  Usually dangerous, especially in relation to wages Great Crash of 1929  Due to devaluation of currencies due to overprinting of money and hyperinflation, deregulated financial markets, banking systems collapse & destroy unprotects personal savings, Great Depression ensues, US delinks from Gold Standard Conceptual Tools Capitalism  Is neither natural nor inevitable  Refers to a system of production & exchange centered on the ultimate goal of turning a profit  History has been dominated by change and crisis 
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