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Lecture 6

Monday October 15 Week 6

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Queen's University
Global Development Studies
DEVS 230
Marc Epprecht

Monday October 15, Week 6 Post-Washington Consensus Regime Potential Exam Question  Drawing on an IPE framework, discuss the reasons for the shift from the WCR to the PWCR. To what extent does the PWCR make a clean break from the WCR? Conceptual Tools  Regime (Internationalization of political authority – form of legitimacy that derives from a ‘community of interests’)… there are key ideas that under ride these regimes based on materiality  Structural Power (power to decide how things shall be done.. ie limiting the decisions that governments can make w/o putting pressure to make one decision over others)  Neoliberalism (Policy) + Neoclassical Economics = Car Metaphor Key Take Home Points  Institutions, ideas and materiality are inseparable  Tension between SAPs and social realities lead to legitimization problems for the WCR  Car metaphor Review of WCR (Week 4)  Economic paradigm from Keynesianism to neoclassical economics (free market)  ISI Model enters crisis (materialism) preference for EPI  Objective of WCR was economic growth and stability (get economics right) through market-led growth and structural adjustment policies (SAPs)… prescribe government reform based on neoclassical principles (markets promote human freedoms, rationality and efficiency, and optimal distribution of resources)  Condiontality (the IMF giving them money based on conditions as to what they’ll use it for, etc)  Structural Adjustment Programme (SAPs) include privatization (removing states from all but essential functions, encouraging more competition), deregulation (breaking monopolies and re-regulation), liberalization (harness rationality of market forces, the state has to remove all impediments to the flow of trade & finance… don’t have them pay a lot of taxes but those are integral to the government’s equal distribution of wealth) and fiscal austerity (IMF&WB suggest maintaining resources in basic health and education… they didn’t go outright and say to cut all of this but in order to manage their debt and budget governments had to)(all are interconnected)  WCR= market led development (development based in terms of economic growth, scientific progress, modernization, etc) Post-Washington Consensus Regime (1990s)  The drivers of the car are different (the developing
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