DEVS 230 Lecture Notes - Lecture 4: Bretton Woods Conference, Import Substitution Industrialization, Susan Strange

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Bretton woods set out to get global economic stability and the promotion of trade, there is a democratic deficit in the institutions created). Imf, short term loans to government for payments they can"t make. Bank, focus on country development, money for infrastructure and development. Un vs imf, different distributions of power, through these institutions they come up with strategies to foster industrialization for export countries (to overcome colonial impacts on export countries (colonial division of labour)). Goal of isi, to substitute imports with home made products. Debt crisis and its causes: general ideas, creating of opec (spike in oil prices) = oil dependent countries had to borrow to buy the oil and then tightened their budgets elsewhere, affecting countries they import from. Us breaking promises from the bretton woods agreement: when countries become independent they have a lot of debt.

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