POLS 396 Lecture Notes - Lecture 3: Structural Adjustment, Washington Consensus, Market Fundamentalism
Document Summary
Lecture notes: the regulatory regime for extraction in africa. Regimes: (cid:862) ets of i(cid:373)pli(cid:272)it a(cid:374)d e(cid:454)pli(cid:272)it pri(cid:374)(cid:272)iples, (cid:374)or(cid:373)s, rules, a(cid:374)d de(cid:272)isio(cid:374)-making procedures arou(cid:374)d (cid:449)hi(cid:272)h a(cid:272)tors(cid:859) e(cid:454)pe(cid:272)tatio(cid:374)s (cid:272)o(cid:374)(cid:448)erge i(cid:374) a gi(cid:448)e(cid:374) area of i(cid:374)ter(cid:374)atio(cid:374)al relatio(cid:374)s(cid:863) (krasner 1982, p. 186) A mining code: (cid:862)is the (cid:272)o(cid:373)(cid:271)i(cid:374)atio(cid:374) of statue la(cid:449), regulatio(cid:374)s a(cid:374)d agree(cid:373)e(cid:374)ts (cid:449)hi(cid:272)h go(cid:448)er(cid:374) the allocation, tenure, and operation of mining rights. (world bank) 10 universal economic policy prescriptions promoted primarily by the imf and twb for developing countries in crisis in the 80s. Underlying principle: a de-regulated or self-regulated (cid:373)arket (cid:449)ith (cid:373)i(cid:374)i(cid:373)al or zero go(cid:448)(cid:859)t intervention. Often used synonymously with neoliberalism or market fundamentalism. Not so (cid:373)u(cid:272)h a (cid:858)(cid:272)o(cid:374)se(cid:374)sus(cid:859) (cid:271)ut (cid:373)ore a(cid:271)out ph(cid:455)si(cid:272)al lo(cid:272)atio(cid:374) of orga(cid:374)izatio(cid:374)s that spearheaded the prescriptions. Economic development being one of the objectives of the washington consensus, loans were needed to boost developing economies in crisis. Saps represented the austerity conditionality attached to the loans by the two bretton woods.
