FEM 2109 Lecture Notes - Lecture 2: Andre Gunder Frank, Core Countries, Walt Whitman Rostow

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FEM2109A
January 13th 2016
Gender Perspectives and Globalization
-globalization came about in the rise of the industrial capitalism in 18th and 19th century, as a
consequence of the industrial revolution
-this introduced:
-massive production
-increased market size
-exploitation of cheap labour and resources from the developing world
-higher economic growth (with the belief in the “trickle down” effect)
-unequal distribution of income
-biggest challenge of development is how to get the new wealth to reach the poorest
-an uneven spread of capitalism which led to colonizers and colonized peoples
-Western countries capitalize on cheap labour and resources
-forced control over the Southern states and make them incapable
-exploit other cultures and their people
-Adam Smith: classical economics (1770s)
-market as the invisible hand
-those who were self sufficient were winners and those who would not function should be
left behind by the market
-John Keynes: development economics (1930s)
-state intervention in market functions
-ensures the avoidance of negative consequences
-Walt Rostow: modernization theory/economic theory of growth (1950-60s)
-believed underdeveloped countries had to follow the path prescribed by Western countries
and catch up to them and be developed
-one size fits all
-Andre Gunder Frank: dependency theory (1970s)
-core countries exploited peripheries and forced them to be dependent on aid
-world systems theory (Immanuel Wallerstein): integration of the world into one system
-Marx and Engels: Marxism/communism (late 19th century)
-state owns all units of production
-neoliberalism (1980s)
-was a market driven approach to economic and social policy based on neoclassical theory
of economics
-return to free market capitalism as a fear of corrupt government
-largely part of the communist-capitalist struggle of the Cold War
-structural adjustment policies: was a consequence of the neoliberal paradigm
-was to help underdeveloped countries develop and gain funds
-created by the WB and IMF
-shift from growing diverse food crops ford domestic consumption to specializing in
production of cash crops or other commodities for export
-abolishing food and agricultural subsidies to reduce government spending
-deep cuts to socio programs (health, education, housing, etc)
-massive layoffs in civil service sectors
-currency devaluation to increase import costs while reducing the value of domestically
produced goods
-liberalization of trade and investment
-high interest rates to attract foreign investment
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Document Summary

Globalization came about in the rise of the industrial capitalism in 18th and 19th century, as a consequence of the industrial revolution. Exploitation of cheap labour and resources from the developing world. Higher economic growth (with the belief in the trickle down effect) Biggest challenge of development is how to get the new wealth to reach the poorest. An uneven spread of capitalism which led to colonizers and colonized peoples. Western countries capitalize on cheap labour and resources. Forced control over the southern states and make them incapable. Those who were self suf cient were winners and those who would not function should be left behind by the market. Walt rostow: modernization theory/economic theory of growth (1950-60s) Believed underdeveloped countries had to follow the path prescribed by western countries and catch up to them and be developed. Core countries exploited peripheries and forced them to be dependent on aid.

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