DVM 2106 Lecture Notes - Lecture 4: Marketo, Deindustrialization, Comparative Advantage
22 Jan 2018
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Document Summary
To understand development aspirations and its links to the history of capitalism, the nation-state, and development. Industrial capitalism: a form of capitalism in which production shifts from small- scale individual production to large-scale centralized production in factories, with an increasingly complex division of labour. Keynesian policies: policies to stimulate economic growth through state intervention in market processes based on the idea that capitalist markets require state regulation in order to correct problems that emerge from the operation of free markets. Laissez-faire: the idea is to allow individuals to pursue their own interests through market transactions. Change/progress - enlightenment: british institutions are more rational and scienti c. Growth (gdp: amartya sen"s capability approach is contrary to this. Right action: global ethics of development. Classical economics; adam smith (1776), market as invisible hand . Development economics; john maynard keynes (1930), state interventions. Modernization theory; walt rostow, to transform the traditional societies to modern societies. Dependency theory; andrew frank, core versus periphery.
