IDSB06 Lecture 2.pdf

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International Development Studies
Peter Skrivanic

Lecture 2Tuesday January 18 20111108 AMRise of developmentDevelopments beginningsAt the end of WWII Europe suffered in an unprecedented financial wayShift in power dynamicsBritain could not provide the aid Colonial empire collapsed handed power over to USMembers of British government sent a memo to Secretary of State Marshall saying that Britain couldnt bail out smaller European nations especially Greece and TurkeyMarshall plan 19481952 13 billion dollarsWere not just trying to build Europe we want to promote the security of the US and protect Western civilizationThe real enemies of democracy were hunger poverty desperation and chaosForeign aid becomes an instrument of foreign policyAid was always given but it was not an instrumentnow it has an agendaPresident Truman gives his inauguration speech foreign policy and aid was going to spread American interests in the world capitalism and freedomSouthern hemisphere is for the first time is an underdeveloped regionWere spreading the light of capitalism and freedom to these regionsTrumans 4 points4th point we must help underdeveloped areas More than half the people in the world are living in povertyBretton Woods conference in 1944new international monetary regimeUS Treasury Secretary Morgantheau Chief Economic Advisor Dexter British economist Keynes lead the move towards a new economic orderIn the old order there was no macroeconomic faciliation of traderesult was social ills chaos fascism etcIt becomes a moral argumentBretton Woods Era 19441971IMF and World Bank IMFaidBanklends money to impoverished countries for development projectsResul
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