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Lecture 5

POL201 Lecture 5: Lecture 5 Notes.docx

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Department
Political Science
Course Code
POLC90H3
Professor
Abbas Gnamo

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Description
POL201Y Thurs. May 29, 2014 Lecture 5: Development Theories III: State & Market  Development Strategies: State Vs. Market • There are great variations in how different countries, during different periods of time,  have arranged the interactions between state and market: 1. Interventionist state and a mixed economy or 2. A non­interventionist state and free market economy  • The debate has been largely about a state­managed versus market led development  strategy  • Early development economists recognized the role of government in providing “social  overhead capital” or “infrastructure” to facilitate economic development • Others argue that government should undertake activities that would compensate for  “market failures” *Interventionist mixed economy= embedded liberalism  State and Markets •  Historical Perspectiv : o The question of the state’s proper economic role has been at the center of political  and economic debates for hundred of years:  First in Western industrialized economies, the debate continues unabated  following the current economic crisis  More recently in the strategies of third world o During the 16  & 17  centuries, major European power was guided by the  philosophy of mercantilism, which viewed a nation’s economic activity as a  means of enhancing the political power of the state and it’s monarch  o Government, consequently, was viewed as “both source and beneficiary of  economic growth”  *Mercantilism – Early form of capitalism (realism)  Realism: to see the world as it is, not as it should be (Human nature is bad) Power politics and politics with no morality o The perspective was sharply challenged by the 18  Century Scottish political economist  Adam Smith, who favored a minimized state that allowed market forces a relatively free  hand o The following century, Marx, reacting to the exploitative nature of early capitalism,  proposed assigning the state a dominant role, at least initially, 
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