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Lecture 5

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Political Science
R Rice

thPOLB90Lecture 5October 12 2010 Key TermsNeoclassical economicsNeoliberalismThe Washington ConsensusAusterity and shock therapyStructural AdjustmentLiberalization Debt Crisis o Dev countries borrowed increasing sums of money encouraged by the IMF and WB for projects to revitalize ISI o Also inflationary pressures in th IS not much confidence in the dollar or bank industryIn 1979 there was a dramatic increase in interest rates bc of Nixon More debt for dev countriesBrazil Africas debt doubled751600bullion in debtDrop of 1020 in income reduced spending as well o Africa was not on Volkers radar screen rdo 3 W could not pay debtsDebt Crisis and ISI o Adverse intl economic circumstances had accentuated the problems of ISI countriesYou needed to draw greater surplus from the suburbs to free up labour in the urban areasIncrease in usage of marketing boards o Farmers pool their products so they can get a guaranteed rate so they can cover their costs of inputsInfrastructure was focused of the needs of whites therefore many peasants were not a part of the market because they did not have access to roads transportation etc o Neoliberalism S countries were trying to get a large stimulus package so they can get their own banks goingWhy didnt all the indebted countries get together unitedWashington Consensus o Neoliberalism was strongly advocated byUS exec branchIntl institutionsWashington based think tanks
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