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Poverty, Development and Globalization II (L09)

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Leslie Jermyn

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Poverty, Development and Globalization II - Response to debt crisis is to force poor countries into SAPs - Globalization o All about interconnections a globalized world is one in which there are fairly rich, thick interconnections between countries o (Wiki) refers to the increasing unification of the worlds economic order through reduction of such barriers to international trade as tariffs, export fees, and import quotas; describes the process by which regional economies, societies and cultures have become integrated through communication, transportation, and trade o Has started since the 1 wave of colonialism - Stagflation: situation in which high unemployment coincides with high inflation o 1970s, inflation due to the rise of oil prices + stagnation due to the industries that rely on oil slowing down - Protectionism instituted after the world war to repair the economies o Economic policy of restraining trade between states through methods such as tariffs on imported good
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