Outliers or Models: Dependent Development

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POL101 Outliers or Models?February 7th 2011
Dependent Development
What is Development?
๎€Human development
๎€Looking at the micro level, individual human beings and their experiences of
reality
๎€Interested in health, education, literacy, infant mortality, etc.
๎€Indicators that are important to the individual lived experience
๎€Equitable development
๎€Interested in terms of the redistributive consequences of development
๎€Not just looking at national economic growth rates but how this wealth and
prosperity is distributed through the political economic system through the
highest income households to the lowest income households
๎€Capacity
๎€Having the skills and education and experience and technology in order to
continually develop over time
๎€So, not just about growing your economy but having the economic capacity to
sustain that growth
๎€Sustainable development
๎€Often thought of in economic degradation
๎€About sustaining over the long term economic development
๎€Ensuring that as we are developing as economic societies we arenโ€™t at the
same time destroying the very foundations of that growth
๎€Political development
๎€How the system develops and reformats
๎€So development can be defined along all of these dimensions, but generally a sense of
progress and improvement over time
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POL101 Outliers or Models?February 7th 2011
Dependent Development
๎€For the purpose of todayโ€™s lecture, weโ€™re going to focus on aggregate economic
growth
๎€How economies grow
๎€Why economies grow
๎€How economies in the aggregate improve over time
๎€How to explain growth? How do we explain aggregate economic growth?
๎€Many different theories, but what is the role of theory?
๎€Theories help explain the world, they also prescribe, and they endeavour to predict
๎€Theories then, as explainers, prescriptions, and predictors thus represent different
vantage points of how we understand the world
A Theoretical Conversation
โ€ข The Cosmopolitical View
๎€How do you understand the world?
๎€Smithโ€™s cosmopolitical view is that the invisible hand should guide the market
๎€According to the cosmopolitical view of the world, the key to the global
economy is specialization
๎€Itโ€™s also in this view that human effort is important
๎€Capitalism isnโ€™t good for lazy people
๎€Capitalism rewards those who work hard, those who are rational
๎€This, then, will lead to global productivity and through global productivity
there will be global prosperity and thus global peace
๎€ So, itโ€™s a positive sum view, meaning that everyone will benefit as long as
you arenโ€™t lazy or behave irrationally
โ€ข The Mercantilist View
๎€List and Hamilton would disagree
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POL101 Outliers or Models?February 7th 2011
Dependent Development
๎€They would argue that of course Smith, the British person, would argue for
free trade because heโ€™s the hegemon
๎€They would argue that what matters for the global economy are nations
๎€The unit of analysis for the cosmopolitical view is the individual level, the
hard working individual
๎€For List and Hamilton, itโ€™s nations
๎€What List and Hamilton see is a negative sum system
๎€That the benefits of capitalism is disproportionally beneficial to the hegemon
๎€Itโ€™s great for England, itโ€™s bad for Germany
๎€Idea that an established economy like England vs. a new economy like the
US could compete on equal terms is impossible
๎€For Smith itโ€™s the invisible hand of the market, for mercantilists like List and
Hamilton itโ€™s about the visible hand of government
๎€That in order to create more equal terms for c countries like US and Germany
to compete requires the visible hand of government to create comparative
advantages
๎€Efforts by governments to grow their own industries
โ€ข The Leninist view
๎€Inspired by Marx
๎€Marx basically argued that capitalism was inherently contradictory
๎€That there were fundamental contradictions in capitalism largely because of
the exploitative nature of capitalism that would eventually lead to the end of
capitalism through the revolution of the proletariat which would lead to the
end of capitalism
๎€For Marx, capitalism would sow the seeds of its own demise, that itโ€™s
contradictions would eventually end capitalism
๎€Lenin had a fundamentally different view
๎€Lenin argues that imperialism is the substitution for capitalism monopolies for
capitalism competition
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Document Summary

Looking at the micro level, individual human beings and their experiences of reality. Interested in health, education, literacy, infant mortality, etc. Indicators that are important to the individual lived experience. Interested in terms of the redistributive consequences of development. not just looking at national economic growth rates but how this wealth and prosperity is distributed through the political economic system through the highest income households to the lowest income households. having the skills and education and experience and technology in order to continually develop over time. so, not just about growing your economy but having the economic capacity to sustain that growth. about sustaining over the long term economic development. ensuring that as we are developing as economic societies we aren"t at the same time destroying the very foundations of that growth. so development can be defined along all of these dimensions, but generally a sense of progress and improvement over time www. notesolution. com.

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