POL201Y1 Lecture Notes - Lecture 3: Strategy Of Unbalanced Growth, Classical Liberalism, Free Hand

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3 Nov 2018
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Pol201 lecture oct 24th: sate vs. market the evolution of the debate: 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: A non-interventionist state and free market economy. 1970"s embraced by reagan: asian way (developmental state, historical perspective, during the sixteenth and seventeenth centuries, major european power was guided by the philosophy of mercantilism. Accumulate gold and silver, beneficiary of growth. State had to be dominated by the working class. Favour markets over the role of the state the state controls everything. The roll of the state is important. Milton friedman: the story resonated during the cold war with fears of totalitarianism spreading from the ussr and protectionism leading to the great. China abandoned that kind of economy, liberalized it economy (1980"s) that is when they become a developed country.

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