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Outliers or Models? Dependent Development This is the fifth lecture of Semester 2. This lecture is mainly about different views on economic growth, such as the cosmopolitical view, the mercantilist view, and the Leninist view. It also talks about the Worl

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Political Science
Joseph Wong

Outliers or Models? Dependent Development February-07-11 Lecture by Professor Wong 12:16 PM What is development? • Human development • Equitable development • Capacity • Sustainable development • Political development • Focus on aggregate economicgrowth • How to explain? A TheoreticalConversation:(I) the Cosmopoliticalview • "The pursuit of individual advantage is admirably connected with the universal good of the whole." David Ricardo, 1817 • All about specialization ○ Individual labour and doing what you're best at doing A TheoreticalConversation:(II) the mercantilistview • List is angry of the English mercantilism • Hamilton: "The disparity, in the one or the other, or in both, must necessarily be so considerable as to forbid a successful rivalship, without the extraordinary aid and protection of government. A TheoreticalConversation:(III) the Leninist view • "Imperialism is 'the substitution of capitalist monopoliesfor capitalist free competition…. Monopolyis exactlythe opposite of free competition,does not abolish the latter, but exists over it and alongside of it, and thereby gives rise to a number of very acute, intense antagonisms, frictions and conflict." V.I. Lenin, 1916 • Its about finance capitalism World SystemsTheory • Inspired by Marxist/Leninisttradition • Immanuel Wallerstein • A systemicview of global capitalism • Liberal ideological hegemony ○ Ideological era that privileged free trade ○ Dominant idea is free trade ○ Multinational corporationsare highly exploitativeand mobile • Monopolisticproducers (MNCs) • Monopsonisticpurchasers (the north) ○ A huge, single purchaser • Colonial legacy ○ What are colonizers leaving behind? ○ They are leaving economiesundeveloped--withoutany infrastructures, people with no training ○ Leaving nothing behind in these areas called Third World countries "Structure" of Global Capitalism • Dominant "core" versus dependent "periphery" • Structural dependency • On mono,low-value exports ○ You are dependent on what you can do and make • On global north ○ You are dependent on your customers • It can't be changed or fixed The implications of global capitalism (i) Cosmopoliticalview--not about dominance (ii) Mercantilist view--preventingdominance (iii) Marxist/Leninistview--has to be about do
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