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Outliers or Models (Feb. 6).docx

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Political Science
Joseph Wong

Outliers or Models? Dependent Development  What is development? o Human development – health; literacy o Equitable development – distributive consequences of development  Distribution of income  Distribution of wealth  Distribution of life chances  Gender equality? o Capacity o Sustainable development o Political development – democracy; human rights; rule of law o Focus on aggregate economic growth today  How to explain?  Theory – used to explain, prescribe and predict  A theoretical conversation: o (I) The cosmopolitical view  Smith - Market logic  Guiding of the invisible hand will ensure the “universal good of the whole”  Principle of specialization; trade; etc.  Global division of labor  Theory of individualism o (II) The Mercantilist View  Free trade desired by hegemons; they benefit most from it  List – nationalist  Nations matter: not a theory about individuals  Negative-sum relationship from global capitalism  Government help necessary for development  Governments need to create, or help, create comparative advantage  Develop industry o (III) The Leninist View  Imperialism – substitution of capitalist monopolies for capitalist free competition  Concentration of productive means  Concentration of capital  Monopoly is the opposite of free competition  Monopoly grows out of free competition but exists alongside it  Gives rise to a number of antagonisms, frictions, conflict  Capital needs to keep growing – gives rise to imperialism  In this sense, capitalism requires imperialism  Must be exploitative to survive World Systems Theory o Global economy inherently unequal o Inspired by Marxist/Leninist tradition o Global phenomenon, not a nationalist phenomenon o Creates a certain structure to the global economy o Immanuel Wallerstein – took the characteristics of WST and popularized the notion of the dependency school  State of global capitalist system is one that creates structural dependencies  Key points of World Systems/Dependency Theory o Systematic view of global capitalism o 1 world, 2 world, 3 world o Assumes world system is dominated by a liberal ideological hegemony o Monopolistic producers (MNCs)  Concerned with resource extraction; exploitation; mobility (low wages) o Monopsonistic purchasers (the north) – purchasers have control, can set price o Colonial legacy  “Structure” of Global Capitalism o Dominant “core” versus dependent “periphery”  Core – first world nations: Anglo-European world  Periphery – rest of world o Structural dependency – peripheral countries are dependent on the core  On mono, low-value exports  On global north  The implications of global capitalism o (I) Cosmopolitical view – not about dominance  Positive-sum world  I
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