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Lecture

POL100 Feburary 13, Post war reconstruction.docx

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Department
Political Science
Course
POL101Y1
Professor
Joseph Wong
Semester
Winter

Description
Post war reconstruction Growing the global economyAsias RiseThese Asian economies that are now some of richest in the world most post world war 2 were poorer than countries in africaPart of the OECD club of rich nationsOccurred over a long period of time didnt just export more rice but continuously upgraded their industrial infrastructureMany of these economies grew partly because of government intervention eg HyundaiThey provided subsidies investments into their RD etcAnother factor is infant industry protectiongovernments impose tariffs on foreign goods to encourage the purchasing of domestic goods exclusively Allows industries to grow to be able to compete in international marketsThey picked and made market winners these economies were market regarding creating products with international demandThey didnt use endowed comparative advantages but rather created them American patronage places like Korea received lots of American military and aid important because if you didnt have to spend money on military because it was being provided for you you could spend money on other thingsAmerican consumers bought the products these economies madeDevelopmental state governments or the state was organized in particular way that they were hierarchy organized very little corruption attracted the smartest paid high salaries had a strong coordinative capacity to facilitate economic growth Export oriented growth if you want to get rich you must plug into the global economy they sold more exported goods than buying imported goodsOutlier or model Market regarding SmithMarket logic to economic growth Mercantilist List and HamiltonTheir rise was a result of economic nationalism had more to do with government intervention specifically to create comparative advantage Dependent development Lenin and Wallenstein
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