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POL201Y1 (221)

November 22nd

5 Pages

Political Science
Course Code
Sophia Moreau

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November 22 10d Politics Of Development Dec 6 half lecture half discussion on semester Exam: look on bb for what room I will be in on Dec 8 th The Washington Consensus Neoliberalism as a strategy of development. Left, right and neo-liberalism- importance of individual freedom but practically this leads to different kinds of commitments- classical- implies a limit on the sphere of government. Negative freedoms- freedom FROM. How to secure freedom? What that means? Classical think freedom is a preexisting condition that individuals automatically have, securing freedom means noninterference. Modern Liberals- freedom is no preexisting and must be produced. Under conditions of equality freedom is not equally distributed- rich are more free or, the poor are free to starve. Government involvement in necessary to distribute and equalize access. Modern liberals endorse state interaction whereas Classical liberalists fear a despotic state. Economic Liberal- Adam Smith: citizens must be free to follow their own directions. Theory of Moral Sentiments. Wealth of Nations. Market would regulate itself. Limited role for the state- Provide that which the market will not supply (things in which there is no profit). Neo-liberalism is a restatement of Adam Smith without some outmoded aspects. Coined in 1938 for 20 years or so the idea that the market would behave rationally if left alone. Keynes- Keysian- market decisions lead to inefficient macroeconomics. Fiscal intervention by government Struggle between Liberalism and Keynsian economics. Depression helped K win out (believe the government needs to infuse market with money) Then Free Market Neo-liberalism wins out again until 2008 with global financial crisis. Rather than this type of intervention wasnt right, another kind would be better people reacted with intervention is bad. 40s and 50s there was a global economic boom- green revolution: 1948, refers to research and development in agriculture that revolutionized food production. Food production kept up with population growth, decrease in price of food decline in terms of trade. Poor farmers are forced out of market and consumers consume gmo and chemical foods. Mexico went from importing wheat to exporting it. Decolonization, oil producing countries create cartel to control oil prices- price goes sky high, force many countries to turn to IMF for loans to pay for oil. Many developing countries run into enormous debt and turn to IMF and World Bank. OPEC falls apart- oil producing countries get into trouble with drop in oil prices, then must turn to IMF. Most
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