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ELI vs. ISI the Case of East Asia

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University of Toronto St. George
Political Science
Sophia Moreau

Lecture Week 10 November 15, 2010 GOVERNMENT SUCCESS IN DEVELOPMENT The Case of East Asia Discussing role of the state in generating development Q. What generates development and economic growth? Why here and not there? STATE vs. MARKET:- The market view of humans: Humans have a natural propensity to truck and barter Adam Smith Britains vision: driven by the profit motivethis comes naturally to humans Development is them driven by entrepreneurs who are driven by profit The market is suppose to work through the unseen hand mechanism i.e. Supply and Demand Supply will always rise or fall to meet demand Demand regulates production, demand drives the market Industrial revolution in Britain provides the idea of how the World works, it was the place of development in the modern world I. The market is independent of state intervention II. The State intervenes in the market The State Intervenes:- To secure private property (land, later;enclosures) To secure intellectual property (inventors, venture capitalists) To ensure a supple of capital (banks) Britain is an example of market driven development, with minimal state interventions: minimal coordination allowing the market to develop. Development comes about by decisions the states make The market is a result of violent state decisions and opposition from
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