WGS160Y1 Lecture Notes - Lecture 15: International Monetary Fund, Diane Elson, Neoliberalism
29 Jan 2017
School
Department
Course
Professor
Lecture 15 – Neoliberalism Globalization I; Structural Adjustment Policies
January 25, 2017
• Time and space shrink through use of innovations in technology
• Terms: SAP, neoliberalism, tradeable and non-tredeable, male bias, reproductive tax, women as
shock absorbers of SAPs
• Diane Elson (economist)
• SAPS: A conscious change in the fundamental nature of economic relationships within society.
Government changes who primary economic decision-makers are and mechanisms that determine
what's produced and how
• International Monetary Fund (IMF)
o Emerged during debt crisis of 1970s
• Debt Crisis: Some implications for poor countries
o Falling price of commodity exports on world market
• Economies depended on exports. Primary exports weren't worth a lot
o Protectionism in industrialized countries
o Interest rates increasing
• Result
o Larger proportion of foreign exchange earned through exports goes to pay off foreign debt
o Balance of payment crisis/deficit: outflows exceed inflows
• Conditionality
• Neoliberalism
o Market driven
o Individual
o Choice
• Macro-economic framework (Diane Elson)
o Tradesables
o Non-tradable
o Tradeable: commodity whose price is set by international market
o Non-tradable: Price set locally
• Country X
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