Political Science 2231E Lecture Notes - African Development Bank, Washington Consensus, Neocolonialism

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Wednesday, 10 April, 2013
International Development
What is economic growth?
-GDP: The sum of gross value added by all resident producers in the economy plus any product.
-GNI: The sum of value added by all resident producers plus any product taxes plus net receipts
of primary income from abroad.
-FDI: The net inflows of investment to acquire a lasting management interest in an enterprise
operating in an economy other than that of the investor.
What is Development
-Poverty headcount: % of population living on under $1.25 per day
-Government spending (consumption): All government current expenditures for purchases of
goods and services (including public employees) and most expenditures on national defense
-Literacy rate: the % of people 15+ who can read and write a short, simple statement on their
everyday life
-Child mortality rate: The number of infants dying before reaching one, per 1,000 live births
The Un’s Millennium Development Goals for 2015
- Eradicate poverty
- Improve education
- Increase gender equality
- Decrease child mortality
- Improve maternal health
- Combat HIV/AIDS and other diseases
- Ensure environmental stability
Theories of Economic Development
Modernization Theory (Walt Rostow)
- “Stage theory” of development - all countries would progress along the same trajectory
- Underdeveloped countries were at an earlier stage of development
- Underdeveloped countries needed a push to overcome barriers to industrialization
- Criticized for bing teleological (assumed outcome and process would be the same for all
nations) and ignoring diversity in endowments
Critiques of Modernization Theory
- Questions concerning the duplication of earlier paths
- Traditional social and political institutions are difficult to change
- The theory is Eurocentric
- The current international economic system is biased toward developed states
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