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Lecture 8

Global Studies Lecture 8.docx

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Global Studies
Alicia Sliwinski

Global Studies Week 8 Fredrich Hayak (1899-1992)  Believes form of planning by social democracies leads to dictatorship b/c dictatorship is most effective form of coercion  Democratic socialism= utopia not achievable  The guiding principle in any attempt to create a word of free men must a policy of freedom for the individual  Margaret Thatcher was a disciple of Hayek and Reagan took advice from Hayekian economists  Hayek completed the neoliberal revolution started by his mentor, Von Mises Von Mises to Hayek, to Freidman Milton Freidman  Colleague of Hayek at University of Chicago  Immediate influence on Ronald Reagan and the remaking of US international economic policy in a neoliberal turn in 1980s  Government’s role in guiding the economy should be limited to adjusting interest rates Had a great influence the World Bank, and IMF Notes about Globalization  Free markets have not brought about material benefits to the world  Markets are not neutral nor free and favour certain populations and social classes to the detriment of others  Globalization has meant POLITICAL INTERVENTION into development which was seen as a National project before through economic nationalism Keynesian policies of economic nationalism were seen to limit development because imposed too many limits on free trade Enter corporate players who advocate for their interest through the World Trade Organization WTO Back to neoclassical economic discourses: need to establish 100% “market rule” Concerns on impact of free trade on people living in poverty in all countries but especially developing countries Trade becomes THE motor o development Global Managers are now in power WB, IMF, CEO of TNCs and government leaders OK with neoliberal policies= “Washington Consensus” Mainly 1980-90’s  OFTEN: Globalization is considered a development strategy in itself. So effective participation in world economy will ensure growth  Enter Structural Adjustment Programs which did not help all countries—no way  MEANING OF DEVELOPMENT HAS CHANGED AGAIN! REFRAMED AS DEEPENING OF MARKETS  Today: ideological debate about globalization, a tug of war occurring Liberalization Alters previous development thinking, effect downgrades social aspects, upgrades participation in world economy, the return of theorCOMPARATIVE ADVANTAGE (a focus on specialization). New development strategy: local/global firms mobilize cheap land and labour for export production Comparative DISADVANTAGE of strategy of export reliance: countries depend on world market too much as the organizing principle of THEIR development **Chart comparing development and globalization Basic Needs Approach (BNA) Work
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