GS211 Lecture Notes - Lecture 3: Bourgeoisie, Making Money, Walt Whitman Rostow
Document Summary
If development was mainly defined as improved economic growth, then we need to understand macro-economic theories of growth. Two dominant macro-economic positions: state-led/state-regulated markets: Economic affairs trading, investing, boosting production in a vs. b, allowing investors to access money at a low interest rate. State should intervene a little bit: self-regulated markets: For prosperity and people of a nation to be better ensured, the state needs to have less involvement. Invisible hand: market itself will create the conditions for optimal growth. Open policy where the market will self-regulate and trust its forces. All development theories have economic aspect: if development increases growth, then we need to look at economical models of growth. Economics: most powerful and most committed social sciences committed in the sense of serving a capitalist interest. Focus on issues of vital concern: employment (how to provide jobs), development (overall of a nation, i. e. electricity, agriculture, resources)
