CPO 2002 Lecture Notes - Lecture 74: Import Substitution Industrialization, Monetarism, Fiscal Policy
Document Summary
Social contract an agreement that the people will concede sovereignty in exchange for specified purposes of governments and the limitations of them. Gdp gross national product a way to measure economic performance; every goods/service produced within the country over a year. Gni gross natioal income a way to measure economic performance; the national income of the state (including income earned outside of the demarcated territory) Gini index coefficient that measures inequality within a society; if you have 0 you have pure equality; if you have 1 you have ultimate inequality keynesian vs monetarism ohn maynard keynes: fiscal policy to revive demand during economic downturn. Milton friedman: management of money supply through interest rates; limited government; government must reduce amount of money in circulation development economics vs neoliberalism. Neoliberal: monetarist inspired that relies on structural adjustment programs,to end government restrictions on free trade, privatize state-owned industry, reduce deficits. World bank imposed in much of postcolonial world.
