IAFF 6101 Lecture Notes - Lecture 2: Structural Adjustment, Washington Consensus, Modernization Theory
13 May 2016
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Document Summary
Modernization theory: traditional society -> industrialized/urbanized society: economic focus, state at the center to devlop infrastructure, the international community provides aid to establish these infrastructures, integration. 1997-1998 recession in south east asia, impacting thailand, indonesia, south korea, and malaysia. Keynesian approach: sees the economy as a succession of ups and downs (old approach: government has responsibility to provide social support to society and try to make downs less bad (e. g. stimulus package during the us financial crisis) Important to think about these theories/approaches as that is where the money goes -> even though they are limited and inefficient, we must be aware of the trend and who is pushing it. Move away from solely economic dev to human and capability dev. Give everyone an equal platform to start on, but let them go their way similar to neoliberalism, but relies on the role of the state. Consciously addresses inequality through redistribution and extensive provision of services.
