POLS 1301 Lecture Notes - Lecture 23: Washington Consensus
17 Dec 2017
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Document Summary
Understand why some countries are poor and what countries do to try to create growth. Explore the international sources of under-development with an example from imf loans in africa. 1 billion lack access to safe drinking water and so on. Lack of domestic investment in people and infrastructure. North korea vs south korea: different strategy for economy development. Export oriented industrialization. (eoi) south korea"s hyundai. Since 1990, 25 african countries have received loans from the imf, participating on average 45% of the time. 28 african countries had gdp per capita under /day in the 1990s. 14 african countries had higher real gdp per capita in 1980 than in 2000. Foreign debt rose from half of gdp to 1. 2 times gdp from 1980 to 2000. The imf is less likely to punish a country for deviating from program targets in borrowing countries that are important to imf board members. Such borrowing countries are more likely to violate the imf"s conditions.
