IRG 301 Lecture Notes - Lecture 9: Import Substitution Industrialization, Floating Exchange Rate, Washington Consensus
8 May 2016
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Last lecture: dependency theory and the development post ww2, neoliberalism emerges, through liberalism. Neoliberalism indicates this thinking returns, especially since the 1980"s: economic growth still key, key determinant for success, 50"s-70"s: even with the brentwood"s system, mixture of state control and free markets. 80"s shows the tilt of power towards imf, world bank, wto. Neoliberalism and its discontents: dependency theory is really centered in latin america, 1970"s sees a desire to move away from this paradigm that had guided dependency (especially import substitution industrialization) Neoliberalism theory argues this means they can never become fully competitive, because government protection allows domestic countries to produce lower quality good, no specialization: are other things happening in the world, however. Ending of the vietnam war, beginning of the floating exchange rate system, moving away from the brentwood"s economic system. Trace economic globalization to this; now just have markets determining currency. Heavier flow of goods and capital within the global standing.
