Geography 3312A/B Lecture Notes - Sub-Saharan Africa, Global Exchange, Financial Institution
1 Dec 2012
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Document Summary
End of empires the russian revolution the great depression the rise of elite-led nationalism in the colonized countries. After world war ii, third world countries promoted developmental states using listian" import- substituting development strategies. Instead of importing the goods you need, you try to protect your economy by creating the industries you need. People and products entered into market relations, commodification deepened and broadened, and economic growth occurred. The things we take for granted became facts of life people began buying things they needed instead of making them. To do this, people began to rely more heavily on selling their labour. Yet the numbers in poverty did not drop. This applies to individuals, companies and countries do the job you"re best at. To facilitate trade, all nations fixed the value of their national currency (the exchange rate) to the us dollar it served as the anchor of the global exchange rate regime.
