POL301Y1 Lecture Notes - Structural Adjustment, Washington Consensus, Rent-Seeking
26 Nov 2013
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Document Summary
Structural adjustment and the imf and world bank. Shifting ideological currents at the global level (rise of neoliberals ie reagan ansd thatcher) Poor performance of earlier loans and grants : thus, require conditionality in order to ensure implementation and effectiveness. Analysis of the crises that places blame overwhelmingly on state intervention and mismanagement. Economists in imf wb crises: the policies african leaders adopted are fundamentally wrong, not blame for external factors, solution would be domestic policies change. The washington consensus- premise: state intervention should be reduced thus allowing economic decision making to be governed by market forces. The african state is so corrupt that everything should be done to reduce its role in economic development. Basic weakness: highly ideological, bug bang, one-size fits all, prescription, particularly in 1980s and early 1990s. Broad objectives: enhance exports, strengthen agrilculture, attract foreign investment to stimulate sector growth, reduce opportunities for corruption by reducing state intervention.
