PSCI281 Lecture Notes - Washington Consensus, Structural Adjustment, Dependency Theory

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Embedded liberalism: the principles of the liberal economic trading system have been institutionalized into the interstate institutions that govern the global trade and finance regime. Import-substitution industrialization: a strategy for development characterized by replacing imports with domestically produced goods. Dependency theory: marxist / structuralist theory that argues that underdevelopment is a result of global relations of production in which the global south is never able to accumulate enough capital to develop. The global south is exploited for its resources and cheap labour while profits are repatriated to the global north. Sustainable development: the pursuit of development by the present generation should not be at the expense of future generations.

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