IDSB04H3 Lecture 7: Lecture 7 Notes
6 Apr 2011
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Document Summary
Not new generally: an old historical process. Migration and diffusion of people, ideas and resources, goods, capital, technology etc. Increasing interconnection and interdependence via particular political- economic relations that compress time, space and cognition. Process of greater integration within world economy through movements of goods and services, capital, technology and labour, which lead increasingly to economic decisions being influenced by global conditions. Underwritten by hegemonic ie dominant and largely unquestioned ideology: neoliberalism. 1960"s serioes of global energy and financial crisis leas to recession, higher interesst rates, higher interest rates, higher price of oil and other commodities. Countries forced (irresponsibly?) to borrow heavily to pay for imports leading to massive debt. Several countries began to default on their loans. To stabalize these countries and to entice them to pay back loans, ifi"s step in promoting, in effect, neoliberalism. Liberation and expansion of trade and global markets. Reductioon in spending and privatization of social services. Abandonment of public health and safety protections.
