DVM 2105 Study Guide - Midterm Guide: Triangular Trade, Organisation For Economic Co-Operation And Development, Free Market

• School: University of Ottawa
• Department: International Development and Globalization
• Course: DVM 2105
• Professor: Paul Haslam

Document Summary

Crisis of feudalism search for wealth expansion. Merchants, slaves, plantations triangular trade (britain colonies, Wwii causes breaks in trade lack of trade in north . Isi founded on the prebisch-singer hypothesis /declining terms of trade. Developing countries replacing foreign imports with domestic production. **working class mobilizes** backlash from conservative forces. Poor economic record of military governments, they realized democratic system was better. Us lent too much to less developed countries. Highest us prime interest rate reach in 1980. Increased price of oil imports commodity prices declined. Spend less on subsidies, more on pro-growth efforts. Loss of financial and technical support from ussr leads many into market reform and structural adjustment (sap) Reduce price distortions: remove price controls, liberalize interest rates, less intervention in labor market. Trade liberalization: remove import quotas, reduce tariffs, floating exchange rate adopted. Reduction of role of state: privatization of state-owned enterprises, cut government expenditure. Decline in fdi (net outflow of profits)