IDSA01H3 Chapter Notes - Chapter 3: Market Failure, Neoliberalism, General Agreement On Tariffs And Trade
25 Dec 2012
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Document Summary
Over the past couple of decades three major actions have taken place: The economic and financial crisis of late has discredited neoliberalism, the free-market dogma responsible for the development crisis. The growth of rich countries has slowed to a near halt while some of the poor countries, now known as emerging countries have begun to narrow the gap in income and welfare. In latin america neoliberalism has taken a backseat and popular welfare has come to the center of development agenda. The division of countries into rich and poor began with the rise of capitalism and the accompanying colonialism and imperialism. Development project emerged at the end of wwii to abolish this divide when it was a fraction of what it was today but yet was politically unacceptable. The industrial revolution (idea of universal progress ) promised absolute and rapid increase in wealth that theoretically allowed for the notion that people could substantially better their lives within their lifetime.
