IDSA01 Epilogue Notes.docx

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International Development Studies
Leslie Chan

IDSA01 Introduction to International Development Epilogue—The Future of Development  in terms of approaches the rise of new institutional economics has shaped how we understand development  in terms of actors the rise of the developing countries or BICS shows potential for the reshaping of the enterprise of development, where these countries are now new sources of ODA and foreign investment to other developing nations  in terms of issues while the existing issues have yet to be resolved, new issues are emerging Growth and Poverty into the Twenty-First Century  despite the fact that poverty still exists on a large scale, some countries have been successful in translating GDP growth into poverty reduction (mainly China and on a lesser scale India) while others have been successful in converting lower growth into poverty reduction (Latin America) while in some countries extreme and moderate poverty have increased  poverty reduction is much more difficult when countries have high levels of income inequality, the case of sub-Saharan Africa  looking at the MDGs some progress has been made, just not at the hoped for pace and not equally across the globe Emerging Approaches: Beyond the Washington Consensus  the neoliberal agenda has been in decline since the mid 1990s which have been replaced by a shift towards new institutional economics that correspond with the rise of the good governance agenda and the rehabilitation of the role of the state as an essential guarantor and facilitator of economic development  these institutions are argued to be importance because they lower transaction costs, protect property rights and provide incentives for private actors to engage in productive activity  experience of East Asia, China in particular, has undermined simplistic assertion that free markets are a necessary condition of economic growth and development—success and lessons of Southeast and East Asia have yet to be fully understood and integrated in economic thinking Emerging Actors: The Rise of the BICS  the BICS and other emerging economies represent the arrival of new actors on the development scene with enormous potential to redefine development theory and practices The BICS and Development  each of the BICS countries engage in trade and aid with other developing countries in its own distinct way, with diverse outcomes for the shape of development:  Brazil’s trade and aid is shaped around its South-South strategy which decreases its dependence on dominant world powers by diversifying its relations with developing countries, majority of aid targets are neighbouring countries in South America—aid linked to foreign policy  in shaping African developing it transfers social technology such as HIV/AIDS awareness, CCT, incentive-based education, commercial farming and renewable energy  Chinese approach is state-led strategies for investment and development  Indian approach us channeled through private-sector activity, aid being tied to the purchase of goods and services from India  emerging donor aid is increasing within a context that with the growth of the availability of aid the recipients will be able to choose their donor rather than the other way around  as a result the emerging nations may have greater negotiating powers and ability to choose aid with few strings attached BICS and the Reshaping of Global Governance  China has taken a pragmatic approach to global governance focused on its core national interests with a willingness to work within the realities of existing global power relationships—supports the idea of expanding the po
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