POLS 1090 Chapter Notes - Chapter Chapter 5: Debt Of Developing Countries, Debt Management Plan, Global Governance
30 Mar 2019
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Document Summary
This chapter examine the globalization project which succeeded the development project- not because development is extinct, but because its coordinates have changed. To call a globalization a project emphasis its political dimensions. The distinctiveness of the globalization project is its political intervention to overcome the limits of the development project. World, export- oriented industrialization fueled economic growth, legitimizing a new free market model of development. Development which had been defined as nationally managed economic growth, was refined in the world bank"s as participation in the world market. The debt crisis instituted a new era of global governance in which individual national policies were subjected to external, rule-based procedures that strengthened the grip of the first. Reversing the development project: drastic reduction of public spending, currency devaluation, export intensification, privatization of state enterprises, reduction of wages to attract foreign investors and reduce export prices.
