INTA 1110 Chapter Notes - Chapter 8: Technological Change, Walt Whitman Rostow, Economic Globalization

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The relationship between politics and economics: the debate on us. Hegemonic stability theory: presence of a hegemon allows for liberal rules to be applied in the world market economy, hegemons require military power and control over raw materials, capital, markets, and the hegemon"s competitive advantage. Public goods and free riders take advantage of the goods, so the hegemon must deal with free riders by penalizing them. Bretton woods system made in 1944, us now leads multiple institutions, so us has reason to restore liberal world economy after. Third world countries should be expected to follow the same developmental path taken earlier by developed countries: two sectors of third world countries isolated from each other. Need for open economy, free of political interference. Marxist approach: dependency theory of underdevelopment. Underdevelopment is caused by factors external to the poor countries. Underdeveloped and development are the results of global capitalist development. Underdevelopment is due to external, primarily economic, forces.

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