class 10 Flashcards
name 2 critiques on neo-liberalism
a) dissapointing results
- lower growth
- struggle to compete in the global market
- millions lost their jobs and went to the informal sector
b) state capitalism
- still large number of state-owned enterprises
explain the successes of the Washington Consensus
- general decrease in consumer price inflation
- increased manufacturing outputs
- increase the income distribution
- improvement in human development
explain what is debatable in the successes of the Washington Consensus
- China and India’s development
- protectionism and regulation of foreign investment
- borrowers still go to default
When was the Bretton Woods Organizations?
1944
name two organizations that came out of Bretton Woods
- WB
- IMF
explain the growth post-washington consensus
- BRICS have a large piece of LDC’s markets
- UE’s Common Agricultural Policy
- US’ protectionism
Explain Foreign Direct Investments (FDI)
- is an investment made outside the home country which is then transferred to the investor
- 55% of FDQ goes to LDCs but is concentrated in 10 countries
- taxation which justifies the creation of BEPS measures (better practices) form of soft law
name 4 advantages to FDIs
a. introduce additional resources
b. increase tax revenue
c. increases efficiency
d. improve the balance of payments
name 4 disadvantages of FDIs
a. does not introduce advanced technology
b. does little for the local economy
c. damage the political system
d. worsen the balance of payments
what are the social and cultural costs of economic development? (7)
lost sense of community, social alienation, disintegration of families, consumerism, decline of cultural identity, substance abuse, criminality
what are the economic and political costs of economic development? (8) OIRIDAEDE)
Overpopulation, Inequality, Relative Loss of sovereignty, Instability and human rights violations, the decline of agricultural development, environmental damage, deforestation, energetic sustainability
