Intro to Development Flashcards
definition of development
to envelope, it is a process that involves both quantitative and qualitative transformation
DAC
development assistance committee
OECD
organisation for economic cooperation and development
(has a list of countries it prioritises)
SOURCE: recognised that there is an uneven development process under globalised capitalism (big D and small d)
Hart, 2001
what is a bretton wood system?
a collective international currency exchange regime that lasted from the 1940s to 1970s
it required a currency peg to the USD which would be pegged to the price of gold
why was the bretton wood system controversial?
because of the way they affect global south countries
examples: world bank, IMF, world trade organisation
when and why was the UN created
1945 - aimed to stop another world war from happening
critiques of UN
western dominated - could be seen as a form of colonisation
1950s development
US refocuses efforts on military expense (concerns of military-industrial complex
US gave support to europe and japan but mostly in fear that they would turn to communism
1960s development
JFKs peace corps programme
visions of progress: interconnected cities, mass production industries, high- yield crops, high carbon consumption
*the green revolution
1970s development
‘crisis decade’: dollar crisis, oil crisis, iran hostage crisis
1980s development
‘lost decade’: growth rates stall
debt crisis from a lack of foreign investment
heavily borrowing from USD to finance industrialisation
rising oil prices
slow world economy
1990s development
‘the market solution’: policies followed up the disciplinary structural adjustment of the IMF “loan conditionality” and WB “complete cost recovery”
liberation of trade
what was the washington consensus?
10 recommendations on policy reforms with the IMF, WB, and US department of treasury
brundtland definition of sustainable development
development that meets the needs of the present without compromising the ability of future generations to meet their own needs
SOURCE: sustainable development
WCED, 1987
growth theory: allegory of a plane taking off
rostow, 1960
what is the Lewis Model
adresses the mechanisms of transferring surplus labour from traditional activity to a modern capitalist sector under conditions of unlimited supplies of labour
path whereby a developing economy can foster the growth of a new “capitalist sector” which will employ a growing share of the excess labour available from the subsistence sector
Spatial Inequality Theory
highly skilled worker emigration –> rise of productivity in rich areas –> increased investments
social and political aspects heavily effect macroeconomics
SOURCE: spatial inequality theory
Myrdal, 1957
modernization theory
democracy is the direct result of economic growth
SOURCE: modernization theory
Lipset, 1960s
dependency theory
underdevelopment is a result of over reliance on developed countries
currently developed countries were never UNDERdeveloped, just undeveloped
SOURCE: dependency theory
Frank, 1960s
unequal exchange theory
underdevelopment is mainly caused by the peripheral position of affected countries in the world economy
cheap labour –> sold to developed countries –> the underdeveloped still have to buy at high prices = depletion of capital
SOURCE: unequal exchange theory
Prebisch, 1949
neoliberalism and structural adjustment factors
free-market promoting policies
trade liberalisation
privatisation
finance liberation
intended to minimise inflation
SOURCE: neoliberalism and structural adjustment factors
Williamson, 1980s
good governance theory
better governments = better trade deals = more money for all
SOURCE: good governance theory
rodrick
what is neo-malthusian
concerned that overpopulation and overconsumption may increase resource depletion and/or environmental degradation will lead to ecological collapse or other hazards
