Lecture 9

Question 1

What does Liberalism/Neo-classical Political Economy tend to overlook?

Answer 1

It tends to overlook structural factors and power imbalances that contribute to global inequality.

Question 2

How does Liberalism/Neo-classical Political Economy view global inequality?

Answer 2

sees global inequality as a natural result of market dynamics and differences in individual abilities and choices (je eigen schuld)

Question 3

How does Critical Political Economy view global inequality?

Answer 3

It recognizes that global inequality is not solely determined by market forces but is influenced by political and social factors as well.

Question 4

How does feminist economics view global inequality?

Answer 4

inequality is not only based on class or economic factors but is also shaped by gender norms, roles, and power dynamics.

Question 5

How does state-centered economy view global inequality?

Answer 5

The state-centered economy emphasizes the role of the state and state-led development strategies in addressing inequality. It argues that states have a crucial role to play in promoting economic growth and reducing inequality through targeted policies and interventions.

Question 6

What does the Kuznets Curve theory suggest?

Answer 6

The Kuznets Curve theory suggests that as a country develops, income inequality initially increases and then decreases over time.

Question 7

What is the critique of the Kuznets Curve theory by economists Milanovic and Piketty?

Answer 7

challenge the accuracy in capturing global inequality dynamics.
- misleading because it fails to capture contemporary trends and inadequately considers structural factors.
- claim that globalization and technological advancements have actually contributed to increasing income inequality.