unequal flows of ideas Flashcards
what are benefits of unequal flows of ideas?
the idea of deregulation to LICs and reducing state ownership has increased competitiveness
free trade allows global markets to thrive
educate LICs on how to create economic growth or remove social injustice
what are problems with unequal flows of ideas?
deregulation rate is too fast so not allowing the full benefits of the growth of the private sector
privatisation allows large companies who buy originally state-owned industries to grow. Profits are kept within these companies. This means low income countries may not benefit from privatisation as it is not growing their economy but funding the company.
LICs are forced to keep up with wealthier countries ideas eg joining trade agreements like greece joining EU
too relaxed social and environmental laws in LICs leas to social injustice and environmental damage
interdependence between countries threatens nations sovereignty
