POLS 1301 Lecture Notes - Lecture 14: Millennium Development Goals, Gross National Income, Washington Consensus
5 Nov 2017
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Document Summary
Poor countries have: less material wealth and income, less equitable distribution of wealth, lack of domestic investment in people and infrastructure. Poorly performing government and social services: continued urban migration, younger and rapidly growing populations. Development is difficult: baseline assumption: ldcs want to develop. Factors that hinder development: geography and resources, domestic institutions, history, presence or absence of colonialism, ideology. When comparing the economic trajectory of both north and south korea, south korea fares better overall. Import-substitution industrialization: export-oriented industrialization, washington consensus, ideas about how to spur economic growth, tendency toward liberal economic principles, controversial. How international actors can promote development: loans, aid. The failure of imf loans in africa: loans did not increase gdp in africa. 14 african countries were better off in 1980 than they were in 2000. Policy implication: main obstacle: interference by major donor countries, the imf should be reformed to make it more independent.
