GLBL ST 1 Study Guide - Quiz Guide: Structural Adjustment, Structural Violence, Neoliberalism
Document Summary
Opening trade barriers flooded jamaica with american products. Jamaica had to pay back loans to the imf structural adjustment program required fiscal austerity. Modernization of industries: cheaper to produce mechanically rather than by hand, making the good even more affordable (e. g. milk) Lack of funding for housing and education structural violence, it is slow and systematic: it is about institution, economic and political policies, e. g. : lack of access to libraries is structural violence as people do not have the opportunity to learn how to read. Extractive institutions: they hoard wealth and do not invest in the public, they focused on domestic elites, resources were not distributed evenly. Acemoglu and farmer would agree on fostering the market with the help of the government. Similar to sen"s argument: neoliberalism policies are positive, but we need social protection, the market alone can"t do this. Bilateral trade treaty: agreement on trade rules between countries such as on tariffs.
