SOC354H5 Chapter Notes - Chapter 5: New International Economic Order, Debt Of Developing Countries, Group Of 77
Document Summary
Globalization as empire: free trade , trips, gats and the debt regime. The distinctiveness of the globalization project is its political intervention to overcome the limits of the development project. Development, which has been defined as nationally managed economic growth, was redefined as a participation in the world market. The redefinition prepared the way for superseding economic nationalism an embracing globalization. The global economy was emerging as the unit of development. World development prime movers were the presidents of algeria, iran, mexico and venezuela: coinciding with the nieo was the formation of the group of seven (g7) states: finance ministers of the. United states, united kingdom, france, west germany, japan, italy and canada held secret meetings performing crisis management, including containing the nieo an its politics of economic nationalism. Debt management: chosen course of action was debt management. In 1984, direction of capital flows reversed, the inflow of loan and investment capital into the former.
