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Cross Regional Studies

by: Hansss

Cross Regional Studies INTL 350 01

C of C
GPA 3.744

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Notes for Week 7!
Cross Regional Studies: International Development
Professor Boessenecker
Class Notes
25 ?




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This 2 page Class Notes was uploaded by Hansss on Sunday February 28, 2016. The Class Notes belongs to INTL 350 01 at College of Charleston taught by Professor Boessenecker in Spring 2016. Since its upload, it has received 28 views. For similar materials see Cross Regional Studies: International Development in International Studies at College of Charleston.

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Date Created: 02/28/16
 Aid infused development began after World War II  44 countries tried to establish a framework for a global system of financial & monetary management  Large scale aid development in 1896  Post war aid broken down into 7 categories: o Bretton woods 1940 o Marshall plan 1950s o Industrialization 1960s o Aid as answer to poverty 1970s o Aid as tool for stabilization & structural adjustment 1980s o Aid as buttress of democracy & governance 1990s o Aid as only solution to Africa’s problems (today)  John Maynard Keynes & Harry Dexter White laid down foundation for 3 organizations: o International bank for reconstruction & development (World Bank) o International Monetary Fund (IMF)- promoting stability of the world economy, manage global financial system o International Trade Organization  Aid to Europe helped them  why can’t it work for Africa? o Marshall plan was the aid that helped Europe  GB, France, Italy, Germany,  Smaller ones: Norway, Austria, Greece, Netherlands  Investment capital critical for economic growth, foreign aid seen as the only way to trigger higher investment In Africa  African countries becoming independent in the 1950s, but financially dependent on their former colonial masters  Aid become tool for political contests- ex. The Cold War o Tool in Africa to turn the world capitalist or communist 1960s  Greater focus on aid funding for large-scale industrial projects  Long term effects  most likely to be funded by a private sector 1970s  Arab states place an embargo on oil as retaliation for US support of Israel  Financial turmoil  received loans & aid  Aid to the poorest  2/3 for infrastructure 1980s  Africa & Latin America receiving aid  Couldn’t pay back debts  Debt crises threatened to undermine the very foundations of global financial stability  Banks relying on getting paid back in jeopardy  Restructure debt o IMF formed the Structural Adjustment Facility- lend money to defaulting nations to help them repay what they owe  Increased aid dependence & put them farther into debt  Excessive government involvement seen as the prime obstacle to growth  Rise of neo-liberal thinking o Importance of private market  New aid-based programmes: o Stabilization- reducing a country’s imbalances to reasonable levels o Structural adjustment- encourage greater trade liberalization & reducing structural price & structural rigidies by such means as removing subsidies  World Bank & IMF instituted two initiatives: o IMF’s structural adjustment o Enhanced Structural adjustment facilities  1989- Washington Consensus (reform package)- became backbone of development strategy 1990s  Africa’s economic growth had been in decline  Policy shifts  Donors to blame for Africa’s economic woes  Corruption in African countries  Democracy was perceived to be the way that countries could grow & develop  90s dominated by two themes: o Multilateral agencies o Donor fatigue  ODA- official development assistance 2000s- Glamour Aid  Africa became focus of worldwide pity


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