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10/3 Political Economy of Development

by: Elizabeth Gruber

10/3 Political Economy of Development PSC1001

Marketplace > Political Science > PSC1001 > 10 3 Political Economy of Development
Elizabeth Gruber
GPA 3.9
Introduction to Comparative Politics
No professor available

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10/3 Political Economy of Development
Introduction to Comparative Politics
No professor available
One Day of Notes
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This 3 page One Day of Notes was uploaded by Elizabeth Gruber on Monday October 6, 2014. The One Day of Notes belongs to PSC1001 at a university taught by a professor in Fall. Since its upload, it has received 310 views.


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Date Created: 10/06/14
103 Political Economy of Development Key Terms public goods resource curse inclusive institutions stateled development colonialism Political Economy politics shapes economic outcomes AcemogluRobinson article shift in thinking in field of economics used to not think about politics economic policy political institutions economy shapes political outcomes economic power political power states rich in natural resources tend not to be democratic Advanced industrialized states countries high on Human Development index early industrializers postindustrial service economies wealthy democracies OECD Newly industrialized countries later rapid industrialization relatively high economic development Japan Korea China Less Developed Countries agrarianindustrializing low level economic development ex Nigeria Bangladesh Human Development Index UN created based on life expectancy educa on GDP Four Categories very high high medium low evolution overtime why does pace of change very why are rich countries so rich First mover advantage greater incentive for state building and economic strength want to encourage capitalism mercantilism resources gt economic development gt industrialization industrial revolution dependent development exploit resource rich countries other countries forced to develop on the rich country s schedule why have some countries caught up why do some countries grow more slowly dependent development settler colonies more successful than resource colonies Economic Pathways outside AIC Advanced Industrialized Countries geography workable land proximity access to trade poor resource base climate disease indirect effects colonial settlement strong leaders can overcome geographical issues countries rich in resources do worse ex dutch disease discovered resources and economies tanked all of the country s eggs go into one basket price of every other export increases bc demand for the country s currency goes up so price goes up and no one wants to trade can be overcome corruption conflict explains some cases ex oil in Nigeria The State neopatrimonialism vs bureaucratic rational state NP lacks rule of law inadequate property rights corruptionclientism failure to provide roads airports educa on welfarehealth sewage policenational security Asian NCs BR states Japan South Korea Taiwan autonomous meritbased bureaucracy gt more effective state intervention educa on infrastructure Institutions AcemogluRobinson political pluralism effective states effective economic institutions property rights public goods etc secure property rights unbiased legal system public goods level playing field Available to all political inclusion disperse power lots of people included enables economic inclusion individual incentives improve one s life invest political institutions are important good states good economy Extractive economic institutions predatory economic elite predatory rulers exclude public from economy lack right incentives and capabilities Critics Sachs and Samuels ls democracy good for economic development no South Korea China rapid economic development without democracy Authoritarianism gt economic development stability young democracies tend to be unstable causality difficult to establish different pathways to the end International economy trade disadvantages ex high agricultural subsidies terms dictated by rich countries one response state led development trade Export rowth in Asian NIC h a strategy to promote economic growth that includes such policies as government coordination of private sector investment forced savings and preferential treatment to certain industries regarded as essential for national economic development industrial champions focus on exports flood the west effective state rapid growth ex Japan forerunner South Korea Taiwan Hong Kong Singapore Philippine Malaysia Thailand Cycles virtuousvicious cycles ACs NCs positive cycle good government gt growth gt good government LCDs bad cycle stagnation gt boombust poor government violence instability Conclusion 1st movers shape world economy different responses of states nature of the state political institutions resources export focus virtuousvicious cycles


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