INEQUALITY
What is meant by horizontal inequality?
inequality in outcomes and opportunities for specific racial, ethnic, socio-eocomic, gender groups
What is a Keynesian approach to development?
government intervention, support full employment and provide social programs
How do IMF and WB structures favour some countries?
voting based on contributions, which is based on size of economy
leadership from US and EU
What countries are the original members of BRICS? What is one similarity and one difference among BRICS members?
Brazil, Russia, India, China, South Africa
inequality/ poverty, global south, but now emerging economies, large areas
diverse geographies, economies, colonial histories, levels of democracy
What is does UNDP stand for?
United Natons Development Program
What is meant by inequality as outcome vs inequality as cause?
outcomes such as health, education, income, life expectancy, leadership roles
cause - differences in power, injustice, fairness
What are two arguments against state intervention?
neo-classical economics and market distortions;
political economy and rent-seeking behaviour;
the Governance agenda which aims to discipline and improve the functioning of a limited state.
What are the characteristics of SAPs (at least 2 points)?
IFI loans to countries in need
conditionalities include neoliberal approaches such as cutting spending, privatization and paying debt
What are 2 aims of the BRICS?
challenge western global economic/political domination
south-south cooperation, promote trade and investment
provide funds for 'development'
Explan Rosenstein's concept of the "big push".
(foreign) investment in infrastructure to allow for / support development
Name an intrinsic and an instrumental reasons to pursue equality
justice / fairness
improved quality of life for allimproved security, programs, workplaces ...
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What are two arguments for state intervention?
markets of dispossession/harm;
the East Asian development state with embedded autonomy which played an important role in the structural transformation of the region;
the role of industrial and innovation policy today.
Explain the logic of IMF stabilization policies and a critique of that.
-addresses national level spending, exports, financial accounts
-undermine soveriegnty; lead to unemployment, allow foreign takeovers; crises have more to do with flows of foreign investmentWhat is the NDB and why is it important?
New Development bank
large source of funding for global south; decisions not made by US+EU
What causes "capital flight"?
foreign investment leaving a country due to fears about the economy / panic
What are 2 ways to measure global inequality?
between countries and within
GDP / GDP per capita;
GINI
outcomes in education, health, income for specific groups, countries
What other actors/models can come into play in the state/ market debates?
civil society
private-public partnerships
What contradiction does the WB face in relation to climate change?
promote climate change programs / adaptation; also support fossil fuel industries, economic growth
What are 3 characteristics of a “Chinese approach to development”?
Growth is development (investment, trade, lending); Aid plays a smaller role (partnerships); Virtuous cycle / win-win (trade, investment benefit all);
South-south cooperation; State- led capitalism;
Non-interventionist; Rejection of conditionality;
Rejection of HR considerations
What are the WB's PRSP?
Poverty Reduction Strategy Papers
Name 2 potential strategies to address inequality.
UBI, investment is social programs, education programs
regulations / taxes
Describe a case study used to explore the arguments for and against state intervention.
Covid
minimum wage
green energy transitionWhat risk do protests pose to the IMF?
reputational risk, raises awareness of unpopularity of policies
risk of change of national government to a less cooperative one
What 2 critiques of the Chinese approach to development?
similar to previous colonialism, exploitation of people and resources
does not protect HR, non democratic
What is your next major assignment for this course and when is it due?
critical reflection written assignment
due March 13