INT 495

- Begins with a critique of 'The Enlightenment' - critiqued reason and science on the grounds of its gendered, racialized, classed, and Eurocentric character - binaries associated w/ this period - argued that women's experiential knowledge as mothers in particular, had been forgotten. - the '*discursive colonization' of the 'Third World' woman* (TWw), i.e. that they were 'colonized' by a certain discourse that saw them as poor, powerless, not knowledgeable, and so forth. - the idea that western women (and men) know-how 'to develop third world women'

(1970s - 1980s) Feminist Epistemology *Critiques*

Women & Development

(Feminist Approach to Development) - Take into account the different structures affecting women (prod., reprod. , socialization, and sexuality). - Emphasis on the *social construction of masculinity and femininity* and the creation of 'masculine' and 'feminine jobs' - gender AND class are important - Use of women in industrial dev't in the TW was connected to the manipulation of women as consumers in the FW - Shift from Export-led industrialization (ELI) to internal needs, reducing military expend, controlling TNCs.

Women in Development

(Feminist Approach) - Changes over time & reflects changing priorities of Western development - *Modernization did NOT liberate women* - welfare approach - equity approach - anti-poverty - efficiency (get women involved in new 'structurally adjusted economies) - Empowerment (grassroots organizing; women need to transform societal structures)

Women, Environment, Devleopment

(Feminist Theory) - 1970s - science and dev't were not universal characteristics but reflected Western Patriarchy. - Communities outside the west had a completely different conception of the rel'ship between humans and nature. - Women suffer more in specific ways from environmental destruction - led to ideas about 'sustainable dev't - balancing present and future needs, generational equity, balancing econ. and env't needs, reducing industrial pollution and waste. - challenged the whole growth = dev't equation. Dev't of 'real-life economics' that would take into account the env't. R

Profit & Loss Sharing

(Islamic Banking) - Most Common - Bank and client devise a project and share the gains and losses at a pre-determined rate.

Sukuk (Bonds)

(Islamic Banking) - asset-based only bonds ; they must be rooted in real estate or similar tangible entities.

Cost-Plus Contracts

(Islamic Banking) - the bank purchases a house, business, or car for the client and then sells it back to the client + an administrative fee. V

Conventional; Neo-Classical; Market Institutional

(Perspective) - Land, labor, and capital are 'factor endowments' which figure at the heart of a country's wealth - Macro-economic stability is important - Based on *Compararative Advantage* Theories: - Modernization

Feminist theory of Development

- move the focus away from some concerns (production, men, and class) to a focus on women's experiences with not only industrialization (e.g. in EPZs) but also in the sphere of reproduction (generally seen as the sphere of home, but also school and other sites not related to formal work) -should look at dev't more holistically, including the relationship between daily reproductive life and productive activities

Neo-Liberalism

- programs and policies after 1980 - associated w/ Reagan & Margaret Thatcher - Market liberalization - Roll back Keynesian policies during the Ford Era - STRUCTURAL ADJUSTMENT - IMF & World Bank preferential towards countries that implment Structural Adjustment

Bandung Conference

- signals the emergence of the 'non-aligned world' (i.e. non-aligned to either the east or west's Cold War), and which opposes colonialism and neocolonialism - sows the seeds for 'south-to-south' cooperation (e.g. in the form of trade pacts and trading blocs, ASEAN, MERCUSOR, etc.)

(A). Market Liberalism - the more open the trading system, the more prosperous the world, for every country (B) Nondiscrimination - every country should have *equal opportunities to trade* w/ other countries; 2 Forms: (1). Most favored status (MFN) (2) National treatment (C). Intergovernmental bargaining - used to eliminate both tariff and non-tariff barriers (quotas, bans, etc.)

Core Principles of WTO

(d). Trust is important in development but cannot be imposed through 'good governance'

Platteau's notion of *'embeddedness and generalized morality'* holds that: (a). Mono-economics can work without trust (b). Trust is not particularly important; what matters is contracts (c). Generalized morality is very common in poorer countries, where market relations are not as prevalent, at least compared to the United States and other richer countries (d). Trust is important in development but cannot be imposed through 'good governance'

1950s-1970s

What Era? - Decoloization - Bandung Conference - Modest and uneven growth of poorer world (esp. Africa, L.A., S. Asia) through aid, investment, and agricultural and commodity exports

flexible/floating exhange

What currency arose after *Bretton Woods System*

GATT

What did the WTO replace?

1970s-1980s; Asia

What era & Where - Rise of 1st *Tiger Economies* - ODA transitios to *Int'l bank lending* - ASEAN created - Heavy State Involvement - Lots of Loans = massive growth

1980s - 2017

What era? - Structural Adjsutment - South Asia - Rapid growth w/ strong inequality - India: Strong service sector - Argentina - Cyclical econ. crises - Rapid Growth of BRICs - Rise of *Islamic banking* and finance in Muslim-majority world

1990s

When did Islamic Banking develop?

1970s/1980s (Tiger Economies)

When did the TIGER ECONOMIES first rise?

- Too 'cool down' an economy; rapid increasing growth can cause 'asset bubbles' and *inflation* - Increases the costs of borrowing money, slows econ. growth, & reduce inflation; encourages savings

When do you RAISE Interest Rates? What happens if you RAISE them?

D; A laissez-faire approach to national economic growth with little state intervention.

Which is NOT associated with the rise of the East Asian NICs in the 1960s and 1970s? (a). The massive use of Asian women in low-wage manufacturing (b). The use of loans to develop heavy industry (c). A focus on ELI for obtaining foreign exchange (d). A laissez-faire approach to national economic growth with little state intervention.

B; market institutional approach to econ. development

hernando DeSoto's emphasis on property rights and information distribution and transparency, as well as macro-economic policies is associated with: (A) A neo-liberal approach to economic development (B) A market institutional approach to economic development (C). A neo-classical approach to economic development (D). A 'modernization approach' to economic development

Methodological Nationalism

viewing society through the unquestioned presence of national states or 'nations'

Dependency Theory

- Variation of *Neo-Marxist Theory* - Latin America in 1960s - Latin-American countries in particular are 'dependent' on the imperialist west and especially the United States - Associated with explaining the rise and decline of *I.S.I. (Import-Substitution Industrialization)* in the 1950s

B; There is something called the 'global south' (etc.) and the countries that this term/these terms refer to are different from each other and different from the 'global north', but they also involve many of the same processes

*Corbridge* claims that one of the strengths of development theory is that it is committed to both 'difference' and 'similarity'. What did he mean by that? (a). Development studies embraces the reality of multiculturalism in the 'third world', 'developing countries', 'poorer countries' or the 'global south', but also the ethnic homogeneity of the 'global south' (etc.). (b.) There is something called the 'global south' (etc.) and the countries that this term/these terms refer to are different from each other and different from the 'global north', but they also involve many of the same processes (c). That one had to understand both the differences and similarities in the level of economic development between Asia and Latin America (d). That one had to understand both the differences and similarities in the level of economic development between Asia and Africa

B; We *should* see developmental processes through the lens of nationalism, as witnessed in so many of the examples we have used in the course, from export-led industrialization to Islamic banking and finance

*Methodological nationalism* refers to the idea that: (a). Nationalism, as we have seen in the context of China or the United States significantly shapes developmental processes (b). We *should* see developmental processes through the lens of nationalism, as witnessed in so many of the examples we have used in the course, from export-led industrialization to Islamic banking and finance (c) Nationalism is unimportant, since we live in a global economy, where processes such as FDI or even the WTO are clearly global and not national processes. (d). The social sciences (including 'development studies') tends to examine the world through the lens of national states, rather than through say, transnational investment in particular regions, or the effect of local governments on development processes

Different 'modes of production' (such as manufacturing and services) are necessary to stimulate economic development, and putting 'all of one's eggs in one basket' in a single mode of production (such as selling agricultural products or extractive resources on the world market), is in the long term, dangerous (B)

*Modes of Production* Theory suggests that: (A). Industrialization and industrial exports will for the most part lead to more rapid economic development than relying on agricultural products (b). Different 'modes of production' (such as manufacturing and services) are necessary to stimulate economic development, and putting 'all of one's eggs in one basket' in a single mode of production (such as selling agricultural products or extractive resources on the world market), is in the long term, dangerous (c). That older modes of production (e.g. feudal relations, collective forms of agriculture, etc.) in poorer countries are not wiped out by capitalism, but actually co-exist and are dependent on each other. (d). That transparency is vital in fostering the effective and efficient management of export-led industrialization in poorer countries

WTO

- 1995 - replaced GATT - 153 countires What does it do? - creates a forum for trade negotiations - implements, records, and regulates the trade agreements - forum for resolving trade disputes 3 elements (1) principles and rules (2) inter-gov't bargaiing (3) dispute settlement mechanism

Post-Developmentalism

- Associated w/ *Escobar* - 3rd world invented after WWII - Dev't ideas required the 'discovery' of mass poverty in Africa, Asia, and Latin America, which meant that the divisions between the so-called FW and TW were made sharper and that experts from the FW were now responsible for saving the TW - The 'dream of dev't' turned into a nightmare - Thus, *develoment in the SOUTH was impossible* bc of the *discourse of development* - Don't romanticize pre-development traditions - Try and find spaces of empowerment where 'ordinary people' can define their lives outside conventional discourses of dev't

Worlds System Theory

- Based on Dependency theories - tries to explain the growth of EAST ASIAN countries - World consists of *core, periphery, semi-periphery* and this is generated by *unequal trade* - Core = industrialized countries - Periphery = not industrialized; poor countries

Development Studies according to *Corbridge*

- Committed to Difference & Similarity - This commitment is a source of strength and weakness, and a sign of 'maturity' - Dev't studies as the source of many problems of poorer countries - Dev't studies may be under attack but it not should be on the defensive for its commitment to difference and similarity

Deflation

- Discourages investment & spending - Can make goods/services *cheaper*

Embeddedness & Generalized Morality

- Mono-economics needs TRUST to work - good governance' is not the answer to establishing trust; trust and contract fidelity needs to be supported by a 'generalized morality' in which trust becomes more important than enforcement of contracts - • Generalized morality however, is very exceptional (

Bolivia & Neoliberalism

- Morales elected as president of Bolivia in 2005, along with his MAS party (Movement Toward Socialism) - Morales sought to challenge 'colonial neoliberalism' by re-nationalizing privatized industries and services (especially natural gas) and expanding social services - Pursues the idea of 'vivir bien' (to live well) as a form of sustainable development by exploiting its natural resources and funding social programs - Terrible Effects on country

Rise of 1st group of NICs / Tiger Economies (Asia 1970s - 1980s)

- ODA in the 1950s --> Int'l bank lending in the 1970s to East & SE Asia to "contain commuism* - ASEAN created in 1967 - *Heavy state involvement* in national economic growth ('developmentalist states') - Loans are partly used to develop heavy industry (cars, toys, and shipping, especially) - Focus on *export-led industrialization and obtaining foreign exchange* (largely dollars or yen) - Massive incorporation of *Asian women* in low-wage manufact.. - Export-led industrialization leads to *rapid economic growth*

Marxist Theory

- Production relations (that is between employers and workers) shape political and social relations - Class conflict between employers (the 'bourgeoisie' or 'capital' or the 'capitalist class') and workers (labor, the proletariat, etc.)

Islamic Banking

- Profit & Loss Sharing - Cost-Plus contracts - Sukuk - Takaful (pooled insurance premiums) - *Avoids interest* - Started in the *1970s* - Slowed in early 1990s, but gre again - *Grows rapidly in 200s), especially in *Gulf Countries*

Trans-Atlantic World

- Rise of mass production and mass consumption and growth of the 'middle classes' (*Fordism*) in N. America and W. Europe (1945-1973). - *Keynesianism* - BRETTON WOODS (1973 - 2019) - 1973 Oil crisis - *Petro-Dollar recycling* - Growth of Private Bank Lending - Break-down of Fordism/structural recession (*'stagflation'*) in Trans-Atlantic World; *transition to 'post-Fordism'* 1990s - 2019 -- Period of stronger growth, low interest rates and generally low inflation - Also *rapid commodity price inflation across the globe until 2008/deflation until 2019*

neo marxism

- Societies do NOT progress in a linear fashion - *Political ecology* is important in understanding inequality - real problem w/ devlopment is = the relationship between the 'local bourgeoisie' (i.e. in poorer countries) and the bourgeoisie in richer countries

Rise of L.A NICs in 1970s/1980s

- Strong anti-colonial sentiment among leaders of - dependencia arguments are prevalent - Leads to failed experiments with *ISI* (import substitution industrialization), then turn to *ELI* (export-led industrialization - textiles, consumer products, automobile manufacturing) in the 1960s - Lots of ODA (& later int'l bank loans in the 1970s) - Debt Crisis (1982 - 1987)

Depoliticizing Development

- The repetitive 'technicalization' of dev't had a powerful depoliticizing effect on - what he calls the 'anti-politics machine'. Power and voice were transferred from local herders to 'expert consultants', etc. - *Participatory Projects* don't help the very poor because academics, elites, and consultants work with (comprador?) village elites, not the poorest of the poor.

Organizations that regulate IBF

2 organizations that regulate Islamic Banking (1) AOIFFI (Accounting and Auditing Organization for Islamic Financial Institutions); based in Bahrain, Manama. Has become the source of auditing and accounting standards for IBF world-wide, *IBF's 'watchdog'* (2). IFSB (Islamic Financial Services Board ); based in Kuala Lumpur, Malaysia. It is especially *important in regulating the Sukuk* market, which began in Malaysia.

C; . 'Immediate' or 'appropriate technology' might be a better solution, because once you and your team leaves, how is the water table going to be monitored and the pipes repaired once they age? After all, the potential repair of pipes is expensive, as are computers (and the latter also depends on a reliable energy source)

23. You work for USAID, and you are part of a team of consultants that are given the responsibility for providing technical assistance to address persistent drought problems in a very poor country in the Sahel. You and your team come armed with sophisticated computers that can monitor the depth of the water table. With money provided by USAID, you and your team also arrange for the government of the foreign country to hire a company to put in the latest water-efficient, drip-free piping for agricultural irrigation. This all sounds good, but in the back of your mind is a lurking suspicion that: (A). All such foreign aid projects ultimately fail, since all foreign aid ends up in the hands of corrupt or autocratic governments (B). Tropical and water-borne diseases such as Malaria will still be a problem regardless of effective water management. That is, there will always be stagnant water that attracts malarial mosquitos (C). 'Immediate' or 'appropriate technology' might be a better solution, because once you and your team leaves, how is the water table going to be monitored and the pipes repaired once they age? After all, the potential repair of pipes is expensive, as are computers (and the latter also depends on a reliable energy source) (D). Local knowledge is always better than foreign technical assistance.

Inflation

= Encourages investment since investors may be more likely to make more money in the future, - stimulates (bulk) consumption, Downsides: - dampens spending - often hurts the poor most if inflation concerns the prices of basic goods and services

B; A state which is heavily in debt to richer countries and is dominated by corruption

A *rentier state* refers to... (A) A government which expects all industries, including agriculture to cross-subsidize social services (B). A state which is heavily in debt to richer countries and is dominated by corruption (C) A government which requires domestic or foreign-owned companies to pay 'rent' on their operations or profits to the state. (D). A state whose main source of revenue is obtained from especially extractive industries (such as gold, oil, phosphates, diamonds, and the like) and which is often prone to corruption.

D; A neo-classical perspective on development

An emphasis on the importance of *'factor endowments'* is most closely associated with (a). None of the responses below (b). A laissez-faire theory of why some countries are rich and some countries are poor (c). The significance of micro-economic policies that address local problems of development, not just national policies (d). A neo-classical perspective on development

Latin American countries

During the 1950s and the early part of the 1960s, which country or countries were more likely to experiment with ISI

- even CDT such as dependency theory did not see industrialization and the mastery of nature as a problem. - *over-emphasizes the 'realm of production',* rather than the 'realm of reproduction' - *binaries* in CDT such as core/periphery, traditional/modern, etc.

Feminist Critiques of CDT

- Dependency theory

Variations of Neo-Marxist Development Theories

- ODA prevailed in the 1950s and faded in the 1960s - International bank lending increased in the 1970s and into the 1980s - Multi-later lending also increased in the 1980s

History of *Int'l Lending*

- until 1960s, most Muslims relied on conventional banking (*Interest-based*) - IBF arises in the *1970s* from: - Cooperation between Islamic bankers & scholars - Rapid Growth of *Petro-Dollars* - Rise of *Political Islam*

How did Islamic Banking Arise?

IBF in the 2000s

IBF in _____ era - Sukuk market looses $30 billion in 2007 after Shari'ah scholar says Sukuk isn't Islamic - IBF grows in 2009 after AOIFFI says Sukuk is okay - Many Muslims (still) don't understand IBF & there's widespread skepticism

Focus on how environmental endowments, technologies, immunologic disadvantages, and transportation figure in 'development' ; C

If one takes a newer approach to *'environmental determinism'* (e.g. in Guns, Germs and Steel) in understanding why some countries are richer or poorer, then one might (a). Focus singly on 'factor endowments' such as land, labor, and capital (b). Focus on how disease actually strengthens resilience in particular societies and leads to more rapid development to tackle such disease. In other words, 'need is the mother of invention' (c). Focus on how environmental endowments, technologies, immunologic disadvantages, and transportation figure in 'development' (d). Concentrate on how climate and disease still remain the principal determinants of development.

Poorer countries close off trade to imports and substitute their own production for such imports

Import substitution industrialization (ISI) is best described as a situation whereby: (A) Richer countries import key raw materials in order to export for the purposes of obtaining valuable foreign currency (B) Richer countries close off trade to imports and substitute their own production for such imports (C) Poorer countries close off trade to imports and substitute their own production for such imports (D). Poorer countries open their trade to imports and close their trade to exports

Globalization

Increased intensity of flows - in the form of people, goods, services, and capital (both financial and FDI) across countries or international boundaries;

B; A ban on riba (interest) and the use of cost-plus contracts, profit and loss sharing, and sukuk

Islamic banking & finance involves the following: (A) A ban on riba (interest) and the use of mainly profit and loss sharing (B). A ban on riba (interest) and the use of cost-plus contracts, profit and loss sharing, and sukuk (C) Encouraging higher rates of riba (interest) to ensure banks have sufficient capital, because in Islam, investing in companies that are involved in alcohol, the production or sale of pork products, and gambling, is forbidden (D). A ban on riba (interest) as well as a permanent ban on sukuk because sukuk are not considered Islamic

- cost of borrowing money *decreases* which encourages ppl to spend more - encourages econ growth - Can cause inflation

LOWERING Interest Rates

Feminist 'Standpoint' THeory

Men had a partial and perverse understanding of the world, where women had a more holeistic understanding owing to their oppression

A; The latter suffers from a kind of 'Eurocentrism', a lack of attention to both new social movements and political ecology

Neo-Marxist scholars have criticized Marxism on the grounds that: (A) The latter suffers from a kind of 'Eurocentrism', a lack of attention to both new social movements and political ecology (B) . The latter focuses too much on political ecology (c). The latter focuses too much on social movements and not enough on the state (d). That Marxism uses a non-linear approach to understanding the transition from Feudalism to Capitalism

A; Communities outside 'the west' had a completely different conception of the relationship between humans and nature

Notably within the *'the women, environment and gender perspective'*, Vandana Shiva argued that: (a). Communities outside 'the west' had a completely different conception of the relationship between humans and nature (b). Communities in the both the global north and south have a very similar conception of the relationship between humans and nature, and to distinguish between the two, is to 'orientalize' 'third world women' (c). Nature is a machine which needs careful maintenance (d). That nature is a community like any other and western forms of development should be applied to nature as well, much like it is for humans

(1) the idea that capitalism is a problem to be eliminated (2) dependent-development

Post-Imperalism theories argue against:

A; The Third World was invented by the U.S. after WWII

Post-developmentalism according to the Anthropologist Arturo Escobar involved the idea that: (a). The Third World was invented by the U.S. after WWII (b). Development policies have failed to reduce rural poverty (c). Social capital is the missing link in development (d). Social capital is not particularly important for development

D; Claims that it is the 'discourse of development' that is the problem

Returning again to Arturo *Escobar's 'post-developmental approach'*, he: (a). Claims that we should return to 'pre-development' ideas (b). Claims that 'discourse' is only icing on the cake of real, material problems that poor people face in the global south (c). Claims that the 'west' did not discover poverty; it was already well-known by the inhabitants of poorer countries (d). Claims that it is the 'discourse of development' that is the problem

Japan

Rise in 1960s: - Strong role of MITI and development of industrial monopoly firms 1945 - 1990s - *Focus on CARS & CONSUMER ELECTRONICS* - *Toyatism* - Production is higher quality, with higher productivity, and products are cheaper - Rapid Growth from 1960s-1980s - *Lost Decade*: 1990s (bubble bursts) - 1990s - Onward: *Slow growth, low inflation, even deflation*

B; Worlds System

The idea that over the course of the 19th and 20th centuries, the global economy came to be divided into a core, periphery, and semi-periphery is associated mainly with: (A) Dependency theory (B). World Systems theory (C). Modernization theory (D). A neo-classical or conventional approach to development theory

A; Elites and consultants often work with rural elites rather than the poorest of the poor

We learned in *Corbridge's* review that one of the limitations of *'participatory projects'* is that: (a). Elites and consultants often work with rural elites rather than the poorest of the poor (b). There is no government oversight of participatory projects so they may be democratic, but hardly practical (c). Participation is never gender-neutral (d). Participation does not guarantee participatory democracy

D; The gendered division of labor is a natural process connected to the natural world in poorer countries

The *WAD (or Women and Development)* approach argued for all of the following, EXCEPT: (a). Both gender and class are important (b). Collective control over commodity production and reproduction (c). That 'masculine' and 'feminine' jobs are socially constructed (d). The gendered division of labor is a natural process connected to the natural world in poorer countries

Global hegemonic stability occurs through the domination of global production networks by TNCs (A)

The theory of *hegemonic stability* argues that (A). Global hegemonic stability occurs through the domination of global production networks by TNCs (b). Richer countries entered a new phase of international domination since the 1980s (a certain period of stability), in which poorer countries, especially sub-Saharan countries have little hope of escaping (c). Public goods (such as the WTO and free trade) will never be provided by a 'hegemon' since it does not necessarily benefit from globalization. The result will be a 'stable' form of international competition. (d). 'Public goods' (such as the WTO and free trade) will only be provided by a 'hegemon' if the hegemon benefits from that public good. If the hegemon declines, it will no longer provide the public good.

deficits

The U.S & India have enormous trade _______

GDP

The estimated value of all materials, goods and services produced by a country in any given year.

Modernization Theory

The idea that countries go through 'stages of economic growth' (Rostow, 1960) is associated with...

Hong Kong, Singapore, South Korea, Taiwan

Tiger Economies

C; It critiqued 'enlightenment thinking', 'binaries', the limits of the 'realm of production' and saw the mastery of nature as a problem.

Which of the following best describes the feminist critique of development based on the feminist critique of epistemology in the 1970s? (a). It embraced science and 'reason' as key to responding to racialized assumptions about 'third world women' and their capacity for 'development' (b). It argued mainly that women were insufficiently paid for their reproductive and not just their productive activities (c). It critiqued 'enlightenment thinking', 'binaries', the limits of the 'realm of production' and saw the mastery of nature as a problem. (d). Men were at the root of colonialism and imperialism, and only women could reinvent the relationship between the global north and southYour answer:

B; Richer countries impel poorer countries to increase their public spending in order to stimulate investment for economic growth, rather than to take the path of austerity

Which of the following is closest to our understanding of *'structural adjustment'?* (A) Richer countries impel poorer countries to engage in ISI rather than in growing 'cash crops' consistent with ELI (B) Richer countries impel poorer countries to increase their public spending in order to stimulate investment for economic growth, rather than to take the path of austerity (C) Poorer countries are essentially forced to reduce their exports because their wages are lower than richer countries, and therefore they compete with richer countries in terms of agricultural and manufactured products (D) Poorer countries are essentially forced to open their economies to imports, exports are strongly encouraged, and public spending and public deficits should be reduced

If demand falls in the country *importing* the item; then it can hurt the exporter's economy

Why is over-reliance on exports a potential problem?

Over the course of the 19th and 20th centuries, the global economy came to be divided into an integrated core, periphery, and semi-periphery ; b

World systems theory argued that: (a). The world is a system composed of a 'global north' and a 'global south', rather than a world marked by a pre-1989 'cold war' and divisions between east and west (b). Over the course of the 19th and 20th centuries, the global economy came to be divided into an integrated core, periphery, and semi-periphery (c). Since the 1960s and the emergence of 'contemporary globalization', TNCs essentially dominate world trade and FDI (d). That the world is composed of a semi-periphery which manufactures exports for the poorest countries of the world, since the latter are locked out of trade with the richest countries

b; You will probably recommend that the Central Bank lower interest rates

You are the Chairperson of the Interest Rate Policy Committee for the Central Bank of let us say Chile. Statistics show that Chile is growing very *slowly*, and *prices are falling*, unemployment is high, while domestic savings are also high. What advice are you most likely to give to the Central Bank? (A). You will probably recommend that the Central Bank increase interest rates (b). You will probably recommend that the Central Bank lower interest rates (c) . You will probably recommend that the Central Bank should try and convince companies in Chile to increase their exports (d). You will probably recommend that the Central Bank try to artificially lower the value of Chile's currency

A; You will probably recommend that the Central Bank increase interest rates

You are the Chairperson of the Interest Rate Policy Committee for the Central Bank of let us say Tanzania. Statistics show that Tanzania is *growing very rapidly* and prices are rising, *unemployment is low*, while domestic savings are also low. What advice are you most likely to give to the Central Bank? (A). You will probably recommend that the Central Bank increase interest rates (b). You will probably recommend that the Central Bank lower interest rates (c). You will probably recommend that the Central Bank should try and convince companies in Tanzania to increase their exports (d). You will probably recommend that the Central Bank try to artificially lower the value of Tanzania's currency

Asia; North America

____ exports alot to _____ and ____

China

_____ is the largest manufacturer in world

Europe, North America; Asia

_______ and ________ export a lot to _____

(A). Power and voice were transferred, for example from local herders to 'expert consultants

by the 'anti-politics' machine, *Ferguson* meant that: (A). Power and voice were transferred, for example from local herders to 'expert consultants' (b). Certain successful development projects such as NGOs involved in creating new ranching regulations in the global south, can work where bureaucratic politics do not (c). We need technical and practical solutions to development problems such as forest management, rather than ideologically-charged political solutions (d). Social capital is more important than politics in creating successful development solutions

Non-Discrimination (WTO Principle/Rule)

no government can use trade policies to offer special advantages to one country over another (this was in GATT as well). - Exception: free trade areas and GSP

GNI

similar to GDP but also includes the profits and losses from investments overseas.