Introduction to the World Economy
Philip Leatherwood, Lecturer
Kazakhstan Institute of Management, Economics, and Strategic Planning
26 January, 2001
Class Outline—What we are doing today.
Assigned Topic:
The International Monetary Fund and world development policy.
Additional Reading:
"Turkish Banking Crisis: Another Indication of Global Turbulance"
Brief Presentation of instructor’s preparation/findings
Global Economic Forum
News reports have focused on the extravagant security measures. Why?
World Bank Development Report
"Many countries lack the basic institutional foundations for markets to grow…Markets cannot develop very far without effective property rights."
Recomendations
Protection from "predatory" crime
Protection from "arbitrary"crime
Fair and predictable judicial system
How do we "provide incentives for public officials to perform better while keeping arbitrary action in check."?
More recommendations
Lower controls in foreign trade
Remove entry bariers for private industry
Privatize to ensure competition
President of Tajikistan’s Memorandum to the IMF
Inconsistencies in planned policy???
"Workers Struggles: Europe and Africa"
To be blamed on IMF policy? That is the claim of many workers and protesters.
Exercise—in groups of 2 or 3. (No more than 3!)
Review your material and research
Develop an outline of what you believe to be the "world development policy of the World Bank and the IMF.
Include a brief critique.
Present to the class.
For next week:
Chapters 3 (Wed.) and 4 (Fri.) of Hunt and Sherman’s text.