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Research Paper on International Monetary Fund Policy in Kenya

Sunday, Jan. 30th 2011

The industrial revolution began the modernization process. The precise nature of the complex amalgam of economic, political, social, and cultural transformations involved in epochal shift from the ‘Golden Age’ to its successor ‘Leaden Age’ is of a consideration. Without the industrial revolution one would not have experienced the oppression of the Third World countries.

The ending of the ‘Golden Age’ ensued in a radical restructuring of world capitalism that saw the emergence of new regimes of international competition. These new regimes have caused many so-called Third World countries to lurch into protracted recession and the associated problems of chronic debt and current account imbalances.

Dependency theory refers to relationships and links between developed and developing economies and regions. Dependency Theory is a large part a theory of development in the third world. One of its strengths is its recognition that from the beginning, capitalism developed as a multinational system. Dependency theory posits that the cause of the low levels of development in less economically developed countries (LEDC’s) is caused by their reliance and dependence on more economically developed countries (MEDC’s) – i.e. the LEDC’s are undeveloped because they rely on the MEDC’s. Some proponents of dependency theory assert that LEDC’s will remain less developed because the surplus that they produce will be siphoned off by MEDC’s – under the guise of multinational corporations. There is, as such, no profit left for reinvestment and development.

Entire world is divided to a center or Metropole as a higher level and satellite or periphery as a lower level. At each level there are some types of exploitation from the level beneath it, while most profits (surplus value) go up to the core. The notion of ‘development’ has only a relatively short history, with development programs only being set up late this century. The theory of development is of European origin and so it was only with the onset of colonialism that it began to take on global implications. The colonial powers rapidly exported the concept to all parts of the world however, interpreting development as becoming more and more like the Mother Country.

When the European bourgeoisie used the domestic raw materials and labor, they began searching for these commodities outside Europe. The goal was to establish colonies in Africa and Asia, and to import raw materials and cheap labor to their industries, which would enrich the wealth, the bourgeoisie. Underdevelopment………..


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Posted by Janele Frederick | in Research Papers

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