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Funny Money
Ep. 7 - Decolonizing International Econ ft. Fadhel Kaboub
Aug 25, 2023
Prof. Fadhel Kaboub discusses decolonizing international econ. Topics include: historical context of major international economic organizations, the impact of colonization and neo-colonialism, inadequacy of financial assistance for climate change in developing countries, the history of the reserve currency system, challenges in achieving monetary sovereignty, and transformative economic development policies for autonomy and sustainability.
01:11:54
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Quick takeaways
- The international economic order was designed after World War II to prevent currency crises and enhance global economic development through institutions like the IMF, World Bank, and WTO.
- Developing nations in the global south transitioned into a neo-colonial system, perpetuating colonial economic structures and facing challenges like external debt and food insecurity.
Deep dives
The Origins of the International Financial Architecture
After World War II, the international economic order went through significant changes. Currency wars, known as beggar-thy-neighbor policies, were destabilizing for business and led to tensions between European nations. In 1944, the allies met in New Hampshire and designed the global financial architecture that still exists today. The creation of the International Monetary Fund (IMF) was aimed at preventing currency crises and supporting countries facing economic instability. The World Bank was initially created to finance the reconstruction of Europe after the war but was later reimagined as a development bank for the global south. Additionally, the General Agreement on Tariffs and Trade (GATT) was established and eventually evolved into the World Trade Organization (WTO), governing the rules of free trade, with a focus on competition and enhancing global economic development.
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