AMST-A100 1st Edition Lecture 23 Outline of Last Lecture I. U.S. Interventionsa. “Destabilization and Intervention in Latin America and the Caribbean” by James Dietzb. U.S. foreign policy in the AmericasII. Neoliberal Globalizationa. Neocolonialismb. The Washington ConsensusOutline of Current Lecture I. Reviewa. Neoliberalismb. Immigrationc. TourismII. “Global Cities and Survival Circuits” (Sassen)Current LectureImmigration Neoliberal globalization- Neoliberalism refers to a renewed emphasis on free markets, but what does neoliberal globalization refer to?o Increasing movement of capital (multicultural corporations) and labor (immigration) across national borderso Neoliberalism is not just economic, but it is a culture- What is making this increasing movement possible?These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.o Technological advancements in transportation and communication, trade agreements, negotiations between companies and governments.o Globalization is not simply about just technological advancements; it refers to policies (economic and political) that break down barriers between nations.o But more importantly for this class: International Financial Institutions require borrowing countries (which are mostly poor) to adopt Structural Adjustment Programs (SAPs). SAPS involve opening borders to foreign investment, privatizing public resources, and cutting back on social problems- What are the impacts of these policies (SAPs)?o In theory these recommendations for a country, that is heavily in debt, might be good to a certain extent o However, in practice (Witnessed with the Caribbean) these policies end up having very negative consequences o It does not increase independence it increases the country’s economic dependency on International financial institutions o The World Bank is funded by European and North American investments. The U.S. owns 51% of the World Bank. In a way the world bank is a way that the U.S. extends its sovereignty to international countries- Manley (Former prime minister for Jamaica) and Stiglitz (Former chief economist for the World Bank)o The IMF was created by the European powers after WWII to rebuild Europe after the war.o It was created for Europe’s benefito When you open up free trade between poor countries and rich countries, it is an uneven playing field o Large multinational corporations produce corn in the U.S., which is cutting small farmers out of the deal.o Large multinational corporations can produce products cheaper and faster than Jamaican farming, flooding the Jamaican market with cheap products, and makesit hard for their economy to thriveo The U.S. subsidizes the production of corn in this countryo Farmers income goes down over 50%o Forcing the farmers out of business Impacts in the Caribbean for Immigration and Tourism- Why do people leave places like the Caribbean? o More unemployment + weaker currency= more transnational migrant work and more work in the informal sector (Sex work)- Why do people invest in places like the Caribbean?o More push for tourism development as the cure for poverty + more push for free trade= more foreign investment in the tourism industry.- This means much of the ownership of tourism facilities and much of the profit from tourism is in the hands of foreign-owned multi national corporations. That is, these countries become more dependent on both IFIs and multinational corporations.- It essentially reinstates the dependency that it was supposed to cureRelevant concepts from earlier in the semester- Dependency Theory: Posits that poor countries remain poor because they are economically (as well as politically and culturally) dependent on rich countries- Neocolonialism: Indirect control largely through economic means. These means include using debt, pressure for economic reforms, and direct ownership (e.g., of land and businesses). - Some argue that tourism is a form of