Previously: Is GDP a Kind of Factory?

There is a word, "convergence," which economists use when they want to say that poor countries are becoming less poor relative to rich ones. There is a phrase, "the resource curse," for the tendency of countries with valuable natural resources to stay poor despite their resources. There is a phrase, "Dutch disease," for the way that selling one commodity too profitably can destroy the ability to sell other things.

When an economist says "Dutch disease," they are choosing not to say "Chinese industrial policy combined with structural adjustment conditionality." When they say "the resource curse," they are choosing not to say "extraction concessions negotiated under debt pressure, with domestic officials whose personal interests had already been oriented toward the extraction rather than toward their own population, in conditions created by international creditors who collectively benefited from those terms." When they say "convergence," they are choosing not to say "a temporary windfall from China's industrial buildout, recorded in a measure that cannot distinguish liquidation from accumulation, in countries whose productive capacity was simultaneously being eroded by the same process that temporarily raised their GDP."

These words name phenomena while drawing [...]

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Outline:

(01:44) Dutch Disease

(04:01) The Restructuring of Interests

(13:25) Compradorization: The Separation of Interest from Duty

(15:50) Reflexive Compradorization: The Prodigal Son

(19:24) Construals of Corruption: Fawkes or Villiers?

(21:45) Development Consulting: a Case Study

(22:44) The Instruments and the Flinch

(22:48) The Roles

(25:55) The Pervert

(26:42) The Hysteric

(27:34) The Neurotic

(30:22) The Bargain

(33:10) Basilisk

(34:56) Punctuated Equilibrium

(36:15) Outside the Asylum

(37:50) What Does This Have to Do with Solow Convergence?

The original text contained 4 footnotes which were omitted from this narration.

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First published:

Source:

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Narrated by TYPE III AUDIO.