PYQ Vault · Paper 2 · Globalisation
How has the development of Global Capitalism changed the nature of socialist economies and developing societies?
How the answer moves
The flow snapshot — the routes in, the body, the counter-view and the routes out.
Flow snapshot — how the answer moves
Intro routes
G9 global capitalism beyond borders (transnational capital / class / state) → Soviet collapse removes the socialist alternative → spreads via neo- liberal Washington Consensus end of Cold War = triumph of capitalism over socialism → one market model now imposed on socialist + developing economies alike
Body flow
Neo-Gramscian hegemony of market fundamentalism (1980s-2008) → IMF Structural Adjustment (reduced govt, liberalisation, privatisation) → debt- hit socialist + developing states open markets — socialist de jure, de facto mixed (East Europe) → developing societies liberalise /privatise (India's LPG) → East Asian crisis 1997 dents IMF, but growth + falling poverty sustain commitment — 2000s power shift → 2007 IMF/World Bank voting favours developing countries → India & China rise within the same system
Counter-view
Wallerstein: transnational division of labour keeps developing countries subordinate; states cannot regulate MNCs or sustain welfare → 2008 crisis confirms → Ngaire Woods: states vs markets, who really benefits
Conclusion routes
R1 West retreats to protectionism while developing countries defend free trade → capitalism now a single world-system the nature changed decisively — no socialist or developing economy now stands outside global capitalism; only its terms remain contested
Model answer
Handwritten, in the form it would be written in the examination hall.
