Section 3 Essay: (30 points) For the essay question make sure that you discuss the following...

Section 3 Essay: (30 points) For the essay question make sure that you discuss the following terms in your answer. Terms you need to include: Moral hazard; Ajaokuta steelworks; G- 77; IMF loans including conditions on those loans SAP and Austerity, globalists and nationalists Rodrik proposes that trade in a world economy needs adjustment. In its current state the challenges of globalized trade plays some responsibility for the rise of populist movements around the world as well as the growing resentment of developing nations, and anti-globalization protests in the developed world. Some people believe that engaging in free trade and global capital can benefit all states, though not necessarily equally. Others argue that the system in place now greatly favors the global north over the global south. How can we evaluate the global trade regime today using theories of IPE and do you believe that all states have the potential to develop in a globalized world or not? Specifically address the following questions in your answer: A. Does a global economy require underdeveloped states? B. Is globalism to blame for underdeveloped states today? C. Is unequal development during rapid globalization responsible for the rise in intrastate violence and tribalism? D. Is the future more toward an economic liberal world or an inward- looking world consider some of the topics from our final course discussion) Consider theories of trade as well as some of the core ideas surrounding different approaches to economic development. In considering the broader topic also consider these questions Your answer should draw on course material including a strong discussion of Rodrik and Benjamin Barber and can include a focus on trade, finance,