POL208Y5 Lecture Notes - Lecture 15: Marshall Plan, Neoliberalism, General Agreement On Tariffs And Trade
11 May 2016
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Document Summary
Post wwii was kind of a mercantilism era. Actually one of compromise, only element of mercantilism is protectionism (also in 30s) We don"t always have favourable balance of trade (we can run deficits, etc) Us emerged as world"s pre-eminent military and econ power: assumed leadership of the free world . Only superpower that was safe in the aftermath bc it was overseas: their resources were left unbombed, etc. Us goal: stable int"l econ sys (supported by us security guarantees and strong us $) At heart of debate are two economists: keynes and hayek. Talks about the economic results/consequences of the war. Looks at the collapse of the stock market worldwide. Thinks it"s bc of lack of regulation in the market. Thinks gov needs to intervene much more to jumpstart the marketplace deficit. Favours cooperation thru tailored institutions w/ rules to follow and norms to create.
