ATS1326 Lecture Notes - Lecture 2: Classical Liberalism, Free Market, Neoliberalism
11 Oct 2018
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G: neoliberalism = adam smith without the anxiety g, economic interdependence, free market, more losers than winners. The post-war order end of wwii: bretton woods agreement 1944, regulate world trade, countries should abide so they can have successful economies, gatt. International monetary fund imf: provides emergency financial support in the case of economic crisis, world bank, provide funds for development, especially in the newly decolonised states of. Asia and africa: 1947 european recovery problem erp, usually called marshall plan, us pledges b to rebuild europe(cid:1685)s economy, fear of communism, economic development and trade in goods was to be strongly supported. 1918 1939: outcome = world gdp growth, wages were increasing etc. , shrinking of gap between very wealthy and very poor. 1970(cid:1685)s: high inflation, (cid:1684)oil shock(cid:1685), rising unemployment, (cid:1684)stagflation(cid:1685) and the (cid:1684)misery index(cid:1685, reflection of war in the middle east oil prices double, and double again.
