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Class 4 – PSCI2102B – January 28, 2014.docx

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Carleton University
Political Science
PSCI 2102
Peter Atack

Class 4PSCI2102BJanuary 28 2014Huge waves of hyperinflation that ran through Latin American economies as a result of ISIsprices went up dramatically to unaffordable levelsoThis leads to capital flight everyone is pulling their money out of the countryoEverything begins falling apartGlobal North turned around and tried a new way of pushing for growth in the South neoliberalism Neoliberalism is the third phase of development theory Developing countries had no other choice than to turn to this had tried many other methods of economic doctrine had to turn to the IMFShift in the NorthThis solution of changing the way of running economy because of a revelation in economic theoryit came out of the North oReagan In US neoliberalism was to reduce government taxes and reduce spending in welfare state for USoThatcher In Britain it was about class politics and breaking up unions Mass union protests causing things to fall apart allegedlyMiner Union after a yearlong strike brokenNeoliberalism from Hayek and FriedmanThey say it is a matter of overconsumption and production must increase interest rates to reduce inflation and reduce money supply to get rid of inflationPush for massive increases in interest rates in late 1970sPhilosophy that best society is what gives an individual what it wants what is good is what we want what is bad is what we do not want Hobbesthis can be done through the marketAssumptions of neoliberalismoAll government intervention is bad and leads to tyrannyoWhatever the market decides is fair
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