POLI 212 Lecture Notes - New Left, Az Yet, Incomes Policy

• School: McGill University
• Department: Political Science
• Course: POLI 212
• Professor: Hudson Meadwell

Document Summary

Intervention domestically in the economy (in the form of a welfare regime: a particular type of foreign economic policy, a laissez-faire attitude towards domestic trade, tension between state intervention domestically and laissez-faire internationally. Contradiction in a sense papered over in the hayday of european economic reconstruction: period of relatively easy economic growth in european economies, 1970s onwards tension between intervention and laissez-faire is obvious. How will states respond to this change in economic juncture: embedded liberalism undermined by american economic and military hegemony. American hegemony is part of the reason for successful economic reconstruction in europe and therefore for the short term success of embedded liberalism. 1960s-70s american hegemony enters a period of decline. Oil shock of 1973: 50s + 60s = best of world high growth, low inflation, high employment, 60s and 70s = stagflation easy economic growth = over, two levels of analysis. Britain, france: type b smaller economies.