POLSCI 2H03 Lecture Notes - Lecture 6: Stagflation
27 Feb 2018
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Document Summary
Mid-late 17th century: unification of national markets, development of common standards, weights and measurements, introduction of national currencies and taxation. 18th-19th centuries: conscription, mass education, policing, public pension plans. Late 19th century to 1970: healthcare, transportation, postal service, energy and electricity, heavy industry, development, telecommunications, water and heat. After wwii, social welfare state (unemployment insurance, job retraining, old age security, welfare, paid paternal leave, disability compensation, public housing. Decline of us state hegemony: deregulation of international capital mobility, growing mobility and power of capitalist class vs. labour. Oil shocks: stagflation and recession in the usa and other countries in the global north. New technologies: reduced cost of global communication and transportation, reduced importance of labour to economic production vis- -vis international labourers and advances in manufacturing technologies. The cost of oil quadrupled over an 8-year period between 1971-1979.
