POLSCI 3LB3 Lecture Notes - Lecture 8: John Maynard Keynes, Bretton Woods System, Keynesian Economics

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In a period of depression or recession, best way to handle an economy is through a compromise between state and market. Social and political conditions of the past; post wwii political order. After wwii you see rise of international economic institutions to regulate the economy globally; unprecedented: 2. States should have a desire for free market, integration into global economy; states should retain autonomy to monitor national economies. Compromise between capital and labour; excessive free market and excessive protectionism lasted for 2 decades. Stagflation: rising social expenditures and shrinking tax revenues. Eg. britain had to be bailed out by imf due to fiscal crisis. Option to encourage the interventionism of the state, other option to release interventionism of the state and allow free market free market prevailed. Neoliberal solution proposed by milton friedman; most fervent advocates of free market. Solution offered entailed restoration of the power of the elites. Democratically elected leader who was a socialist during the.

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