POLSCI 2H03 Lecture Notes - Lecture 11: Deflation, Monetary System, Credit Union
6 Apr 2016
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Document Summary
Society complexity makes it hard to detect and manage risk o o. Risk society - risk central to everything done that it has come almost as important as wealth. Poliical conlict is also about risk > who"s exposed, who bears the consequences of risk. Has to do with internaional monetary system > currencies. Problems with standardizaion of gold standard > fraud. Easier to know the value of it more so than paper monies. One of the efects was that it was not lexible, which meant average ciizen had to adjust its living standards so that the country maintained its wealth. 3 ways to maintain wealth: ---, reduce consumpions, reduce currency value( < this was not an opion w/ gold standard - instead living standards had to be reduced) Inter-war period: brit general strike, currency blocs, depression, fascism . Brit trying to get back to gold standard, but unions were strong w/ democraic elecions which forced the gov"n to back down.
