DEVS 100 Lecture Notes - Lecture 21: United States Dollar, United Nations Human Settlements Programme, Commodification
27 Nov 2015
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Devs100 lecture 21 continued from last lecture public vs. Borrowers are often those who are blamed. Aggressive lending to home buyers in us: assumed rising housing prices, bank would take back value of rising assets. Layoffs unable to pay off mortgages: mortgages had been repacked and sold", bank loaned money, would resell mortgages as derivatives", started as mortgage based, expanded to widespread crisis. Toxic debt" because no one knew what could be repaid: global impact. Us banks were bailed out with . 5bn. New reserve currency (ies): moving off of american dollar. Barter: e. g. oil for doctors, venezuela and cuba. Thought of as outright sale of government owned entities: air canada used to be government owned. New public management / corporatization: state-owned and managed entities are run like private sector, evaluated on profit" performance, privatization without privatizing", ex. What is being privatized: state owned enterprises. Based on the failures of the state: inefficient, lacking skills, unimaginative, prone to corruption.
