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History 230 Notes Week 7.doc

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HIST 253
Tim Smith

History 240 Week 7 Notes Exam Overview Part 1 - Focus on structural changes, and key individuals and laws. - Don’t waste time talking about style and grammar. - Use concrete evidence that you’ve read the book; don’t rely on knowledge you’ve acquired from other sources. - Focus on about a page (double spaced) of notes per chapter. - The essay will only cover until 1914. - Chapter titles will be provided. - It would be a mistake to focus on the start of the book; have knowledge up to 1914 Part 2 - All of the readings and lectures to tonight is relevant. - Short answer. - Explain 4/11 lectures; big themes, issues, people, laws discussed. - Hints: - Unit 1 can’t be used (intro class) - Unit 2 might be relevant. - Theories of the state. - Unit 3 relevant. - Guide/hints for Fraser book. - Unit 4 Depression is a topic of common knowledge; won’t really be focused on. - Topics that are exclusive to this course will be more important. - Unit 6 (no class) - The second half of the term has more emphasis in the exam. - Study Units 2, 3, 4, 7, 8, 9. ***Part 2 will ONLY have 11 questions; choose ONLY 4*** - You will have the option to do only four lectures! The New Right Strikes Back: Stagflating in the Seventies, the Rise of Thatcher, Reagan and Beyond: - When the glory age of capitalism and the time of growth slowed down in the 1970’s states needed to find a way to pay the bills. - From 1975-1990: - High income tax goes down while low income tax goes up. - Everyone except the rich bear the burden of a slowly growing economy - 1979-1981: Thatcher’s tax cuts that were heard around the world - Income tax rates reduced; VATs increase. Many British people actually paid more taxes (esp. those who spent a lot of their income). - Top 5% of population receives 40% of the gains from tax cuts. - Howard Jarvis: the father of the anti-statist tax revolt (consistent since 1970’s). - Jarvis, the middle class, and the OC Revolt: - Proposition 13, California, 1978; 2 years before Reagan. - After the tax cuts; taxes increase for low incomes, decrease for middle- high and high incomes. Saving the Canada Pension Plan - The largest tax increase in Canadian history to finance the richest generation in world history (1996-1997). - Society will need to pay in the form of higher taxes. - There will be many jobs opening up with the stepping down of the baby boomers. - Those who take jobs in government and public policy will be faced with consistent crisis. - Canadian society has reached its tax threshold; people don’t want to pay more tax! - All policy changes will come at the expense of another. - About 450 000 people were in some way involved with the Apollo program for about a decade. - Employed by the state. The Politics of Division (late 1970’s) 1) People begin to fear for the future in an inflationary environment with the increase of prices. - In the 1970’s big business lashed back stating that they couldn’t invest due to their inability to make a profit; caused by post-WWII-like low spending. - The rich hadn’t necessarily done well; their taxes had gone up and the return they were receiving on the stock market was minimal. - Reagan and Thatcher ultimately wanted to roll back taxes for the rich. - American new right has a morale aspect; in Europe it was limited to the concern of big gov’t. 2) OPEC and the Oil Crisis of 1973 and the Slowdown of Western Economies - Seeks to prevent the production of oil and keep it profitable for producers. - In 1973, OPEC constrained the production of oil and prices almost quadrupled. - OPEC maintains almost half of all oil production. - The West’s support of Israel in its war caused OPEC to enact an embargo. - Many nations had gov’t ration cards for gas. - Had to wait in lines for up to 2hours with no guarantee of getting gas - The 1970s defies what was known about economies (according to Keynesian theory). - Between 1974 and 86 there was no economic growth; very little in US. 3) Stagflation and Unemployment - In Europe, there was now 4 times as many unemployed. Many nations have never fully recovered from this period. - Inflation had stagnated at 3.7%; starts rising in 1974 up to 15% - In the US inflation had jumped to 11% in one year (1974). - Directly caused by the oil crisis. - Gov’t spending comes to be associated with inflation. - Movement against high gov’t spending comes in. - Private sector protests public sector or union increases of 30% when the private sector is lucky to receive 10%. The Collapse of the Keynesian Edifice - Thatcher is really just taking ownership of thinking that has already existed. - PM James Callaghan quote (1976) - “We used to think that you could get out of a deficit by increasing spending; this caused by injecting inflation into the economy”. - Unemployment returns but inflation is attacked with full force. Age of Monetarism - Spearheaded by Milton Friedman, Robert Mundell, Jude Wanninski, Gary Becker, Paul Volcker. - Temporary abandonment of full employment policy - Darwinian attitude: only the strongest will survive. - Unemployment is a necessary evil to prevent inflation, a greater evil. - Get rid of the inflation and the jobs will follow in the aftermath. - After the inflation of the 1970’s rich nations are overall poorer - Something had to give. - In the early major unions (which represented 3/4 of workers) accepted a pay cut of 10-15%. - A slight amount of cut in working hours took place (but not enough to make up for the pa
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