SOCY 122 Lecture Notes - Lecture 12: John Yoo, Curbed, Money Supply

• School: Queen's University
• Department: Social Sci, Edu and Soc Work - Sociology
• Course: SOCY 122
• Professor: Rob Beamish

Document Summary

Socy 122 - introduction to sociology - lecture 12 - the 20th century"s long shadow. Us troops withdrawn from vietnam in 1973. Organization of petroleum exporting countries cartel established in 1973. Increased oil prices led to economic stagnation while prices continued to inflate stagflation. With a stagnant economy and rising welfare costs, government debts. Austrian school advocates of the unimpeded market came to the fore. A new economic liberalism neoliberalism gained advocates. Money most important factor in the economy. Economic indicators not government to control money supply. Inflation fell 9% in 1980 to 3. 2 in 1983. 1978 shah of iran overthrown ayatollah ruholla khomeini establishes islamist state. November 4th 1979 52 american diplomats held hostage (444 days) 1978 the soviet backed, marxist people"s democratic party of afghanistan take in kabul. Afghan mujahideen resistance fighters supported by saudi arabia, china, iran and pakistan. Brexhnev puts soviet troops in afghanistan (soviet vietnam)