HIST 106 Lecture 11: Nov 28: Chapter 29 (A World without Walls: Globalization and the West)
28 Dec 2017
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Stagflation--high inflation (because of high oil prices) and high unemployment (as deflationary policies deepened recession and high energy prices increased inflation) Stagflation in western europe began in 1973 and persisted til 1980s. A radically new approach to economic policy in the uk. A challenge to the british welfare state. The beginning of the end of the european welfare state. Paradigm shift away from the welfare state. Forerunners of post-2008 austerity policies practiced in europe. Ends english welfare state as we know it. Major industrial action to shut down the british coal industry in an attempt to prevent colliery (coal mine) closures. D tente in superpower relations (the easing of hostility or strained relations) Introduced the new economic mechanism (nem) in 1968: This allowed hungary to improve living standards and gradually and subtly distance itself from the ussr. Large-scale borrowings from western banks after 1971 by eastern european communist regimes. Warming of us-ussr relations; managing the tensions of the cold war.
