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Lecture 11

IS 220 Lecture Notes - Lecture 11: Reserve Currency, Debt Relief, Gilded Age


Department
International Studies
Course Code
IS 220
Professor
Stuart Parker
Lecture
11

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1. March 27, 2017
The UN is often thought about in the wrong way
1. It is often thought of an international governance body – incorrect
2. It is a military alliance – originally comprised of British, USSR, and
USA
3. The only coercive international governance body in 1943 – WORLD
BANK
1. When the world bank makes decisions, the decisions take effect
2. The UN general Assembly is not a governance body
World Bank – the president can only be a US citizen
4. The creation of the world bank at the Bretton Woods conference –
44 member states
5. The premise of the Bretton woods agreement was the gold
standard
6. Adopted the US dollar as the reserve currency
1. If Egypt is buying oil from Quitar, they have to use USD
7. The reserve currency in Roman times devalued other currencies
and allowed Rome to take the lead in financial currency
8. The US had recovered from the great depressions effectively
because they chose to modify the theory of liberalism they had
been working with
1. Open door imperialism came into being in the 1860’s – this
made the state to not make money off the system of
imperialism
2. Private individuals within a state made money,
9. Original liberalism – the state routinely used state money to fund
private assets
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1. Telegraph companies, electrical companies, railway companies –
these private corporations were granted massive sums of money
by liberal governments
2. The Canadian Pacific Railway
10. Marathon Reality – the realtors of the Canadian Pacific Railway
1. Allowed racial covenants on land
11. 1860’2 to 1920’s – an increasing # of monopolistic corporations,
created by the state but solely privately owned
1. at the end of the 1920’s, the liberal economic system went into
crisis
2. capitalism requires a lot of consumer spending power
1. requires a financially secure population
2. capitalism unregulated tends to polarize income and wealth
that produces a lot of poor people and a small number of rich
people
1. Donald Trump only has one smart phone – total consumer
spending decreases
12. The extension of credit
1. The 1920’s has more debt and credit than we do today
2. Major department stores chains allowed you to pay on credit
and installment plans
3. Consumer debt and small business debt caused the major
market crash of the depression
13. 1870 – 1930 – the Gilded Age
1. consumer debt and government debt had to be thought for
capitalistic markets to emerge after the great depression
14. John Maynard Keynes – suggested that the worst of the
depression could be stopped if national governments assumed
most debt
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find more resources at oneclass.com
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