IDST 3100Y Lecture Notes - Lecture 3: Great Depression, Money Supply, General Agreement On Tariffs And Trade
3 Mar 2016
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Lends to other countries in times of crisis. Purchasing more goods and services than it is selling. Balance of payment crisis increases unemployment and lower income. *severe crisis can spread to other countries and are very costly (imf can help by loaning more money) Issues with the welfare state: public sector and welfare services. Representation is a key factor of political economy (spain, greece) Great depression pivitol in how post war political economic structure was shaped. 1930"s commercial trade diminished significantly very little exchange of international currencies limited cross borrowing and lending need for stable system to facilitate trade assist the adjustment and balance of payments. The us dollar began to be treated as good as gold. Bretton woods agreement: all countries fixed value of currency in terms of gold. Not required to exchange their currency for gold. 35 dollars an oz each country established its exchange rate visa v the dollar two tier system.
