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Rise and Decline if the Welfare State.docx

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University of Guelph
Political Science
POLS 1150

1 POLS 1150 - 01 Rise and Decline if the Welfare State Liberalism and Social Policy Monday November 11 2013 • Residual policy: states role to step in only when the market and the family fail • in the 1930s there was state led capitalism recognizing social citizenship - needed a safety net • there should be some guarantees • this came out of a number of things, so social security flowered before and after he second world war, up until 1980 • these factors; movements; liberal reform movement, labour movement • when the great depression came, it could not be the fault of the individual, before it always was • you had to realize that it was a systemic problem • the collapse of banks and the plight of workers • after WWII the work of 'Keynes' - the state had a role to keep the economy strong • in fact it could not be without the state having a role International Regulation • during WWII, Breton Woods twins, IMF, and world bank were born and particularly to prevent anything like the depression from happening again - had to have gold reserves to back up any money • 20s people making lots of money on speculation and stock market • that frenzy led to the crash and did not want to happen again • states in the election helped to revive the economy and the financial sector • prevent collapse of economies 2 • by the end of the 70s, banks knew they were in trouble with low interest rates - they had to go to government regulatory agencies to raise interest rates • there would have been the same crash, however they were rescued because of Regan and Thatcher tat believed controlling the supply of money through interest rates - debts also went up for countries, and created the debt crisis From State - led to Market - led •
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