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POLS 375 (33)
Lecture

Canada and the Bretton Woods

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Department
Political Studies
Course
POLS 375
Professor
Jason Zorbas
Semester
Winter

Description
Canada and the Bretton Woods (Jan. 14, 2013) January-14-13 9:27 AM Discussion Topics for the Next Little While (Canada and the Bretton Woods) - Worldwide Pre-war Economic Problems - Issues with the British - Issues with the U.S. - Establishing the Bretton Woods System Worldwide Pre-war Economic Problems There was a desire to build an economic system for the world… The Great Depression then hit… It's hard to overstate the mental suffering that occurred from the Great Depression. - Ideological extremism was born in places like Germany and being spread in places like Russia. ○ Hitler was born because of the Great Depression? ○ Social Credit and CCF and other groups were created because of the Depression. ○ Politicians, professors and economists believe that World War II occurred because of the Depression.  At least that's what some American administration officials believe. ○ One thing that most people accepted in terms of solving the problem were the following:  Protectionism (on an international level). □ Tariffs are higher when the economy is lame. One country does it… and another does the same thing in response. (Example: U.S. does it in 2009, Canada gets upset).  Government regulation of the economy (domestically). ○ Alternatively… you could:  Do nothing: the market sorts itself out.  Internationally, Canada ○ Spectacular failure during the Depression:  And World War II gave Canada full employment. □ At this time, the Government of Canada grew in size, regulated everything and we were out of the economic recession. □ The orthodoxy of classical liberalism in Canada is shattered. □ Domestically, Canada shifted from a liberal economic belief to a welfare economic belief.  Back in these days, running a deficit or getting into debt was totally unacceptable.  Communist countries reject capitalist ideas. ○ Following the war, the U.S. woul
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