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POLS 375 Lecture Notes - Bretton Woods System, Classical Liberalism, Protectionism

Political Studies
Course Code
POLS 375
Jason Zorbas

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Worldwide Pre-war Economic Problems
Issues with the British
Issues with the U.S.
Establishing the Bretton Woods System
Discussion Topics for the Next Little While (Canada and the Bretton Woods)
Worldwide Pre-war Economic Problems
There was a desire to build an economic system for the world…
Hitler was born because of the Great Depression?
Social Credit and CCF and other groups were created because of the
At least that's what some American administration officials believe.
Politicians, professors and economists believe that World War II occurred
because of the Depression.
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).
Protectionism (on an international level).
Government regulation of the economy (domestically).
One thing that most people accepted in terms of solving the problem were
the following:
Do nothing: the market sorts itself out.
Internationally, Canada
Alternatively… you could:
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.
And World War II gave Canada full employment.
Back in these days, running a deficit or getting into debt was totally
Communist countries reject capitalist ideas.
Spectacular failure during the Depression:
They could manufacture things at a low price.
Other countries have reduced their barriers in favour of
American goods.
All other economies, including Canada's, would become
dependent on U.S. goods.
Western Europe was broke.
Japan was devastated.
Other countries knew about it, but there were no other options.
The United States' economy would be the largest on earth.
Here in Canada, we are concerned about being tied to the U.S.
Following the war, the U.S. would be huge fans of liberalism.
Ideological extremism was born in places like Germany and being spread in
places like Russia.
It's hard to overstate the mental suffering that occurred from the Great Depression.
Canada and the Bretton Woods (Jan. 14, 2013)
9:27 AM
POLS 375.3 Page 1
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