POL208Y5 Lecture 14: WEEK 14
4 Dec 2017
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Week 14: international political economy: history of world economy and globalization, part ii. Keynes v. hayek and the post wwii economic order. Communist command economies, western bretton woods system (embedded liberalism) and creation of. International organizations post-wwii growth until the 1970s, the oil crisis, resulting stagflation, and the emergence of a new paradigm. Application (shock therapy or gradual reform) to various cases, incl. post-communist world with mixed results. The holy trinity" of economic transitions and the washington consensus". After cold war, a new era of globalization with economic, political and technological trends and consequences. The paradox of war: american homeland safely distant from war theaters benefited by raising production (geared towards war) manifold, eliminating unemployment. In the west, they tried to extend the intervening role of governments during the war. The result was a mixed economy (e. g. britain) where some industries (steel, coal) were nationalized (became state-owned).
