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Lecture 14

POL208Y5 Lecture 14: WEEK 14

8 Pages

Political Science
Course Code
Spyridon Kotsovilis

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WEEK 14: International Political Economy: History of World Economy and Globalization, part II OVERVIEW Keynes v. Hayek and the post WWII economic order Communist command economies, Western Bretton Woods system (embedded liberalism) and creation of International Organizations postWWII growth until the 1970s, the oil crisis, resulting stagflation, and the emergence of a new paradigm The rise of supplyside economics and laissezfair Application (Shock therapy or Gradual reform) to various cases, incl. postCommunist 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 WWII The Aftermath The paradox of war: American homeland safely distant from war theaters benefited by raising production (geared towards war) manifold, eliminating unemployment. Meanwhile, European industrial infrastructure destroyed. 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 stateowned). PostWar Labor Party government in the UK responsible for welfare state (e.g. universal health care, pensions, etc.) In USSRdominated Eastern Europe, a fully stateowned, planned, command economy took hold Soon the Soviets and their satellite states created their own economic space, called COMECON ECONOMIC LIFE UNDER COMMUNISM state ownership of resources and means of production(factories, farms, mines) Central planning (what, how much to be produced; what price, wage)*eased in the 70s and 80s though to little success universal employment (but had to accept any job) focus much more on heavy industry than consumer goods (low quality) (Workers parts of unions controlled by the state) collectivization of agriculture (heavy taxation, penalties where resisted) the black market Apartment (in huge, staterun apt blocs), car provided by state (after long wait) frequent food shortages free health care, education and pension plan subsidized entertainment culture (theatre, sports) Still, other newly independent states, like India, opted for a mixed economy Socialist model (politically democratic, but economically mostly stateplanned, with heavy industry under state control) All these centrally planned economies effectively cut themselves off from the rest of the world (by way of strong protectionism of their domestic industrieswhich, however, made them less competitive and innovationseeking) US leadership for the free (i.e. nonCommunist) world Following World War II, the U.S. emerged as the worlds preeminent military and economic power, and, as the Cold War set in, (unlike postWorld War I, where it did not join the League of Nations) it assumed leadership of the free world U.S. goal: a stable international economic system (supported by US security guarantees and a strong US) PostWorld War II international political economy would be established on liberal principles, but not classical ones
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