ECO314H1 Lecture Notes - Lecture 5: Green Energy Act 2009, Ontario Energy Board, Maastricht Treaty
Document Summary
Late 19th century: the industrial revolution had brought about capitalism the accumulation of financial and physical capital which was required for ever greater productivity, but along with capitalism came profound changes in social conditions. Workers had moved from farms to work in city factories, many lived in utter poverty and destitution: he believed that capital should be communally owned. Some believed it would also lead to a more efficient economy. Failure of (cid:862)(cid:373)arkets(cid:863) to pro(cid:448)ide e(cid:373)ploy(cid:373)e(cid:374)t duri(cid:374)g the (cid:1005)93(cid:1004)(cid:859)s. Central planning advocated by many as a better approach. Fro(cid:373) the (cid:1005)93(cid:1004)(cid:859)s o(cid:374), steady i(cid:374)(cid:272)rease i(cid:374) regulatio(cid:374), go(cid:448)er(cid:374)(cid:373)e(cid:374)t o(cid:449)(cid:374)ership a(cid:374)d (cid:862)(cid:374)atio(cid:374)alizatio(cid:374)(cid:863), a(cid:374)d expansion of the role of government. The (cid:1005)97(cid:1004)(cid:859)s is a period of stagflatio(cid:374) high inflation and high unemployment. (related to the 1973 oil price shocks (cid:272)a(cid:374)(cid:859)t see(cid:373) to get a(cid:449)ay from energy. ) This is viewed in some quarters as a government failure.
