GGR221H1 Lecture Notes - Lecture 5: Stagflation, Ministry Of International Trade And Industry, Canadian Dollar
Document Summary
1940"s to 1980"s keyneian economics was a dominant approach, especially in europe. After the 80"s government involvement changed to more of a neo-liberal (hayek) approach. One of the last components of keyens contribution was the bretton woods unit where four countries met right after the wwii. 44 countries around the world were constantly devaluing their currency to induce trade. Used to be backed up with gold but the gold standard was abandoned so currencies were just floating. You can change your currency price only after negotiations. Us currency would be the only currency backed up with gold. All participating countries would contribute to the fund and would be able to borrow based on how much their contributions. International bank for reconstruction and development (ibrd) now part of world bank. Regime of accumulation collapsed: getting less cars about heir job anymore. No work was put into the production of the vehicles.
