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Lecture 9

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University of Toronto St. George
Vasilis Dimitriadis

Lecture 9111610Last Class Algeria successful revolutionCongo unsuccessful revolutiondiametrically opposed states Cold War is different from other confrontations It was not just military or political it covered every facet of life economic military social and political No field was untouched by the Cold WarThe Economic A military showdown was not a possibility because there could be no winnerFocus was shifted from military proxy into an economic competition Each tried to prove the superiority of their economic systemshoping to score a point through their own ideology as the better of the two capitalism and communismIn general communism is a centralized economy where the state controls eIn capitalism there is a free market that bends to supply and demandsEach of these economic systems experienced a change in the 40sWestern EuropeAfter the devastation of WWII the Americans were eager to improve the lot of Western Europes economy They wanted to provide a general standard of living that will hold the system together For the Americans to introduce the Marshall Plan was not only to create a market for America but to make sure Western Europe does not Marshall Aid pours in 11 billion dollars in the first year In France and Britain central planning was accepted Nationalization and central planning was never part of the capitalist system Italy also accepts central planningStates agree to provide a social welfare for the West German populationThereafter 6 Western European countries join togetherthe ECSC of Rome 1957 an economic alliance that agrees to share economic developmentWhat this ensured was the economic miracles that ensued from the mid50s to the mid60s The West German economy grew by 312no other state matched this growth in Western Europe Most other states grew by 10 to 14 The British decided not to join this economic community EEC believing that the Commonwealth would provide the same prosperity They applied several times but in each case they were denied for particular reasons Eastern Europe experienced a similar prosperity but not to the same degree In 1949 COMECON was created whereby each state would experience economic developmentsatellite states as wellHungary Romania and Slovakia members of COMECON and prior allies of Hitler realized that they had to change coursethey also had to pay reparations to Russia Reparations to Economic CooperationCOMECON created to facilitate economic growth United States and the Soviet Union both fought tooth and nail to prove the superiority of their own economic systemAmerica
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