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MARCH 4 2013 .docx

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University of Toronto St. George
Political Science

POL101 NOTES FROM MARCH 4, 2013 LECTURE: SEEING INEQUALITY Important to bear witness as we cannot count inequality: it is never objective and allows us to tell the story of that people Ex: mid 90s the poverty rate decreased in Canada from 15vto 9 % but that is still 3 mil people: counting gives perspective and is political (choosing the poverty line is political) Bottom billion in aggregate reduced poverty (98-08). In 98 poorest lived in poorest country now live in mid income countries: not about aggregate income growth as level of all econ increase as inequality increases Four Vignettes: I. Global Inequality: Keynsian compromise and imbedded liberalism: limit the government hand as full is not good for peace. Bretton Woods, GATT, Europe Reconstruction: institute democracy, Marshall Plan and EU. 1950-60: average global growth increase but didn’t last and slowed down and uneven. 70-80: Globalization was cause. All econ could come together which was manged in the 60-70 but in 70 Bretton Woods collapsed as US tested. People lost faith ad tested US hegemony so it stopped lending. 1. Exchange fluctuates: now used as speculative tool but this led to liquidity crisis as no more money, debt crisis and econ tank 2. Tech changed: on computer and mass flow. No more people needed thus increase unemployment 3. Neo-lib resurge: privatize and get out of global 4. Bad government policies: invest unwise and corrupt Thus BW was inevitable as private capital took over: rich becam richer as the
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