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Lecture

Feb 28 Seeing Inequality

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Department
Political Science
Course
POL101Y1
Professor
Joseph Wong
Semester
Winter

Description
Seeing InequalityFebruary 28 2011 Lecture Bearing witnessSeeing inequality as a witnessCounting inequalitySeeing inequality through datao Aggregate1day Vs 2dapo Global poverty line1day o If the poverty line is increased to 2day more than 600 million people in China would be considered to be living in povertyFour VignettesFour Cases1 Global Inequality o Rich countries getting richer poor getting poorer2 The Work and Welfare State3 Gendering Social Protection4 Local SolutionsI Global InequalityKeynesian Compromise and Embedded LiberalismBretton WoodsIMF Fixed exchange rate system American backed system USglobal currencyGATTagreement by all countries to gradually reduce tariffsEuropean ReconstructionEU democratic Germany Marshall PlanGolden Age of Global Growth1950s to 1960World GDP18711913 2519131950 1019501960 42After the Golden AgeUneven growthCountries in South East Asia Latin America and Africa were growing slowly1970s and 1980sDecline of Keynesian CompromiseOPEC price spikes o Oil producing countries formed a cartel and increased prices o Energy became more expensivestunted growth of poor countriesBreakdown of Bretton Woods o Too much pressure on the USUS began to back outo Foreign exchange rates began to fluctuate Globalizationo Rapid increase in flow of cash1983 Amount of money in government was 3X greater than in world1998 Central banks controlled onlyof their moneyinstability
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