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Lecture

The Golden StraightJacket

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Department
Philosophy
Course
Philosophy 3810F/G
Professor
Steve D' Arcy
Semester
Winter

Description
The Golden Straight Jacket January 16 2011where to find the reading NEOLIBERALISM y Deregulating trade is beneficial to society THE HISTORICAL PERSPECTIVE y Coincides with putting globalization into a historical context y Neoliberal era as the globalization eralate 1970 to the present y Policy framework was widely adopted in the most affluent countries y Voluntary imposed on other less affluent countries in the same time period MILESTONES OF GLOBAL CAPITALISM y Fairly fundamental change in the way that capitalism is grown y Capitalism since the great depression has been changed in two distinct way 1 Keynesianism Welfare StateFordismAn economist developed policy framework that became the dominant framework in post depression capitalismin affluent states The account of what the problem was is aggregate demand there was overproduction in the marketplaceThe solution was to stimulate demand by forcing governments to buy stuff or giving the population money in order to absorb the demand created Macroeconomic approach demand approach government spending borrowing to raise the level of aggregate demand to stimulate spending and absorb the surplusThis worked well for quite some time launched a wave of prosperity or the Great Boom GB low levels of unemployment and great amounts of economic prosperity and stabilityEraEpoch a period until the 1970s where there was a policy consensus however it came to an end in the 70sStagflation stagnationinflation converged in the 1970s to erode the policy consensus The higher the rates of growth the higher the amount of inflation The recession of 1973 low rates of growth Prices kept going up but their raises ceased to rise as well But corporations were no longer benefitting from the great boom
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