Political Science 2211E Lecture Notes - Lecture 15: Keynesian Economics, Neoliberalism, Brian Mulroney
24 Jun 2016
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Small group of intellectuals hayek and friedman. Commited to the ideas of individual freedon and free markets. Influence remained limited until 1970s: hayek and friedman won the nobel pize in economics in 1974 and 76 respectively. Pual volckler appointed hair of us fed reserve in 1979: prioritized reducing inflation over high employment. Ronald regan elected as pres in nov 1980. Pursured policies of regulation, tax and budget cuts, and confronted trade unions. Businessa actors began to organize: felt overburdened by regulation , frustrated by inability of govt control inflation. Brian mulroney is eleceted as pm in 1984: neoliberal reforms continued under cretiens liberals and harpers conservatives. Examples of neoliberal reforms: emphasis on balancing budget, privatization of crown corp, weakening of social safety net. Emphasize strong property rights, free markets, free trade, and rule of law. Govts should run balanced budgets, reduce taxes, reduce program expenditures, keep inflation low. State owned corps should e preivatized and regulations should be reduced.
