GS101 Lecture Notes - Lecture 7: Bretton Woods Conference, Petro-Canada, Classical Liberalism
Document Summary
Post-war lead to economic boom, controlled capitalism. National control of monetary + fiscal (taxation) policies. Higher taxation of wealthy + profitable corporations. Bretton woods conference originally prefaced on welfare liberalism (controlled capitalism) By 1970"s, controlled capitalism begins to diminish and is replaced with: Neo-liberalism - an ideology based on ideas of classical liberal economics on laissez-faire capitalism. Margaret thatcher claims that society does not exists and each person is responsible for themselves. A set of beliefs presents itself as complete truth but masks hidden interest. Neo-liberalism conceals hidden interests of elites (wealthy, corporations) by making it appear to be a neutral economic system, benefitting everybody, everywhere. Smaller role for government, larger role for market to even out economic disparity. Assumes private industry can better manage bureaucratic governments. Privatization of crown corporations (air canada, petro canada, canada post) Soviet style communism + state socialism discredited as viable political-economic systems.
