GS101 Lecture Notes - Lecture 6: Corporate Welfare, Nationstates, Three Worlds Theory
Document Summary
National control of fiscal (taxation) and monetary (e. g. , interest rates) policies. High taxation on wealthy individuals and profitable corporations. Late 1970s, early 1980s election of many governments in first world countries on neo- liberal platforms: margaret thatcher, uk, ronald reagan, brian mulroney. Neo-liberalism: an ideology based on ideas of classical liberal economists on laissez- faire capitalism. Margaret thatcher: society does not exist ; there are only individuals and each is responsible for himself. Ideology: a set of partial truths which cover up or mask hidden secrets ideology of neo-liberalism conceals hidden interests of business elites by making it appear to be a neutral economic system that benefits everyone, everywhere. Smaller role for governments, and larger role for markets to even out economic disparities. Assumption that private industry can better manage than bureaucratic gov"ts. Soviet-style communism and state socialism discredited as viable political-economic systems.