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Lecture 4

Week 4 - The Government in the Economy [P1]

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Department
Administrative Studies
Course
ADMS 1010
Professor
Yong Troy
Semester
Fall

Description
Week 4The Government in the Economy ADMS 1010TroyPart IAn Era of Nationalization and CanadianizationNationalization is the act of taking assets into state ownership Occurs when government purchases an existing company or creates a new one Done to enable the government to manage the economy better in terms of longterm development and mediumterm stability Give a recent example of where this is happening in the worldThe creation of crown corporations in the 1960s and 1970s plus the ever expanding role of government after World War 2 helped kick start this era of nationalization CanadianizationCritics of NationalizationClaimed that government measures distorted market values and resulted in inappropriate compensationThe impact of the recessions of the 1970s and 1980s left governments broke Governments turned from expenditure to inflation and budgetary control Rise of NeoConservatismNeoConservatismNeoConservatism takes hold on western nations starting with the election of Margaret Thatcher in Britain and followed by the elections of Ronald Reagan in the US and Brian Mulroney in Canada Privatization sliming down of the civil service competitive traties like NAFTA become the norm Mike Harris Common Sense Revolution is a prime example of NeoConservative ideals The NeoConservative MovementThe welfare state is important but no longer affordable Causes structural problems in the economy The public sector is too large and too expensive Reductions are needed Too much red tape and regulationPrivatize crown corporationsNeed to cut taxes and balance the booksHow did we get here
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