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Lecture 2

Lecture 2 POLS 1090.docx

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York University
Political Science
POLS 1090
Bruce Smardon

Keynesian welfare state Started to developed in the second world war took shape after 1945 after end of wwII 19391945 Historical period1945early 1979sNew state of business relations during the Keynesian welfare stateBefore KeynesianCrisis of 1930sMass unemploymentContext of crisisorthodox or mainstream economics This relied on market forces to solve the problem Conclusion of mainstream analysis was that wages should be allowed to fallie demand for labour would rise employersfewer workers would offer labour since they get less wages ie deceased supply employees Findingsthat you do not nee systematic state intervention to solve the problem Market can be relied on by its own self regulating mechanisms free market ideologyNew approach is put forward in the 1930s which challenges the orthodox free market approachJohn Maynard Keynescambridge Published an impt bookGeneral Theory of Employment Interest and money Keynes criticised mainstream orthodox economics theory argued orthodox approach to solve problems of unemployme
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