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Labour and Globalization.docx

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Social Science
SOSC 1000
Terry Conlin

Labour and Globalization Breton- Woods Agreement 1944 - reps from over 40 countries - Conference to try to come up with a blueprint for what the post war world will look like - 4 major developments that come out of Breton woods agreements - Creation of 3 international institutions - IMF is created, to provide short term loans to countries with short term payment problems - World Bank- Long term loans to rebuild post war Europe and japan and develop the developing world in Africa and South America. Countries that are not part of any alliances. WB will provide capital to win over new countries to free world - The General Agreement on Tarrifs and Trads- get the countries to meet regularly to create freer trade between the countries - Resurrects a form of the Gold Standard- financial system based on fixed exchange rates, US dollar becomes the basis for international trade 35 American dollars for an ounce of gold. US has the gold to back up the currency. All other currencies are compared to the US dollar. All rates are fixed. Countries need permission of the IMF to change value of currency. Attempt to contain Soviet Union, rebuild Germany and Japan. Cold war comes in. the golden age of capitalism is also ushered in. - US is the Dominant powr Crisis and Neo-Liberalism - Cold war heats up - US gets involved in Vietnam, very expensive - Cold War is just as expensive - In 60’s, Japanese, German and other economies start to play a serious part in international economy - US develops a balance of payment problems due to over import and lack of export - Price of oil doubles and then quadrouples in a period of 18 months - Beginnings of stagflation - Labour unrest brews as inflation becomes a problem. Cost of living allowances protects workers from inflation - American capital faces crisis, profit levels drop - Nixon announces public policy measures to fix problems above. (Nixon Shocks 1971) - US govt imposes a 10 percent tariff on everything that enters the United States; Canada is appalled - Value of American dollar will no longer be linked to gold (1971) - Deregulation of Financial Markets, Fixed exchange rates come to an end by 1973 - Chilean Miracle, in 5 years, inflation goes down from 100 % to 10% - 1973 beginnings of neo-liberal globalization, global casino - Capital will be free, it will be mobile, deregulation of international markets - Mid 1980’s in western world, new dominant ideology, contemporary liberalism changed to Neo- liberalism. - Enhanced mobility of labour and increased immobility of labour - Values of Bay st take priority over Main St. Fordism- sage of capitalism based on mass production of industrial goods throught he regimented control of workers, with a high degree of division of labour. Fordism will provide the basis for conditions of mass consumption, stable employment collective bargaining, high wages and social benefits. Post-Fordism- a sta
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