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Lecture 12

Lecture 12- June 12th.docx

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Social Science
SOSC 1000
Terry Conlin

Lecture 12In 1972 the price doubled American consumers lined up at the gas stations In early 1970 we see the development of the concept of stagflation The Keynes model doesnt have a explanation for thisAs a result organized labour looks to defend itself against inflation If there is going to be inflation unions say it was not affect our people Organized labour becomes increasingly milagrant The crisis is on the political agenda by 1971 The nicson shocks begining in 1971 The first thing the president of the USA did was to slape 10 tarrifs on everything entering the united states market place Overnight became 10 more expensive so they would buy stuff already from the states not what was imported Another component of nicon short was the decision by the government was to introduce the floating exchange rate the value of americna dollar be determined by supply and demand Will begin the process of the deregulationThe beginining of the process of the commidity of capital The year the ecnomoy split into two parts a real ecnomoy and a paper economy Unleashing the forces of globalization1973 the first democatically elected marxist head of state in Chille Determined to institute the program was elected Legal under international law In early 1970 we see revolutions in transportation and communication technology Used tarrifs to protect its domestic market Fordism Days when the union could call the bluff because the company could not just get up and leave Changes in transportation and communication made it possible for them to move billions of dollars over night They can carry out the threat to move their investments elsewhere IN late 9170s there is a contere ideology that provided answers that keyniism could answer By 1985 we are talking about the washington consensus 3 Fordism and postfordism
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