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Lecture 8

SOSC 1009 Lecture 8: Smith&Keynes (cont)

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York University
Social Science
SOSC 1009
Terry Conlin

Smith & Keynes Cont. (Week 8 – Nov. 2) Heilbroner: ch. 4-5  Feminist economics – Marilyn Waring o Elderly women = highest rate of poverty*  Annual report o Increase in GDP = decrease in quality * The Attack on Keynesianism (Right & Left)  1970: shine is wearing off  “the fiscal crisis of the state” o public debt becomes an issue of serious concern  entering an era of “the great economic debate” o political philosophy: welfare state = o ex. Milton Freedman: “return to supply side of the economy”  monetary policy o rise of the “new rights” = neoconservatives  Ayn Rand – Keynesianism critic  Distorted the market o Supply and demand can no longer function o “we need to return to the smith model” o get the government off the backs of those who create wealth in society  Keynesianism makes people lazy  Big government has destroyed the need to invest  Ideological right: o Government debt is not sustainable- must get out  By reducing levels of government spending  Cutting back on social programs o Inflation is the new priority, not unemployment o End dependence on big government (western) o Big unions and organized labour  Big unions extort these benefits and wage increases from employers who become less productive  Makes us non-competitive in this new economy  Unsustainable wage increases o Left- o Right- wages  Ideological right: o Need an agenda that includes debt and deficit reduction o Regulation: o Government creating regulations in the workplace*  Ex. Health and safety o We need tax reform in a major way  Cut the taxes of high earners o Privatization  Government owned businesses should go back to the private side  Limit government  Provides unfair competition to private sects o Dismantle social safety net and return to economic way*  Government has become too much like robin hood o Government redistributes wealth from the haves to the have-nots o Robs the have-nots of Ideological left o Capitalism was in crisis everywhere o 1940s: comes back o Marx: the state is an instrument o Government was an instrument used by one class of society (bourgeoisie) o To keep the proletariat in line o Separation between state and upper class o Exploits one class with the use of another o Government introduces social programs (paid for through increase on taxes) o Orthodox Marxism: o Development of Neo-Marxism o Explains the relationship between capital and the state (business and the government) o Capitalist society, government plays 3 fundamental roles in capitalist society  Accumulation  Involves government creating an environment where private capitals can maximise profit  Legitimization  Genius of Keynesianism  Designed to reconcile those who are exploited by capitalism to the very economic society
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