SOSC 1000 Lecture Notes - Lecture 10: Post-Fordism, Chinese Century, Keynesian Economics
11 Nov 2016
School
Department
Course
Professor
Document Summary
Chickens hatched in bretton woods via marshall plan coming to roost, west germany becoming major player in economy with high end auto and technology. Unease that keynesianism has seen its day. Nixon goes on to announce series of price controls to combat inflation. Biggest and most important announce that us is not willing to let its currency serve as standard for bw system; not enough gold to back the amount of cash in circulation, American dollar was valued by supply and demand, begin process that within 5 years will result in all major currencies following suit, begins a process of deregulation of financial markets, continue unabated for the next 5 years. Key component of globalization, enhancement of capital mobility, creation of global. Casino; nature of capital changes, becomes a commodity, people speculate on currency of marketplace. Value of dollar was fixed under rules and regs. of bwa, after 1971, dollar will flux unpredictably.
