SOSC 1000 Lecture Notes - Lecture 8: Orthodox Marxism, Petro-Canada, Industrial Unionism

• School: York University
• Department: Social Science
• Course: SOSC 1000
• Professor: Terry Conlin

Document Summary

Keynesian orthodoxy is in crisis all over the western world. Counter ideology emerges, the case by middle of 1970s. Attacked by right and left: right. Some never at peace with keynesian model. By mid 1970s as keynesianism is having difficulty producing goods. Attack should be through monetary policy, manipulating money supply through manipulation of interest rates. Supply advocate a return to supply side of society in contrast of keynesian demand side. Full blown movement, major debate going on about. Keynesianism and the new right are major players. Big government government has gotten too large and too interventionist, mucked up the market mechanism, high and progressive taxes. Social wage that economists are talking about, income derived through political programs (old age security), government has made life too easy, done damage to productivity of the work place. Ideological right problem of keynesian welfare state, government behaves like robin hood, re- distribution of income, socialism.