PO SC 1040 Lecture Notes - Lecture 6: Fiscal Policy, Keynesian Economics, Monetarism

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5 Feb 2017
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The United Kingdom of Great Britain and Northern Island POSC 1020
1. Basic Facts (People)
a. Population 64,430,428
i. Density 650/sq.mi (51st)
b. Life expectancy 80.7 years
c. Infant mortality 4.3/1000
d. Cultural makeup
i. Race
1. White 87.2%
2. Black 3%
3. Indian 2.3%
4. Mixed 2%
ii. Religion
1. Christian 59.5%
2. Muslim 4.4%
3. None 25.7%
2. Basic Facts (Economy)
a. GDP per Capita - $42,500 (#37)
b. Composition
i. Agriculture 0.6%
ii. Industry 19.2%
iii. Services 80.2%
c. Inequality 32.4
3. Basic Facts (Government)
a. Parliamentary Monarchy
b. Head of State (currently: Queen Elizabeth)
c. Head of Government
i. Prime Minister
ii. Head of Political Stuff
d. National Legislature
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i. Lower House of Commons (more important)
ii. Upper House of Lords
e. Main Parties
i. Labour Party
ii. Tories (Conservative Party)
4. Understanding Britain’s Post War Politics (6 Eras)
a. Post-War Settlement (aka “the collectivist consensus”)
i. 1945 1979
ii. Context (end of World War II and needed to be put back together)
1. Brought political parties together to bring things together and
fix them
2. Industry revived and rebuilt with no argument between
parties
iii. 2 major parties (both in agreement)
iv. Ideology Keynesianism
1. Economic philosophy
2. Keynes came up with this and predicted World War II
3. Important for government to contain economic equilibrium
4. Sees the government as needing to monitor the economy
and step in when necessary to make sure things don’t get
out of hand and go too far in the wrong direction
5. Fiscal policy how government taxes and spends that
money
6. Monetary policy how governments adjusts spending rates,
changes currency (how much their money is worth), and how
much money is printed
7. Government needs to be involved in economy
v. 4 important policies
1. Welfare State
a. Elderly gets retirement money (disability policy)
b. Poor gets funding
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