HIST-H 102 Lecture Notes - Lecture 24: 1973 Oil Crisis, Francis Fukuyama, Money Supply
Document Summary
The end of history and the last man, francis fukuyama. End of cold war: triumph of free market capitalism. Path to free marketism" - us economic woes. Mid 1960s - mid 1970s: prices of consumer goods rose by 62% Productivity gains slowed 73-"95: 1% per annum. Extra money in citizens" hands would result in more spending: doubling of military spending 1981-86, rising deficits. 1989: almost trillion: populace resistant to higher taxes. Wages: stagnant in 70s & 80s for middle class. 1981: 15% of world production: consumption of foreign goods: trade deficits, late 70s - late 80s: trade deficit tripled, more debt in foreign hands, reversal by 1987: us debtor nation. Free market: most efficient way to arrange economic activity. Revival of true liberalism" of 19th century. Economic malaise: caused by excessive government intervention. Factors: moderating of oil prices, role of technology (computer)
