01:790:103 Lecture Notes - Lecture 5: Hung Parliament, Blue-Collar Worker, Keynesian Economics
25 Apr 2016
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Document Summary
Modern british political economy throughout the 20th century was characterized by a balance between state intervention and embracing the free market. Social welfare democracy aka collectivist consensus (1945-1979) Margret thatcher has had a ton of influence on great britain and has made britain what it is today. Unity inspired by a sense of shared suffering and the need to rebuild europe. Nationalization of key industries industrial, mining, etc. If the government owns these, the government is in charge of paying the salary of the workers in these places. Social security network it undercuts the ability for radical politics to make any changes. Keynesian economic policies the government doesn"t take an active role in the free market per say, but it acts as a safety net. If the economy happens to spiral too far upwards, the government comes in to play damage control so that the downfall isn"t awful.
