POSC 476 Lecture Notes - Lecture 2: John Maynard Keynes, Friedrich Hayek, Chinese Century
6 Sep 2018
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Export subsidies: no free trade until states can compete on equal footing. Debate on the role of government during this time. Subsidised railroads (gave land to build them), manufacturing, coal, iron, steel, banking, real estate. Army corp of engineers help build infrastructure. Us becomes major economic power by late 1880s. Pri(cid:448)ate a(cid:374)d so(cid:272)ial i(cid:374)terests do (cid:374)ot al(cid:449)ays (cid:272)oi(cid:374)(cid:272)ide (cid:894)the ge(cid:374)eral ? (cid:895) Financial markets are fragile and prone to disaster. Solution: combine state and market influences (cid:862)de(cid:373)a(cid:374)d side e(cid:272)o(cid:374)o(cid:373)i(cid:272)s(cid:863) (need to stimulate demand) State influence is threat to individual liberty (cid:862)what has al(cid:449)ays (cid:373)ade the state a hell o(cid:374) earth has (cid:271)ee(cid:374) pre(cid:272)isely that (cid:373)a(cid:374) has tried to (cid:373)ake it his hea(cid:448)e(cid:374)(cid:863) Return to classical liberalism of smith, and then some: li(cid:271)erty is (cid:862)a poli(cid:272)y (cid:449)hi(cid:272)h deli(cid:271)erately adopts (cid:272)o(cid:373)petitio(cid:374), (cid:373)arkets, a(cid:374)d pri(cid:272)es as its orderi(cid:374)g pri(cid:374)(cid:272)iples(cid:863)
