CDAE 002 Lecture Notes - Lecture 15: Keynesian Economics, Neoliberalism, Washington Consensus
16 Apr 2019
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Should the government have a role in regulation of economy: yes: Intervene with economic hardships (2008) government paid to ensure no bank collapse. Remember: cold war: according to united states: 1st world = us and its allies. 2nd world = ussr and its allies. 3rd world = everyone else: us trying to stop spread of communism, keynesianism promotes government intervention to spur economic growth, nixon, 1971: we"re all keynesians now , then 1973 oil crisis. Arab countries cut o oil supply to us. Quotas of amount of gas you can put in cars. Supply cut o to : gasoline, heating oil. Hurts economy: automobile production slowed down. Rising debt: across developing world, government slipping into debt, public investment, taking out loans from world bank, people in debt -> take out loans to pay -> further in debt. Neoliberalism: resurgence of ideas associated with laissez-faire economic liberalism beginning in the.
