Political Science 2211E Lecture Notes - Federal Deposit Insurance Corporation, Economic Nationalism, Capital Control
20 Mar 2014
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Today"s topics: the political implications of the great depression, the postwar international economy, the postwar growth of the welfare state. Didn"t lower it this made the recession become the great depression. Governments defending the gold standard system of fixed exchange rates that existed at that time. No ei, welfare to offset people losing their jobs. Once you are in recession/depression: tax revenue going down. Take in less money government have to borrow money. They cut spending on top of raising interest rates. People perceived that the free market ideas failed. Led to rise of economic nationalism take care of ourselves first. U. s. increased massive tariffs in 1930s (smoot-hawley act) Rules and regulations that prevent investors from bringing money across the borders. Gets rid of free trade by implementing protectionism and gets rid financial globalization by implementing capital control. Nationalism: not letting new people coming into the country and taking our jobs.
