SOSC 1000 Lecture Notes - Making Money, Stagflation, Bourgeoisie

• School: York University
• Department: Social Science
• Course: SOSC 1000
• Professor: Terry Conlin

Document Summary

October 24th 2013: attack on keynesianism (right & left) Leader of free world, us, suffering from huge balance of payment problem, vietnam war: early 1970s, govt running deficit after deficit, under keynesian, its theoretically impossibly. Increasing level of unemployment and inflation -> stagflation: road to freedom, promise of post-war world, response -> the road of serfdom. Not about liberalism, not capitalism, it was big governments. Income tax too high: personal income tax, so high that people aren"t interested in making money, corporate tax, too harsh, end of world war, 50 cents of every dollar in income tax came from corporate. 9 cents: de-regulate the economy, during k period, govt became active participants, get govt out of market as a competitor to private businesses, b) big labour. 1944, fed govt of canada, collective bargain compulsory: companies must talk to unions. Bargain in good faith: cant be fired for doing union work, govt acting like robin hood.