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History 1807 Study Guide - Final Guide: Monetary Policy, Sam Huntington, World Trade Organization

Course Code
HIS 1807
Jeffery Vacante
Study Guide

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Timeline of Events
Friday, April 15, 2016
1:15 PM
Key Organizations
Key Events (and dates)
Important People
Important Books by Key people
1814-1918 WW1 and Before
1920s Lead up to GD
1929-1939 Great Depression
1944 - 1980 Early Post-War Years Post-war years continuing transforming
with globalization (1980s +)
1890- knights of labour - working class
consciousness. Before strikes became
violent and radical.
1. Industrial workers of the
World (first workers of crafts and
unions) - more of a radical union
Believes in the strike as a
revolutionary tool
Rejected the classic divide
between skilled and unskilled workers
1920s- Democratization of the Market
People without excess money
started speculating.
Problematic because regular
folk can't afford the losses that the
rich can, and these people would
speculate away their savings.
Increased access to credit
made this possible.
oKey fact because
wages at this time were
1. Bretton Woods Agreement
IMF and WB
Help Europe gets back on its feet
Initially created to stabilize the world
economy and put conditions on countries that
fail to do that.
oBretton woods did the gold
standard which tied gold to US currency
Bretton Woods were to follow
Keynesian principles to prevent international
economic crises. Help national economies that
appear to be faltering
United Nations established
Post-war political system
Created to settle disputes between
Essentially obsolete today
US joined which made it successful
Power is held in 5 countries that won
the war, but it is irrelevant who won the war in
today's day because they are not the world's
1. Reagan is elected
Implements Friedman's policies
Breaks air traffic controller's
unions which brings an era much
harsher towards unions
Encourages idea that state should
not interfere with people's lives
oCuts social programs
oStagflation, no wage
increases to match inflation.
Overall Themes:
o Fall of the Berlin Wall
Another point of
globalization - opening
borders and symbolizes the
fall of communism and
triumph of capitalism
Opening of
eastern Europe to the
Leads to
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stagnant, but because there was
access to credit, people felt
richer than they actually were
and would spend money they
really didn't have.
1929 - Stock Market Crash
The beginning of the great
4 contributors to 1929 crash:
oAccess to credit but
wages were stagnant
oCommon people
began speculating, which was
something that used to be privy
to the rich
oValue of companies
were inflated due to such high
investing, causing rising stock
prices and therefore even more
oEventually the bubble
bursts and people are left with
nothing as businesses were not
doing as well as people thought.
No more money left, which is
why this crash was different from all
the other crashes that had ever
happened in the US during this time
period. JMK said that the problem is
there is just no money.
1929-33- Herbert Hoover in Office does
absolutely nothing to remedy the situation.
Believes in laissez-faire
economics and has faith that the
market will fix itself.
Does not understand how the
superpowers anymore, therefore the United
Nations is becoming obsolete. The UN refuses
to change it's structure to adapt to changing
Marshall Plan -- US gave European
states the equivalent of 130 billion dollars to
help them recover and build up their economies
after the war. They essentially took over the role
of providing aid for Europe from the World
Bank as they did it better.
oNot a selfless move by US --
US needed Europe to be stable in order
for its own economy to succeed.
Depends on Europe for exporting and
^^^ Anything to do with Bretton Woods
Institutions and Washington Consensus are
going to be key for the Exam!! Because of
globalization topic
Creation of General Agreement on
Tariffs and Trade (GATT)
oAgreements between most
countries meant to ease trade and
provide order for the world wide
economy. NAFTA is the one that only
applies to US, Canada, and Mexico.
Cold War begins -- race between US/USSR to
pick up all the newly independent countries and
convert them to either communism or Western
values. Lasts until 1991
Developed world pours money in and
takes over economically and developing
world becomes a conduit of money for
arguments by Fukuyama
and Huntington.
1992Glass Steagall act repealed
Start of deregulation
And so the crisis begins
No logo - Klein
critic of globalization and the
growing power of corporations
n of goods is irrelevant- what
matters is valuing of company and
brand loyalty. You grow up
valuing certain brands so that's
what people are attached to.
will always come out ahead
because as a corporation they seem
like one of us, instead of the state
(big bad state)
oShould be
free choice- all choices available
to you not just whatever has the
monopoly. Coke/Pepsi example.
Proof that we have no power in the
utsourcing globalization
oStarts at
birth with baby formula
est waits for natural disasters in
times of crisis - disaster
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