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Exam Definitions.docx

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Department
Management
Course
MGMT 1030
Professor
Andrew Thomson
Semester
Winter

Description
1 PC 1003 -Wartime Labour Relations Regulations -February 1944 -a wartime measure introduced during World War II in Canada by the Liberal government  Prime Minister William Lyon Mackenzie King -first in Canada to legally recognize the existence of unions and to force employers to negotiate with organized workers -considered the framework for union rights in Canada -continued to be in effect until 1948, where the provinces all passed similar legislation within their respective jurisdictions -union now had guaranteed access to financial resources and support through rand formula -workers won right to share in gains of increased productivity through higher wages and benefits -promoted virtuous cycle of production and consumption to produce economic growth based on Keynesian policies Rand Formula -required all workers under a union to pay union dues in exchange for a collective bargaining unit John Maynard Keynes -British economist whose ideas profoundly affected the theory and practice of macroeconomics -ideas are basis for school of thought known as  Keynesian economics -against free market – believed government should control economy -during 50s and 60s, success of Keynes ideas resulted in almost all capitalistic governments to adopt its policy -governments should put money into the hands of people even if they don’t have it -studied at Cambridge university Friedrich Hayek -born in Germany  British economist -defense of classic liberalism -he was for human freedom and private enterprise -privatize public companies – free market -economy works best when individual risk-takers are free to innovate and allocate their resources where they please -consumers are free to spend money as they please -ideas very unpopular in the 50s and 60s, but when Margaret Thatcher adopted his ideas when she became president  people saw the impact of his thoughts -won noble peace prize in 1974 2 Stagflation -stagnation + inflation = stagflation -inflation rate is high and unemployment remains high -raises dilemma for economic policy since actions to lower inflation may increase unemployment and vice versa -end of WWII and late 70s  issue on how to deal with this arouse – Keynesian idea vs. Kayek Zaibatsu -Japanese term literally meaning financial clique -refers to industrial financial business conglomerates whose influence and size allowed control over significant parts of Japanese economy -family owned holding companies with horizontal links across a wide range of industries -four largest zaibatsu were Mitsui, Mitsubishi, Sumitomo, Yasuda -Mitsubishi family controlled Japanese shipbuilding and railway sectors -closely allied with Japanese government Vertical Integration -American industry -process of buying out suppliers of a particular industry -a steel company would buy out places like coal fields or iron mines  companies that other steel companies rely on to make their goods -this would let you control raw materials -aims at raw material sources necessary to produce the product Horizontal Integration -different companies under one name -process of merging similar industries that produce similar products -include tactics like buying competing companies that produce the same goods as you -buys competing companies Staples Thesis -Originated by W.A. Mackintosh in 1923 -Developed by Harold Adams Innis -Canadian economic history dominated by exploitation of natural resources in an export-driven economy  fish, timer, fur, wheat -economic growth dependent on demand for staples abroad -long-term effect of staples were dependant on linkages  backwards, forwards, lateral, final 3 Economic Linkages -spreading effects due to staple production: there are 4 types -Backward linkages: inputs to staple production (labour, machines and equipment) -Forward linkages: the manufacturing of staples prior to exporting (million wheat to flour, timber may be finished) -Lateral linkages: these are non-staple activities, which are induced through the production of staples (railway and transportation) -Final demand linkages: otherwise known as consumer goods, these induce manufacturing of products, which are demanded by workers employed in staple production. Scientific Management -also called Taylorism -theory of management that analyzed and synthesized workflows -improving economy efficiency – especially labour productivity -apply science to management -development began with Frederick Taylor in 1880s and 1890s in manufacturing industries -peak in 1910 and 1920 but obsolete by the 1930s -ideas include synthesis, logic, rationality, work ethic, efficiency and elimination of waste, transformation of craft product into mass production, knowledge transfer Auto Pact -gave boost to Canadian Auto industry -major driver of economy because it gave companies advantages to manufacture in Canada -because of the devalued dollar it ended up being cheaper to manufacture in Canada too -signed 1965 between Lester B. Pearson (Canada) and Lyndon Johnson (U.S.) -removed tariffs on cars, trucks, buses, tires, automotive parts between two contries in exchange for same production-sales ratio in Canada -removed segregation and isolation between two countries Bank of Canada -people were afraid that if government creates a bank of Canada they might make interest rates too low and ruin the economy -abolished gold standard in 1931 -Bank of Canada established in 1935  have central supply/control of Canada’s money -initially controlled by private interests but transferred to federal government to control in 1938 -promotion of safe and sound financial system within Canada 4 Cotton Gin -a machine that separates the cotton fibers from their seeds  made things a lot faster -developed by Eli Whitney during the first industrial revolution in America -cotton accounted for more than 50% of American exports during that time. –Cotton was a very important industry in the southern states. Manorial System -organizing principle of rural economy but slowly replaced by market economy -vesting legal and economic power into the Lord of the Manor -break down of political structures in Europe forced creation of self-sufficient manorial estates -serfs and peasants tied to land and owed service to manor lord in return for protection -feudal society based on tradition and custom with absence of money transactions Mercantilism -when the 'mother country' profits off of foreign, satellite colonies -For example, Britain benefited from mercantilism because they had foreign colonies and used them for its resources -East India Trading Company -people with the goods are the people with the power -This goes against a free market where the buyers have the power. Milton Friedman -American economist who taught at University of Chicago -challenges (naïve Keynesian) theory which came about in the 1950s and 60s -promoted monetarism -theorized that there was a natural rate of employment and government could decrease this but as a consequence inflation wil
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