SOSC 2210 Study Guide - Final Guide: Precarious Work, Stagflation, Keynesian Economics
3 Nov 2014
School
Department
Course
Professor
Document Summary
In early 1970"s the price of oil went up and it was four times more expensive than its original price, and stagflation was on the rise. Stagflation is a combination of high unemployment and high inflation together. During stagflation prices are rising but people are unemployed. In the seventies, more competition, technological changes, more computers led to automation, and it was it was a lot easier for corporation to produce more products. Significance: as mcbride describes, inflation and unemployment were rising in 1970 and the word stagflation was created. The problem was blamed on keynesianism practices, when in reality the problems were inflated after keynesian policies were abandoned and neoliberal policies were widely adopted. According to neoliberal polices, social welfare was the cause of the economic downfall. Hence, social benefits were drastically cut as it was assumed that having. However, women and young workers were the hardest these changes.
