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POL410H1 (2)
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Missing Social Contract

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University of Toronto St. George
Political Science

The missing social contractDiscusses the hypothesis of the political origin of economic problems political support gap for adjustment of the political origin and political obstacles They argue that in order to have effective economic reforms there must be an existence of a basic social contract Gives example of Latin America broad political coalitions play a strategic role connecting civil society and the stateFirst explains the political origin hypothesis There are 2 schools of thought poltical economists view the endogeneity of governments as 1 a consequence of class and ideological structures 2 rational choice adepts view it as the outcome of individual preferences and strategies Individuals have an essential role as economic agents in the market and social classes are still crucial because they express specific interests though social and state regulation Economic crisis derives from the crisis of the state but also has an economic political origin since the state is also a part of the economic system Fiscal adjustment trade liberalization and deregulation should be seen in this hypothesis as strategies to rebuild a smaller but stronger state Overall this theory argues that the politicians are concerned with power relations while economists are concerned with production and distribution throughout the market Although economics and politics go hand in hand this theory seeks to explain that politics and economics are separate disciplines but the former can prove to aid the latter in certain situations ie times of need The political suppor
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