Socio Reader Ch 9 Notes.doc

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Department
Sociology
Course
SOCIOL 1
Professor
Chuck O' Connell
Semester
Winter

Description
Ch 9 The Global Collapse A NonOrthodox ViewGolden Age of Contemporary Capitalism19451975 rapid growth of central andunderdeveloped economies due to reconstruction post WWIIMid 1970s central economies suffer stagflation Rapid growth of industrializing countriesIncreased global competition income inequality within and between countrieslimit growth of purchasing powerdemandProfitability goes downCapitalisms Three Attempted Escape Routes1 Neoliberal RestructuringRemoving state constraints on growth flow and use of capital wealthRedistributing from poormiddle classes to the rich in hopes that the rich caninvest in economic growthGutting incomes of poormiddle classes restricts demand rich not motivatedto invest2GlobalizationAccumulation of capital through finding cheaper labour raw materials expanding infrastructure into new areasTrade liberalization removing barriers to foreign investmentThis exacerbates the problem of overproduction by increasing prod capacityLeads to drop in prices and therefore profits3FinancializationLarge amounts of surplus funds circulate
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