IC Exams - Midterm Review Sheet_StudyGuide

IC Exams - Midterm Review Sheet_StudyGuide - Class Notes...

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February 28, 2008 Class Notes – Midterm Review Sheet Market Globalism o Deregulation, free trade and capital flows, weak unions, maximum business discretion, current global architecture - WTO, IMF, G-8 o World Economic Forum - “Washington consensus” Democratic Globalism o Reformed global institutions, democratic voice, labor and environmental standards, strategic development, debt relief o World Social Forum - “another world is possible” Adam Smith o Markets breaking free from feudalism o Celebration of self interest o Division of labor, propensity to “truck and barter” o Self-regulating individual – competition, conscience, need for approval o Markets, “invisible hand,” general prosperity Karl Marx o History = class struggle o Revolutionary bourgeoisie breaking bonds of feudalism o Enormous productivity, private appropriation o Globalization of markets and production o Core tension: forces of production, relations of production o Recurrent crisis, growing poverty o Capitalism produces its own “gravediggers” o Bourgeiosie overthrown by working class revolution o Next stage of history: communism Keynesian Economics o Business cycle, boom/bust, market failure o Overheating, collapse=steady state low growth o Problem: lack of investment o Solution: government spending to restart economy o Fine tune supply and demand, smooth business cycle o Employ the unemployed, public works, raise demand and consumption o International stability: Bretton Woods, IMF, World Bank o Managed capitalism, full employment, “economic miracles” Reforms to save capitalism from itself o Keynes’ ideas spread to Europe after FDR implemented them in the New Deal Golden Years o 1950s-1970s o Keynesian economics and the welfare state led to economic growth, prosperity and stability o U.S. New Deal coalition – German social market
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o “Economic miracles” – Japan, Germany, France o Economic growth equaled about 8% per year o Was not good for everyone including blacks and women Civil Rights movement indicated that the period wasn’t so great for everyone o Protest movement about the War in Vietnam led to growing political and social activism hurting the legitimacy of the government’s policies Economic Crisis of 1973-1983 o War in Vietnam, rising inflation o Collapse of Bretton Woods gold standard – 1971 o Energy crises, rising oil prices o Inflation, unemployment, “stagflation” “Neoliberal” era: 1980s – present o Election of Thatcher (1979) and Reagan (1980) o Fiscal and monetary austerity – Milton Friedman o End of cold war – “Washington Consensus” Milton Friedman o Free markets, individual enterprise o Problem = big government, government intervention o Solution = deregulation, limited government role o Ideas embodied by Thatcher and Reagan o Dominant ideology in contemporary era o Global liberalization, free trade, free capital flows o WTO, IMF, World Bank = big government, counterproductive Reagan & Thatcher o 1980 & 1979 o Ushered in a period of neo-liberalism o
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