Week 6 Study Guide - INTB 3351 History of Globalization...

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INTB 3351 History of Globalization Reading Study Guide Jeffrey Frieden, Global Capitalism , 229-241, 253-300 1. What was “social democracy”? How did the Swedish and American versions of social democracy compare? (pp. 230-236) social democracy - A new political order in which support for a democratic welfare state which incorporates elements of both socialism and capitalism , sometimes termed the mixed economy . They reform capitalism democratically through state regulation and the creation of programs that work to counteract or remove the social injustice and inefficiencies . Swedish - demand management, government commitment to alleviate the business cycle. Used monetary policy to keep prices from falling or rising too much fiscal policy (government spending and taxation) to sustain economic activity. Social Democrats implemented emergency and public works that employed an average of sixty thousand workers. Social Insurance and unemployment insurance was also added. 1938, also signed the Saltsjobaden accord in which business acceptance of Social Democratic government, high labor costs 9 high wages and the benefits of the welfare state), full employment fiscal policy, and government activism for social services in return for labor peace in labor markets, continued private control over property and capital markets, and openness in relation to the world economy. United States - Took the dollar off gold and devalued, in which help recovery. Roosevelt administration adopted emergency programs to regulate industrial prices, support agriculture, and build and manage large public works. He also included job creating government programs, social insurance, and labor rights. Congress also passed the Social Security Act and Farm Policy.
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