GEOG FINAL EXAM - Sample Questions for G208 Exam 2 Prepare...

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Sample Questions for G208 Exam 2  Prepare answers for all of the following  FIVE  essay questions. Two of the five will appear on Exam 2 on  Friday June 6.  1. Describe some of the key features of the crisis in global capitalism that emerged in the late 1960s and  early 1970s. What factors led to the crisis and how did states/economies and firms respond - what were the  changes in policy and organization that followed the crisis?  • Why Crisis? – Slow down in rate of increase in demand for capital/producer goods that drove post WWII prosperity: » Steel, Ships, Cars, Heavy Industrial Equipment » Also associated with greater energy efficiencies (stimulated by oil crisis) – Falling rates of profit – Lower profits: greater demand for money from capital markets – raising interest rates – Rising inflation (consumer demand, oil prices) – Rising unemployment as well – High inflation, unemployment, low economic growth: stagflation – High inflation, unemployment, low economic growth: stagflation • Keynes idea was that slow growth, high unemployment could be corrected by increased govt spending (demand management) but, in these conditions more money injected into the economy raised inflation. So Keynes’ ideas faded in popularity, free market ideas of Friedrich Hayek gained popularity.   • But there were other reasons for crisis: – Rise in global competition from Newly Industrializing Countries (NICs). – NICs competitiveness benefited in part from
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GEOG FINAL EXAM - Sample Questions for G208 Exam 2 Prepare...

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