notes. 9.17 - 9/17 Boyer All major immigration countries...

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9/17- Boyer - All major immigration countries pat up anti-immigration policy o US had one of the worse o Why? Protecting low skilled workers, immigrants were driving down wages, just getting vote Racist policies, US has a ban on Asian immigration Fear that there will be a flood of economic refugees who will ruin economy o What do these policies do to wages? Wages are dispersing/divergin in the 1920’s after the end of WWI Can be considered positive if living in the US - All countries that fought in WWI were forced of the gold standard (minus us) o Have no choice- borrowing, printing, extra money, huge trade defecit o Countries want to get back on gold as soon as possible - Central Europe monetary system had horrible hyperinflation - Slowly but surely countries go back on gold o Trade collapses post- WWI o Go back on to increase exports and reconstruct the pre-WWI economy o British go back on gold of previous exchange rate Cause horrible problem and destroys economy - 1925-29 o Economic boom o US has been in boom since 22 o Everything seems good and on trade - October 1929= US stock market collapse
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o Entire economy is unraveled o GDP drops dramatically world wide o Unemployment in the 30’s is huge! o Keyensian economic developed as the economy wasn’t self correctin o Government respond conservatively Say’s Law
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