Lecture12 - The Economic Foundations of the The Economic...

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Unformatted text preview: The Economic Foundations of the The Economic Foundations of the Societal Regime and the New Societal Regime and the New Social Regulation Social Regulation From Stable Prosperity to the Era of the From Stable Prosperity to the Era of the Great Stagflation, 1948-1979 Great Stagflation, 1948-1979 The Societal Regime The Societal Regime Changing character of regulation in the 1960s- 1970s From traditional forms of economic regulation to the new social regulation The Societal Regime The Societal Regime Traditional economic regulation Rules of conduct governing market behavior of economic actors The Societal Regime The Societal Regime Traditional economic regulation Rules of conduct governing market behavior of economic actors Central goals: #1 To protect rights and opportunities of economic actors in the marketplace Transportation markets; product markets; labor markets; money markets The Societal Regime The Societal Regime Traditional economic regulation Rules of conduct governing market behavior of economic actors Central goals: #1 To protect rights and opportunities of economic actors in the marketplace Transportation markets; product markets; labor markets; money markets #2 To stabilize economic fluctuations and engineer long term economic growth Manage prices, wages, trading practices, levels of competition, etc. The Societal Regime The Societal Regime The new social regulation Focus on the negative externalities of industrial capitalism The Societal Regime The Societal Regime The new social regulation Focus on the negative externalities of industrial capitalism The harmful social byproducts of the production process The Societal Regime The Societal Regime The new social regulation Focus on the negative externalities of industrial capitalism The harmful social byproducts of the production process Costs of production that are not internalized by business not internalized by business , but passed on to the public public in the form of: Air and water pollution Unsafe or unhealthy working conditions Dangerous, unhealthy, shoddy consumer products The Societal Regime The Societal Regime The new social regulation Focus on the negative externalities of industrial capitalism The harmful social byproducts of the production process Costs of production that are not internalized by business not internalized by business , but passed on to the public public in the form of: Air and water pollution Unsafe or unhealthy working conditions Dangerous, unhealthy, shoddy consumer products Or passed on as damage to the natural environment natural environment Wildlife, natural resources, natural habitats, pristine areas of scenic beauty; historical landmarks The Societal Regime The Societal Regime At its root, the politics of the new social...
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This note was uploaded on 04/02/2008 for the course POL SCI 147C taught by Professor James during the Winter '08 term at UCLA.

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Lecture12 - The Economic Foundations of the The Economic...

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