History Final Study Guide

History Final Study Guide - History Final Study Guide...

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History Final Study Guide Changes in the World Economy since the 1970’s: Globalization o a growing closeness amongst people in societies from different geographic regions and across boundaries o a world getting smaller in a figurative sense, easier to move goods from one place to another o narrower meaning at this time, a specific set of economic programs o emergence of globalization in late 20 th century, United States supported this policy Issues surrounding globalization o issue of jobs of countries and how they are distributed, income levels in countries, ability for people do democratically elect their affairs o economic downturn of the 1970’s o end of what has been a fairly big economic expansion since WWII o high oil prices at this time, corporations and banks in the United States had to worry about countries like Germany who had rebuilt o 1970’s witnesses so much competition among countries economically o corporate framework social contract- if someone went to work for a very large corporation following WWII, then as long as they didn’t screw up really badly, that was supposed to be their job for life 1970’s economy cooled off dramatically much of corporate America decides to get rid of that economic model that had been in use previous to this and move towards a different direction o much more confrontational tactics being used towards manual labor o downsizing and streamlining was required, corporations had to reduce their workers o similar things are going on in Britain at this time
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corporate America begins to fund politicians, who are going to support the role of social welfare o Ronald Reagan thinks he has the answer that the country is looking for o gov’t cuts back on social spending, social programs, spending in other areas increases dramatically economic expansion of the mid 1980’s in the US, expansion is from military Keynesianism o government should and could play a big role in the economy mostly in virtue of its spending habits, if government is in recession or depression, spend a lot of money to pump in the economy, and vice versa if the economy was heating up too much o during 1980’s America witnesses the biggest spending towards military defense o they pumped money also into big corporations and it created a big deficit in addition to cutting back on social spending, entirely new attitudes towards regulations on how company conducted business govt no longer plays a big role on big business, and the rich people were beginning to be taxed less than in the past corporate America is telling their workers they will have to lower wages, or the company will look elsewhere for a better worker climate Revolutionary change in transport and communication following WWI… o airplanes used for transporting people from place to place starts to become very popular, and not only the transport of people but also the transport of goods, the internet/computer industry has a gigantic boost out of WWII,
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History Final Study Guide - History Final Study Guide...

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