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lecture 4.15.09 - econ crisis of 70s Demand fell because of...

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econ crisis of 70s Demand fell because of Japan and Europe’s rise Saturation in consumer markets (corporate profits fall) Oil crisis – we are most dependent that depends on foreign oil and car dependent country Steep decline in manufacturing Response to the crisis: Corporate response to crisis was to try and cut costs by making labor cheaper -clothing, electronics -replacing male workers with female workers because of cheaper and better workers? Outsourcing -white collar jobs Speculation -buy and sell other corporations in order to increase profits rather than investing more in new products and creation to long term value to economy Government response: (but actually comes back and haunts the econ) Deregulation - to cut back on government oversight, cut back regulation on airlines, banking, telecommunications -belief was to have fewer regulations maybe industries become more competitive, more productive, effective, have normal prices -company might be too caught up in rules by gov, so by taking rules away and let the companies govern themselves more then become more efficient Privatization -to have private owners own things that are previously held/should be held by government -sold off firefighters, ambulance services, garbage pickup -reason to do so because government wages are good and government jobs mean job security and once privatized money don’t have to come out of government and corporations can do it at lower cost.
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