GEOG 1710 1nd Edition Lecture 10 Outline of Last Lecture I. Dependency Theory ContinuedOutline of Current Lecture I. Rethinking of Free Market SystemII. Ideas of Democracy III. FordismCurrent LectureRethinking of Free Market System - Keynes realized that the free market system needed to be rethought because of the great depression, veterans coming back from WW1 and demanding subsidies, as well as the Soviet Union was doing well. - It is a different outlook on Capitalism- Known as the Keynsian demand system - It was to manage capitalism and turn it into protectionism o US is a direct example: new deal policies were a redistribution of wealth - Keynes critique: o The invisible hand does not exist, it is not a rule just an accidento Equilibrium occurs but at a much lower level than is necessary to employ a large number of workers Demand can be five pencils, the five pencils are supplied but they only need one person to produce those five pencils. o Nature of capitalism doesn’t grow in a steady state instead it goes through trade cycles There should be government to manage these cyclesIdeas of Democracy- Liberal democracy: monetary and fiscal (US)o Monetary: printing money, which entails inflation and changing interest rates which makes loans look better so people will take them out These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.o Fiscal: tax reform which is taxing the rich and not the poor and creating more jobs, debt suspended and selling treasury Fordism- Henry Ford’s production of the automobile led to a change in the assembly line- Semi-automatic assembly line- $5 an hour for 8 hour work days- a great boost, short day- Socio-cultural control - Cars were completely assembled in the factory, allowed for faster production, vertical integration, motion studies, small simple segments, produced homogenous product and it was cheap, directed at the middle class, mass production - Fordism is a type of psychological control – Hegemony, indirect control where the exploited give consent to this control through consumption consent to
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