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UNT GEOG 1200 - Crisis in Keynesian Economics
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GEOG1200 1st Edition Lecture 11Outline of Previous LectureI. Rethinking of Free Market SystemII. Ideas of Democracy III. FordismOutline of Current LectureI. Crisis in Keynesian EconomicsII. Neoliberalism III. Neoliberal policiesCurrent LectureCrisis in Keynesian Economics - Late 1960’s and 70’s: productivity declined and stagnationo Over-accumulation / less demand o Rise of labor unions- Cheap loans and inflation- Stagflationo Stagnation and inflation- OPEC and supply side inflation- Baby boomers and unemployment o Increase of population seeking jobs = increase in unemployment o Additional pressure on welfare system - Social democracy in ruins- Out of this merges = Neoliberalism Neoliberalism- Rise of the Austrian school of economics- Draws on the earlier idea of capitalism - State and government = bad - Opposed state regulation- Von Misis: society originated not in some social contract but in the inherent character of the individual. “Egoism is the basic law of society”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.- Fredrich Von Hayek: saw free price system not as a conscious intervention but as a spontaneously derived order - Josh Nash and his elegant model o Game Theory: protect yourself by incentivizing - James Buchanan and Public Choice Theory o We are self-invested – self-interested individuals o Discredited politicians and bureaucrats- All these ideas were picked up by Margaret Thatcher-Prime Minister o Shrank the government o Promote free government o Then moved to US and Reagan promotes the free marketNeoliberal Policies - Fiscal disciplineo No deficit spending - Reduce public expenditureo Reduce welfare, social security - Tax Reform o Tax base should be expandedo Reduce at top, expand at the base - Interest rates are determined by the market - Competitive exchange rates - Trade liberalization- Encouraging foreign direct investment - Privatization- Deregulation- Property


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UNT GEOG 1200 - Crisis in Keynesian Economics

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