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Revision notes - British Welfare State, Economics - Keynsianism, monetarism and liberalism

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Introduction

Chapter 6 Notes: A. British Welfare State ? Sir William Beveridge: social security is necessary but should not stifle incentive, opportunity or responsibility o Provide a minimum to live but leave room for people to strive to obtain more than the minimum ? Britain established several acts to provide some social security (social safety nets, social programs) ? "post war consensus": when both the collectivist Labour Party and the Individualist conservative Party agreed help was needed ? Start of the growth of modern liberalism internationally - some social programs, to assist people - employment insurance, assistance to elderly , child care and health care B. Post War Economy - Canada ? Page 215 ? Strengthened social programs ? Create of welfare state ideas: o Universal health care o Old age security o Foreign investment review agency o CRTC ? Moved towards Modern liberalism - abandoning the more 'free market' ideas for some government intervention C. Economic Crisis: 1970s ? Causes: o 1. Withdrawal from Bretton Woods agreement * These countries no longer had to use price of gold to determine worth of currency * World currencies freely floated on markets - led to inflation and slowing of economic activities o Arab-Israeli War (4th) ...read more.

Middle

? Fredrich Hayek o Critic of collectivism (and Keynes) o Believed for collectivism to work the government needed to control the economy which would eventually lead to the government controlling social aspects of people's lives o Believed it was impossible for government to have the knowledge and ability to make all economic decisions * Government controlled supply but would never have enough knowledge of demand ? Both promoted Price System, Free market o Only way to balance supply and demand and maintain individual liberty E. Price System/Free Market * There are 5 key characteristics in a market economy 1. Private ownership/freedom to buy and sell o Goods and services must belong to the individual who is free to sell them for whatever price they can convince a buyer to pay o The buyer is free to seek out the best deal possible 2. Free competition o Businesses are free to produce whatever they want, however, many businesses can produce the same goods o Competition helps keep prices low for consumers 3. Prices are set by forces of supply and demand o Price is determined by how much is available compared to how much the consumer wants it. ...read more.

Conclusion

Sweden: ? **Social Safety Nets: generous welfare system, unemployment, maternity etc payments are extremely high in order to maintain standard of living of people ? Caused extremely high taxes to the people. Estimated that in the 1960s, 70% of the population depended on the government for its livelihood ? Reform was needed o 1992 - Tax rates: 50% of income, Canada: 36.5%, USA: 29.4% o 1993 commission made necessary changes - examples: unemployment insurance in the former system provided 90% of person's previous income, after reforms only 80% of income - Example: sick or injuring - received 90-100% of salary. After the reforms worker had to wait 2 weeks and receive only 80% of salary B. Canada ? Individualism (can have private ownership, individual rights) and collectivism (still look out for needs of society - social assistance programs, gov't ownership ? Federal Level - (1990s)Canada has implemented some Keynesian Economics - put billions into building and repairing infrastructure o Today: Harper - stimulus package to help failing economy ? Provincially (Alberta)- gone more towards supply side - Ralph Klein o cut spending to reduce the deficit (education, health care) o de-regulated to help improve business (less rules) o privatization (AGT) NOTE: Study Supply Side, Demand Side, Thatcherism, etc. ...read more.

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