PAPM 1000 Lecture Notes - Lecture 8: Wesley Clair Mitchell, John Kenneth Galbraith, Thorstein Veblen

• School: Carleton University
• Department: Public Affairs and Policy Management
• Course: PAPM 1000
• Professor: Marc Andre Gagnon

Document Summary

After keynes, the keynesian welfare state and fordism1 predominated. This is the glorious 30 years of capitalism (1944-1973) Rise in unionization: trinity of state, unions, and employers. New belief that consumption leads to economic growth. Productivity gains (gains in value from production) should be shared equally--> capitalists shouldn"t get all the profit. Multiplication of welfare programs - ei, welfare, etc. High economic growth that benefits all and increases living standards for everybody. State spending has ballooned since the keynesian revolution--> the role of the state is reshaped, reevaluated, and the trinity of gov, unions, and companies is the formation of neoliberal power. Real income goes up for all classes of society. There"s a shift towards having a consumerist middle class that would spend to encourage economic growth), public spending, and monetary policy (money supply) Production (y) = consumption (c) + investment (i) + public spending (g) - (imports - exports)