Political Science 1020E Lecture Notes - Lecture 28: Keynesian Economics, Classical Liberalism, Neoliberalism
17 Jan 2017
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Document Summary
A complex process of integration and interconnection. And a single global market, culture, society, and political order. Reduced ability of states to manage their own affairs. Bigger role for subnational bodies - regions, cities. Globalization is a process - multi-faceted, open-ended. Centuries of global exchange, exploration, empire building (persia, china, europe) The need for a constantly expanding market for its products chases the bourgeoisie over the whole surface of the globe. It must nestle everywhere, settle everywhere, establish connexions everywhere. Globalization gradually re-emerged in 1950s and 1960s. Soviet union collapse in 1991: opens up the east. Neoliberalism - return to classical liberal principles, since 1980. Neoliberal globalization - washington consensus, since 1990s. Sale of increasingly risky and poorly understood financial products. If everyone cuts back spending, the economy will shrink. Good for one family, but a disaster when done by everyone.
