Political Science 2211E Lecture Notes - Lecture 5: Market Failure, Market System, Individualism
18 Nov 2015
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Lecture 5 the politics of economic policy and structure of the canadian economy. Less government: lower taxes, less social spending, fewer regulations, weaker unions, free trade, free markets, more efficiently allocate resources (supply, demand, price signals, stimulate innovation, self-correct problems, decentralize economic and political power. Beliefs: market system is most efficient but, sometimes market failure occurs (monopolies, negative externalities, etc. , free markets lead to high inequality, need intervention to correct market failures and reduce inequality. Explaining causes of problems: neoliberal, individual responsibility. Homelessness individual responsibility: government intervention. Financial crisis country"s fault: solution is less government, keynesian welfare, system not individual, market failures and inequality, homelessness systemic causes, financial crisis due to financial system, solution is government intervention. The political spectrum in canada and the usa. Left-to-right political spectrum, originated in 1789 national assembly in france: nobles supporting monarchy say on right, revolutionaries sat on left, economic spectrum: Left wing - socialist keynesian welfare classical liberal neoliberal right wing.
