HIST 1095 Lecture Notes - Lecture 13: Classical Liberalism, Money Supply, Neoliberalism
28 Jan 2017
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It"s the private sector, which is the key engine for creating employment on a sustainable basis because of market discipline: fundamental difference is that government can tax and private companies cannot. So, in this way, you get a critique that build it in and argues that, with a deficit that come from unrestrained spending, with that you get an expansion in money supply. Even though workers got rising wages based on collective agreement (collective bargaining): productivity gains were being shared between labour and capital and it provided basis for consensus. As that happens, there are variety of strategies that private companies follow: increasing technological change: more automation which dramatically begins to remove jobs (places like auto production, steal, rubber, all areas of unionized ale employment). All of them have impact of lowering labour costs. From the 1970s-1990s and now growing again with globalization of labour. Where we have supply chains extending across various countries.
