POLS 1000 Lecture Notes - Lecture 2: Effective Demand, Aggregate Demand, Comparative Politics
14 Jan 2017
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The keynesian welfare state signified a period of reform liberalism in which you had a justification for expanded state responsibility in politics, the economy and social relations. 1945-1970s --> keynesian programs were shaping western, capitalist politics. The kws carried across different countries and had different dimensions to its development. Comparative politics --> esping anderson made a distinction between liberal residual welfare states (which were placed within the anglo-american democracies) Historical context of change --> great depression (30s: huge increase in unemployment across all major advanced economies. Hard to overcome bc of the stock market crash in ny (wall st. ) Speculative bubble = rapid upward movement in stock prices as investors want to increase profit. [definition of "speculative bubble" a spike in asset values within a particular industry, commodity, or asset class. A speculative bubble is usually caused by exaggerated expectations of future growth, price appreciation, or other events that could cause an increase in asset values. ]
