SOC 103 Lecture Notes - Lecture 15: Financialization, Monetary Policy, Thatcherism
Document Summary
Keynesianism: a set of policies that constrained capitalism. Consistent with progressive rather than regressive system of taxation: progressive is tax based on what you make vs , regressive is tax that is the same for everyone. The social surplus (income tax) is used to crate a safety net: insurance. Creates safer happier and possibly more productive workers: not being preoccupied with will i lose my job? : not worried. Stabilizing state interventions: overproduction, business cycles, reduce unemployment. , an ideology and a set of policies. Paradoxically, neoliberal policy requires state influence and facilitation. The market will take care of everything : competition means we need to work harder: innovation. Peoples needs will be expressed and best met through market: competition helps with efficiency. Competition will keep prices low and compel innovation: good for the masses. Wealth will trickle down (the rich will spend their money): the trickle down effect.
