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GLBL 210 Notes 2/1/16-2/3/16

by: Hadley Ashford

GLBL 210 Notes 2/1/16-2/3/16 GLBL 210

Hadley Ashford
GPA 3.776

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About this Document

These notes cover theories of Hayek and Polanyi
Global Issues
Jonathan Weiler
Class Notes
25 ?




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This 3 page Class Notes was uploaded by Hadley Ashford on Wednesday February 3, 2016. The Class Notes belongs to GLBL 210 at University of North Carolina - Chapel Hill taught by Jonathan Weiler in Spring 2016. Since its upload, it has received 14 views. For similar materials see Global Issues in Global Studies at University of North Carolina - Chapel Hill.


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Date Created: 02/03/16
GLBL 210 Notes 2/1/16-2/3/16 2/1/16 - Postwar boom after WWII o Expanding middle class (mostly white) o Coincided with Keynesian consensus  Peace treaty between business and labor  Increased government spending on infrastructure and social programs, for example  Welfare state capitalism o Contributes to American Dream - Perception of need affected by social norms o Certain products necessary to keep up with changing norms - What does it mean to be well-off? o Relative wealth and well-being - “Baby boom” 1940’s -1960’s o Population surge o Indication of wealthy society  Able to have more kids and provide for them sufficiently o Levittowns: suburbs, more affluent living  Middle class have opportunity to own their own homes  Mostly limited to whites - Evidence for economic transformation: o Incomes in Europe tripled in late 20 century o 1950 Japanese development 100 years behind US, but 1973 Japanese development only 10 year behind US o 1948-1973= tripling of economic output of leading world powers - Trump illustrates mindset of 1980’s: individualism, “greed is good” from Wall Street movie - Hayek (1899-1992): concerned with social/cultural implications of organization of economy o Markets as telecommunications systems  Prices serve as messages between businesses and consumes  Price illustrates what is valuable and what people care about o Most efficient allocation of resources possible  Ex. don’t want only cheese producers in markets  prices would convey inefficiency of this allocation of resources o Against central planning o Humans bad at predicting future  unable to completely control economy because don’t know consequences of actions o Government’s only role should be to set basic rules of competition  Should be fair and equal o Downfalls of central planning (economic and political views)  Leads to loss of liberty  People/groups unable to figure out for themselves or learn from mistakes with total government control  Unable to predict/account for everything o Takes on larger social worry - 1970’s: Post-war consensus unravels o Vietnam War: drained US treasury, massive losses of life, led to political/social conflict in US o Oil crisis (1973-1979): gas lines, slowing of period of economic growth o Third World Debt Crisis: US asserted itself globally - Margaret Thatcher: leader of conservative party in Britain o Similar to US democratic party before Thatcher o Supported Hayek’s theories o First female leader in any advanced industrial society o Reagan had similar ideas - Reagan’s ideas: o Less government involvement, let markets control economy - New consensus- neoliberalism: o Free-up markets, less government interference o Privatization, increased capital in private hands o Deregulation- less government interference o Labor flexibility o Capital mobility 2/3/16 - Key concepts from Polanyi: o Fictitious commodities o Embedded markets o Self-regulating markets o Double movement and counter moves - Polanyi views economic ideologies of nineteenth century as fictitious, made up to serve specific purpose - Fictitious commodities: Called fictitious because not produced/created with intention of selling in markets o Land o Labor o Money - New thing about markets is that profit has risen to highest value in society - Labor as fictitious commodity doesn’t refer to slavery o Any employed person sells their services on market for profit - Fictitious commodities represent new way of viewing selves and environment o Before rise of self-regulating markets, markets were subordinate to society o Polanyi concerned with recent flip to markets over society  Fictitious commodities contribute to it o Human value reduced to what they can produce to put in a market - Exchange is not new- concern is with what markets are doing to society - Example of society over markets, putting markets in their place o Blue Laws: laws based on religious principle  Ex. can’t sell liquor on Sundays in Kansas  Gradually fading o Sacred spaces: sometimes, some places are not/should not be used for making money  Ex. people protested use of Spiderman logo on major league baseball bases  Ex. Seinfeld Soup Nazi - Counter moves: as liberalism/self-regulating market imposes values, society/culture/ideologies pushed back, resisted o Self-regulating markets not fully accepted by society o Free market capitalism was planned and reinforced by institutions  Planning doesn’t refer to central planning of Soviet Union o Ex. Child labor laws: children had become commodities, resistance from society to reduce/eliminate this - Polanyi argues that self-regulating market’s end goal is to turn everything into commodities to be exchanged on market o Counter moves prevent this, so self-regulating markets have a limit - Double movement: two things happening simultaneously in society o Logic of self-regulating markets increasing extension into many aspects of society o Increasing limits on exchange of fictitious commodities o Society accepts that self-regulating markets determine much of society, but draws line at fictitious commodities


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