The Oil Shock and Neoliberalism
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- čas přidán 4. 06. 2024
- The oil shocks of 1973 and 1979 led to international disruption and a crisis in the post-war order. Domestically, weaker productivity growth, the squeeze on profits, and de-industrialisation led to conflict between capital and labour.
Public finances came under strain and led to major changes associated with Thatcher and Reagan. The result was an intellectual revolution: a shift to neo-liberalism with a stress on individualism and incentives rather than collectivism and equality, and greater power for finance. ‘Hyper-globalisation’ now prioritised international over domestic concerns.
A lecture by Martin Daunton
The transcript and downloadable versions of the lecture are available from the Gresham College website:
www.gresham.ac.uk/lectures-an...
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The mention of trebling of oil prices in early 70s and link to USD . That was huge issue for UK inflation, it's very much understated here
Great Lecturing. Thank you for sharing
What a great introduction to the absurdly complex world of post-war capitalism, even if Ben Bernanke wasn't even alive in 1906 (52:32).
Think he meant 2006.
A fantastic description on post war economics
Superb! Gresham College needs National funding!
A growing population demanding growth of energy from an economy that has zero understanding of the limitations of supply.
Ah yes, the conundrum of we must have more people to keep the economy growing.....and where are we going with this economy when there is so little oxygen in the air people crawl around ( the ones that are not rich enough to be able to afford to buy into a bunker). This condition is caused by the extreem acidification of the world's oceans. Where is the economy going... into Space? Maybe Mother Earth will bring on another ice age and put us out of our burning, starving, gasping hot house Earth misery. Once the Gulf Stream slows this may very well happen. Well, some humans may survive. It will take a long time to come back to some sort of a civilization....but who knows, we may learn something and actually build back better.
*It requires money to make money this is the best secert I have ever heard we don’t make money we make multiple money.*
There are platform where you can invest and they trade your money. Then pay you profit either weekly or monthly. That's investing..
@@donaldwagner452 I believe that he was referring to Fractional Reserve Banking, wherein a bank creates 10 times the amount of any monies borrowed - that's right, free money created out of thin air............
(4:12) "the Americans were also spending a large amount of dollars on overseas defense" now those last two words are a euphemism if I ever heard one.
Super overview of the most important events and policies behind the globalization miracle of the last 40 years
More interesting insight into the origin of the Eurodollar system.
Nice job. Neo-liberalism hollowed out the unskilled workforce in the West which directly ed to the right-wing nationalist and xenophobic movements we’ve seen in so many countries.
You should probably reflect on your statement and understand or try to understand
@Christie Malry just another person whose dear capitalism must never be criticized for it can do no harm and must be something else's fault. Which is the entire reason why the right blames minorities with no money and power being exploited equally next to any native worker with no money and power, misdirection of blame.
Populism on both ends of the spectrum, it’s just only the right has the stomach to critique the further destruction of the working class through mass migration
Great video💖. you've remind me of what someone once said "The mind is the man,the poor is in it and the rich is in it too". This sentence is the secret of most successful investors. I once attended similar and ever since then I've been waxing strong financially, and i must tell you the truth...
and how has that advice worked out for you? are you tremendously wealthy?
Why no fundamental re-ordering? The industrialization of China kept cheap goods flowing so the flexible/precarious service economy became entrenched. This miscalculation was to assume China would liberalize. The bigger factor was culture, and the successful campaign of hyper-individualism and personal responsibilization of the Right. The illusion could be maintained as long as the pieces were in place: cheap energy guaranteed through militarism, cheap labour from Asia, cheap money from central banks, politics of low taxes with underfunded government and cognitive denial of environmental costs. Financialization expanded and entrenched, and the stock market became a mortgage bank, savings bank, national pension program, and national insurance. The welfare state in America is financial markets. And these are backed by a hegemonic culture and politics of core values. Each of those pieces are proving illusory, and causing denial and shock as they slip away. But what comes next? Post-capitalism? Illiberalism or neofascism? Economic collapse? Green New Deal? Post-Carbon localism?
The answer my friend is blowing in the wind.
We deindustrislized…without productive forces and a dynamic growth oriented industry and positive interplay between labour and capital, particularly high up the value chain, financialization is the only way to maintain the illusion. Debt cheap capital etc…pyramid scheme
Awesome. Excellent channel. Well said. Spot on.
The main beneficiaries of financialization is not the skilled workers (as mentioned in the 50" mark) or any workers but of those who hold wealth. That's what progressive tax rate on work but low flat marginal tax rate on investments means.
Amazing! Thank you so much.
Interesting but left out is the role of ecological overshoot, global warming and peak oil. There is the pretence that the economy is floating from the eco system. It is no accident that ecology and economy share the same prefix.
Excellent Teaching of historical information. At last I recognise what was the real world effect of "floating the Australian Dollar", Government responsibility for backing the value of money and its management was dumped on those who had trusted them to honour the (Social) Contracts like the perception paradox (circular logic) of "Business Confidence" that is the basis of Civil Society.
The "tale of the dog" seems to be about equity's circularity in social equity.
This lecture is an illumination of that circumstance.., the actual falling Domino effect spread around the world as "Privatisation" (aka looting, by inverting Gov responsibility), Legalised Robbery is amazingly effective and efficient for the (1% of) recipients.
Civilisations rely on mutual respect and trust, here-now-forever, naturally occurring quantisation in probability connection.
The control of Nuclear Weapons in the hands of an elite, privileged to loot the economies of the world to forever prepare for privatised wars, is the antithesis of Civil Society.
Who's the talker ? Excellent !
The deindustrialization of England after the 1960s was largely just a collective choice made by the governments and the trade unions of the day.
So instead of government control of commercial banks, it switched to commercial bank control of governments (unless you're China).
Ah, the miracle of incentives. The solution to poverty. If we just fine people enough for being poor, and pay people enough for being rich, no one will choose to be born poor ever again. And if it doesn't eliminate poverty, that just means we aren't doing enough of it.
I love the phrase " The Americans were spending a huge amount of dollars on overseas defense" in respect of the Vietnam war. I'm going to come round to your house tonight with my gun and defend myself.
You get Labour government it Martin sellner no it Art he won that.
I’m sorry, folks: This is a very shallow and one sided polemic about a very important and consequential episode in American and monetary history.
Nixon’s predecessor, Lyndon Johnson, had run up tremendous budget deficits with his expansion of the Vietnam war and his “Great Society” social programs and was paying for them with printed dollars. France, Germany and Switzerland were heavily speculating against the US dollar by using their foreign reserves to buy gold at $35.00 per ounce and were rapidly depleting the US of its gold reserves. The point where the US could no longer redeem dollars for gold was rapidly approaching and something had to be done quickly. Nixon put a lot of thought into this problem, convened his cabinet (including John Connally, George Shultz, Paul Volcker, Arthur Burns, Peter Peterson, Paul McCracken) and hammered out a policy that was compatible with the political reality of the time.
The Democratic Party controlled both houses of Congress at the time and would have imposed more stringent and damaging price controls over Nixon’s veto. Nixon did not want to impose price controls but had to acknowledge political reality. Instead, he imposed temporary price controls that were milder than Congress wanted. In his speech of 15 August 1971 he plainly stated that price controls could not be sustained without constraining the economy to a degree that could not be tolerated for a prolonged time.
To imply that this was done with little care or thought is simply wrong and contrary to the historical record. All of this is laid out in a book entitled “Three Days at Camp David” by Jeffrey Garten (ISBN: 978-0-06-288767-2). Mr Martin Daunton would do well to read that book and specifically address the points enumerated in it.
Nixon was the most important and consequential US president of the last half of the 20th Century. (Yes, he was more important and consequential than Ronald Reagan.) The world was well served by his handling of this difficult crisis.
@CNN is Fake News Like your postmodern "there is no facts just those that fit my ideology and confirm my believes" view of the world is in any way better or more truthful.
Not everything your cognitive dissonance can't handle is "Marxist".
But I'm obviously talking to the type of stooge that follows Fox News OAN Newsmax Project Varitas Breitbart PragerU Steven Crowder etc but cries fake media at CNN.
Such stupidity from a individual that watches Aron Ra and other atheist channels is sad...
@CNN is Fake News Your laughing at your own ignorance
@CNN is Fake News From an Interview with him.
Question from Interviewer: Could you say a little bit about the people who have influenced you in your practice of history so to speak?
Martin Daunton: The course at Nottingham was rather old-fashioned I suppose for two years. We studied 3 subjects - history, and I did sociology and economic history. The history was taught in very old-fashioned way indeed and I gained very little from that at all. I think the quality of the teaching, despite the fact that the staff-student ratio was very favourable, was really dreadful. One only had one supervision a term, and that was it.
Sociology was rather similar. Though doing it for two years, I remember having only one supervision, that was given by a PhD student in a class of about 15-20 students, who admitted that he’d lost all of our essays. It makes one think that perhaps the auditing culture that we’ve had since was actually rather beneficial.
So I can’t say I got anything at all in addition to what I’d done at A-level in the history element. With sociology I gained something from reading Max Weber and other great sociologists of the past like Durkheim, which had a continued influence. In the economic history there were some teachers who did have an impact. Jan Titow did the medieval period, and I much enjoyed that, and that brought me into contact with the work of Michael Postan, whose work I’ve always greatly admired, and whose Chair I now hold, rather curiously.
The history of economic thought was taught by Bob Coats, and although I didn’t take his specialised third year course, I’ve always remained interested in the history of economic thought, and in trying to understand the economy through how people perceive the economy. But not only through formal economic thought but through cultural meanings. I’ve always wanted to bring together cultural history and economic history.
Alan Armstrong, who went onto Kent where I did my PhD, was there for my first year, and his work on demographic history and the use of the censuses was another influence. But I suppose the person who had greatest influence was Helen Mellor, who I still see very regularly. I did her third-year course on urban history, and that’s what I suppose I went on to do for the first part of my academic career. So it was very much Helen Mellor’s work on urban history, social history, understanding Victorian towns and understanding charity. Inter-class relationships within towns. It was those issues which she studied in her PhD on Bristol which interested me, and which I then went on to study in my PhD, going back to what I was saying a moment ago about South Wales, and trying to understand that society in a more systematic way.
@CNN is Fake News You wouldn't know a Marxist if one looked back at you in the mirror 😲✊
@CNN is Fake News 🤣🙄 Sowell? Friedman 🤮
Yeah ...
Globalist. 🤡