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Notes on video lecture:
1980s: Global Capitalism Transformed
Notes taken by Edward Tanguay on February 18, 2015 (go to class or lectures)
Choose from these words to fill the blanks below:
mobility, borrowers, top, interdependent, multinational, mice, global, widow, Mundell, borders, communist, Stalin, Soviet, Volker, independence, tightening, revolutionary, economic, Japanese, Delors, Squeeze, interlocked, integration, erratic, unemployment, Taiwan, central, Mitterrand, ghost, China, swing, ECU, print, body, socialist, governments, central, mummies, France, 70s
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how the world's                  system became what it is today
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the history of the 70s and 80s were like a              election
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choosing among different sets of ideas
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how to solve problems of systemic crisis that seemed evident in the       
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which parts of the world would be the "           states" in this global election?
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1. Europe
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2.           
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the fate of China
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1976 Mao Zedong died
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big question: what to do with the         ?
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the precedent in the Soviet Union was to turn these iconic figures of communist hero worship literally into embalmed                on public display, objects of veneration in almost a way of quasi secular worship
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the bodies of both Lenin and              had been mummified and were on display on Red Square, Stalin's until 1961 when it was removed during the period of de-stalinization, but Lenin's remained
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the question in China in 1976 was: what role should Mao Zedong play in Chinese culture in the years to come
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decision was to turn Mao into an embalmed mummy as well, also suitable for public display
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four visions for China
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1.                            socialist vision
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renewed hard-line of communism
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Mao's widow and closest people around her were for this
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2.             -style communism
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building up heavy industry
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stronger state planning
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3. national conservatives with Chinese characteristics
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national conservatives
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top-down modernizers
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often autocratic
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strong                management
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partnerships with entrepreneurs
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4. social democracy
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more liberal
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something like in Western Europe
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results
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group #1 was first loser
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Mao's            was tried as enemies to the people and pushed out of the Chinese public life
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group #2 was second loser
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if you look around the world in late 1970s
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capitalist economies were doing much better than                    economies
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those close to China were doing well
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Japan
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South Korea
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in mid 1970s were tempting, since they had economy growth but were all states with a high degree of       -down control
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1978/79
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two groups left:
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3. national conservatives
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4. social democrats
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1980s
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it was clear China was taking a new direction
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formally normalizing relations with the United States
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Deng Xiaoping
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leader from 1978 to 1992
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Time magazine: "banishing Mao's           "
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"I don't care if the cat is black or white, as long as it catches         "
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pragmatism: confirms the firm authority of the central government
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Fang-Shou
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loosening and                     
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constant experimentation
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stepping back
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this cycle continues all through the 1980s
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what was clear was that China was changing
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global capitalism in 1970s and 1980s
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impossibility theory
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from Robert               
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you can only achieve two of these three goals:
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1. capital                 
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ability to easily move large sums of money across borders
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2. stable exchange rates
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3. monetary                         
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goal standard
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1. high
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2. high
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3. low
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countries had to attract gold by changing interest rates
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highly                              to what other countries were doing
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Bretton Woods solution (40s)
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1. low
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controlled by                       
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2. high
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3. high
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1970s collapsed
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1970s went back to something like the gold exchange system
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to go back to this kind of global economic system is a politcal choices
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they had to do this with paper money instead of gold
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the capitalist revolution
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1970s two establishments for economic thinking
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national Keynesianism
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the nation-state should be able to use fiscal policy to change its macro-economic situation, i.e. change                          or inflation rate
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ISI (Import, Substitution, Industrialization)
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created a constant capital election, i.e. governments which compete for investors that loan the governments money in the form of buying their bonds
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money should be free to move
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middle of 1970s
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these ideas popular in Germany and             
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end of 70s
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these ideas come back from Europe to America
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lets coordinate in managing our money supplies
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the question: how do you have a gold-standard-like system with paper money that governments           
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how to make paper money hard?
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manage the amount of paper money you issue
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coordinate that between a few key government that supply the reserve currencies for global exchange
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tight monetary controls coordinated by U.S., European and                  central bankers
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create a world in the 1980s in which
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1. capital mobility gets higher and higher
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2. exchange rates go from being                to stable
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not fixed like a true gold system
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2. national independence gets very low
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countries are                        with each others' monetary planning
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               banks are coordinating more trying to make their money more like a hard gold standand that will attract investment
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but to tight the money supply, you have to raise interest rates
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Paul             
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federal reserve chairman
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Time magazine: the                of 1979
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by mid 1980s, benefits of new system are becoming evident
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new system is freeing up investment capital
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Goldman Sachs is becoming truly                            investment banks
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billions of dollars are moving across               
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has all kinds of effects that touches many businesses in the U.S., Europe, Japan
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rooted in basic political choices
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who will be in charge of driving the economic choices in key countries
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crises
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for worlds                   
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interest rates are going up
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lots of debt crises in the third world
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turns out to be a big problem for the                    countries in the late 1980s
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what if you don't want to be controlled by international bankers
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if you want national independence to drive your economy the way you want
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even to have state ownership of the key banks
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France faced with the beginning of the 1980s
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Jacques             
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visionary for European economic                       
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supports the kind of vision of this interdependence
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                     had to go with him instead of pursuing the more independent path that many of the socialist and communists who supported him wanted
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supported the        or European Currency Unit

Spelling Corrections:

Mitterand ⇒ Mitterrand

Ideas and Concepts:

20th century communist hero worship practices, via tonight's History since 1760 class: "In 1976 when Mao Zedong died, one of the biggest questions facing the new Chinese government was:what to do with the body? The precedent in the Soviet Union was to turn these iconic figures of communist hero worship literally into embalmed mummies on public display, objects of veneration in almost a way of quasi secular worship. The bodies of both Lenin and Stalin had been mummified and were on display on Red Square, Stalin's until 1961 when it was removed during the period of de-Stalinization, but Lenin's remained. The larger question in China was:what role should Mao Zedong play in Chinese culture in the years to come? Their decision was to also turn Mao into an embalmed mummy, also suitable for public display."
1914: Schizophrenic Germany
1914: The Balkan Whirlpool
1914: From Balkan Crisis to War
1914-1916: All War Plans Fail Horribly
The 1916 Missed Opportunity for Peace
WWI Pushes Warring Countries Toward Total States
Why the Allies Won World War One
Post-WWI: Filling the Void of Collapsed Empires
Post-WWI Communism vs. Anti-Communism
Post World War I: The Age of Uncertainty
1910s/1920s: Modern Women
The World of 1930
The 1930s World Crisis
1930s: The Decade of Contingency
America's Entry into World War II
WWII: Strategies for Total War
1945: Hour Zero
Post WWII: Imagining New Countries
Conflicts in Postwar Nation Building
The Two Europes That Emerged After WWII
1947 China: Undesirable Communists vs. Flawed Nationalists
Post WWII: The Age of America
Reasons for the Korean War
How WWIII was Avoided in the Korean War
1950-1952: The Cold War Comes to Main Street
1950-1954: The H-Bomb and the Nuclear Revolution
1950s: Loosening Empires and Building Confederations
The Emergence of the Third World
1958-1962: The World at the Brink
Third World Proxy Wars of the 1950s and 1960s
Managerial States and the Transnational Disruption of 1968
1970s Obstacles to Reducing Cold War Tensions
1970s Democratic Socialism Becomes a Non-Choice
1980s Political Polarization
1980s: Global Capitalism Transformed