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C O U R S E 
A History of the World since 1300
Jeremy Adelman, Princeton University
C O U R S E   L E C T U R E 
1918-1945 Rethinking Economies
Notes taken on January 15, 2022 by Edward Tanguay
in World War I, on the battlefield, the resources of empires hemorrhages in the form of the human toll
the peace of 1918/1918 didn't create a durable peace
the tension would persist until well into 1945
1914-1945, a thirty-years war
war was much more common in the world than peace
brought the old empirical systems to a head and with a human toll that we have never seen and that we would never see again
a crack in the economic system
1929 was the collapse of the financial, commercial and open integrated, interdependent system
disintegrated the global system
took only a few, short intense years to break this down
production was separated from consumption
19th century was an experiment in this
some produce primary stables (India--cotton), and others (Britain--textiles) produces manufactured goods
protectionist measures
to protect own jobs
the system starts to break down
the capital that flows back and forth between the two was shattered by the financial crisis
reached its depth in 1932
what pulled the world out of this were the demands of the wartime economy
people became disillusioned with the classic approach to global capitalism
with 20-35% unemployment rates
all economic systems relied on state intervention as an engine
the state was recognized as an agent for creating demand for commodities
you needed the state to step in and create demand
the economies that did relatively better throughout the depression were the command economies
not just where states put money in people's pockets, i.e. the liberal economies
some states took over production itself
never before have we seen the state play such an aggressive role
all societies had become a mass society
had to integrate the have-nots into society
all mass production societies
mass producer of the Model-T automobile
his workers should be able to buy an automobile
they can be the consumers of what they produce
a conceptual breakthrough
to recombine production and consumption
there was pressure on states to solve social problems
states could be involved in resolving the market failure
to recombine production and consumption
the paradox of modern capitalism is that while it created more integration, it also created more volitility
put pressure on states to integrate societies vertically
to bring the poorest levels of society into public life
resolving these paradoxes was the challenge of the 1930s