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Page 1 of 3 SS 30-1: Chapter 6 Notes-Part 2 The Ebb and Flow of Economic Liberalism Since the Second World War The Postwar Consensus Pages 214-215 What was created in England in 1948? Why was this time known as the Postwar Consensus? The Postwar Economy in Canada Pages 215-216 Besides Unemployment Insurance and Family Allowances what are five other programs that were introduced that made Canada a Welfare State? What was happening in Quebec at this time? Economic Crises of the 1970’s Pages 216-217 Sum up the main issues that happened in the 1970’s. What is stagflation? Why was stagflation a problem for social programs? Monetarism: Friedman and Hayek Pages 217-218 Why did things start to shift towards Monetarism in the 1970s? What have Ralph Klein and Stephen Harper tried to do to the economy? What is Monetarist theory? What does Friedman add to this theory? What does Hayak add to this argument? What do Hayak and Friedman share with Adam Smith? document1 Page 2 of 3 Monetarism versus Keynesian Economics Page 219 How was Keynesian Economics different from Monetarism? What do Monetarists saw about Keynesian economics? Reaganomics Pages 220-221 What was Reaganomics? What is supply-side economics or trickle-down economics? How did economic data from the time not support these theories? Britain’s Thatcherism Page 221 How was Margaret Thatcher similar to Ronald Reagan? What areas of the economy did Thatcher privatize? How did she take on labour unions? Blair’s Third Way Page 222 In response to the Thatcher years how did Tony Blair deal with the economy? What was the Third Way? The Netherlands’ Polder Model, Kenya’s Harambee, and Chad Pages 222-224 What is the Polder model that was used in the Netherlands? What is Kenya’s approach to economics? What are the principles that underlie Harambee? What is the situation with regards to Chad? Economic Practices and the Principles of Liberalism Page 225 document1 Page 3 of 3 Sweden and the United States Page 225 How are Sweden and the United States different in their approach to economic liberalism? Economic Liberalism Today Pages 227-228 What is the general state of economic liberalism today? Copy the chart from the top of page 228. Increasing Economic Freedom-Ukraine and Mexico Pages 228-229 How has economic freedom come about in Ukraine and Mexico? What are the effects of this freedom? Economic Liberalism and the Global Economy Page 230 How is the world starting to shift in its view of the global economy and economic liberalism? What has the election of Barack Obama done to promote this change? document1