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Thursday, March 8

  1. page Keynesian Economics edited ... Principles of Keynesian Economics Keynesian Theory argues that Classical Liberal Economic The…
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    Principles of Keynesian Economics
    Keynesian Theory argues that Classical Liberal Economic Theory is based on a fundamental error, in which there would be full employment if supply and demand were balanced. Using the Great Depression as an example, John Maynard Keynes proved that this assumption is not always applicable. Keynes believed that in times of stress, individuals tend to hoard money and fail to invest back into the economy, thus creating recessions. According to Keynesian Economics, during these periods of crisis, governments should intervene by lowering interest rates and investing in infrastructure. These actions will stimulate the economy because government investment will create more general income, along with lowered interest rates, will give individuals incentive to spend money. Keynes also believed that the economic cycle of inflation and recession is caused by consumer demand. During periods of inflation, Keynesian Economics suggests that governments should intervene by raising interest rates, taxes, and reduce overall government spending. Keynes believed that this would drain away any surplus money from the economy and will therefore stabilze the prices of goods by lowering inflationary demand. By following this cycle, periods of inflation and recession would be less extreme due to government intervention, and thus most individuals will benefit.
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    of Time {http://quantumconservative.com/wp-content/uploads/2010/02/cartoon06-300x233.jpg}
    Relation to Classical Liberalism
    Keynesian economics was a solution to extreme ideas of socialism, namely communism, which spurred during the Great Depression amongst society members experiencing extreme poverty. The ideology involved in Keynesian economics takes a step away from the far right side of the economic spectrum of economic intervention. It also makes a step towards the left side of the political spectrum representing how government makes changes in society. It opposes the system of pure capitalism that was present in industrialized nations across the world at the time that Keynes first developed his economic ideas. With his economic ideas, Keynes did not propose a movement completely away from classical liberalism, but a new form of classical liberalism known as a “welfare state” or a “mixed economy”. This allowed individuals to act in their self-interest during times of growth or recession, but cushioned the effects of recession on individuals of all social classes. Keynes did not wish to remove the aspect of individualism from society, but to use the government as a force that could either drain money from or pool money into society. Therefore, many of Keynes’ ideas opposed classical liberalism and supported change towards a more modern form of liberalism.
    How it Changed Classical Liberalism
    One of the first industrialized nations to adopt Keynesian economics was the United States of America under President Franklin Roosevelt. Many countries across the world adopted Keynes’ principles as a solution to bring the world out of the Great Depression and prevent further extreme recession. These principles are still used in liberal capitalist societies today forming the mixed economy or welfare state that exists in Canada. Classical liberalism was changed by these ideas because a different means of achieving economic success is now in place. The similar goal of individualism is still present in liberalism, but now individuals have a larger “safety net” that prevents individuals from succumbing to the extreme, unpredictable fluctuations of the economy.
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    References
    Fielding, John.J. (2009). Perspectives on
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    Oxford University Press, 2009. Print.Press.
    "Keynesian economics - Wikipedia, the free encyclopedia." Wikipedia, the free encyclopedia. N.p., n.d. Web. 5 Mar. 2012. <http://en.wikipedia.org/wiki/Keynesian
    "Keynesian Economics - The Canadian Encyclopedia." The Canadian Encyclopedia. N.p., n.d. Web. 5 Mar. 2012. http://www.thecanadianencyclopedia.com/articles/keynesian-economics.
    macroeconomics. (n.d.). macroeconomics. Retrieved March 6, 2012, from http://macroeconomics4u.blogspot.com
    Time to Bury Keynesian Economics… Yet Again | THE CONSERVATIVE POST. (n.d.). THE CONSERVATIVE POST. Retrieved March 6, 2012, from http://theconservativepost.com/WordPress/?p=3082
    Keynesian Economics: Bad economics, worse policy. | The Quantum Conservative. (n.d.). The Quantum Conservative | . Retrieved March 6, 2012, from http://quantumconservative.com/?p=2683

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    10:22 am

Wednesday, March 7

  1. page Scientific Socialism - Marxism edited ... From each according to his abilities, to each according to his needs. -Karl Marx (1) ... e…
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    From each according to his abilities, to each according to his needs.
    -Karl Marx (1)
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    economic philosophy offathered by Karl Marx
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    socialist ideologies.
    {KARL_MARX.jpg} The ideas and beliefs of Karl Marx (above) and Friedrich Engels formed the basis of Marxism. (3)
    Important Figures
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    Centralization of the means of communication and transport in the hands of the state.
    Extension of factories and instruments of production owned by the state.
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    to work.
    Combination of agriculture with manufacturing industries; gradual abolition of the distinction between town and country.
    Free education in public schools, abolition of child factory labour in its present form. (4)
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    8:30 pm
  2. comment Scientific Socialism - Marxism comment added Fixed a sentence structure error. -darko
    comment added
    Fixed a sentence structure error. -darko
    8:30 pm
  3. page Luddites edited ... Key Terms: Rebellion: The loss of jobs to machinery brought anger. One uprising can trigger a…
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    Key Terms:
    Rebellion: The loss of jobs to machinery brought anger. One uprising can trigger a multitude of ones. When frustration within a society is prevalent, destruction can occur.
    Fascism:‍Reactionary: The Luddites
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    their way.

    {fdsdfsdfsf.jpg} A group of Luddites destroying a loom (A machine used to weave cloth)
    {ned_ludd.png} The Luddites were named after Ned Ludd. Ludd was a common factory worker who was tired of the system he was put into. He worked in a weaving company and constantly was whipped if he did not perform his obligations correctly. In 1779, after a long day, Ned snapped and smashed a loom. He was the first worker to break industrial machinery. He started the movement known as Luddism.
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    8:27 pm
  4. 8:27 pm
  5. comment Luddites comment added Removed Facism and replaced it with 'Reactionary' because the Luddites weren't dictators, nor did t…
    comment added
    Removed Facism and replaced it with 'Reactionary' because the Luddites weren't dictators, nor did they want capitalism.
    8:27 pm
  6. comment Democratic Socialism & The New Democratic Party comment added Removed the 'Invisible hand' concept and made a few grammatical corrections. -darko
    comment added
    Removed the 'Invisible hand' concept and made a few grammatical corrections. -darko
    8:25 pm
  7. page Democratic Socialism & The New Democratic Party edited ... equality of opportunity social dividend economic planning Key Figures Jack Layton {…
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    equality of opportunity
    social dividend
    economic planning
    Key Figures
    Jack Layton {http://4.bp.blogspot.com/-C59DWeM9uT4/TeAz9AMRirI/AAAAAAAABAs/iEQigH0r120/s1600/jack_layton.jpg} Jack Layton, past leader of the NDP (1)
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    8:25 pm
  8. page Democratic Socialism & The New Democratic Party edited ... public enterprise political equality ... exploit others invisible hand common inter…
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    public enterprise
    political equality
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    exploit others
    invisible hand

    common interest
    equality of opportunity
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    8:23 pm

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