20 Questions
What system contributed to the establishment of the 'golden age of controlled capitalism'?
Bretton Woods regime
Who was the architect of the Bretton Woods system?
John Maynard Keynes
What event led to the collapse of the Bretton Woods system?
President Richard Nixon abandoning the gold-based fixed rate system in 1971
What characterized the global economic instability in the 1970s following the collapse of the Bretton Woods system?
High inflation, low economic growth, high unemployment, public sector deficits, and energy crises
Who were the leaders of the neoliberal revolution against Keynesianism in the 1980s?
Margaret Thatcher and Ronald Reagan
Which two classical liberal philosophers are the roots of neoliberalism?
Adam Smith and David Ricardo
What did British sociologist Herbert Spencer add to the neoliberal doctrine?
Social Darwinism
What significant event further legitimized the budding neoliberal economic order?
Collapse of communism in Eastern Europe and the Soviet Union (1989–91)
Name three developments related to economic globalization mentioned in the text.
Internationalization of trade and finance, power of transnational corporations and large investment banks, role of IMF, World Bank, WTO
What is the main goal of neoliberalism in terms of market regulation?
To eliminate constraints on free competition
What was the main reason for the collapse of the Bretton Woods system?
High inflation and low economic growth
How did the Bretton Woods system contribute to the global North's class compromise?
By enabling rising wages and social services
What effect did the collapse of the Bretton Woods system have on economic competitiveness of US-based industries?
It undermined their economic competitiveness
How did President Richard Nixon contribute to the demise of the Bretton Woods system?
By abandoning the gold-based fixed rate system
What political approach did conservative parties advocate in the 1980s that led to election defeats for supporters of controlled capitalism?
Neoliberalism
According to Adam Smith and David Ricardo, what did they view the market as?
A self-regulating mechanism
What did Herbert Spencer add to the neoliberal doctrine based on social Darwinism?
Suggested that free market economies lead to 'survival of the fittest'
What event gave further legitimization to the budding neoliberal economic order?
The collapse of the Bretton Woods system
Which aspect is NOT mentioned as a significant development related to economic globalization?
Increasing power of local governments
What was one advocated action by Adam Smith and David Ricardo to achieve efficient resource allocation?
Encourage free competition and eliminate trade barriers
Test your knowledge on the Bretton Woods regime and its impact on the 'golden age of controlled capitalism'. Explore the influence of John Maynard Keynes and state interventionism in Europe and the United States during that era.
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