11. 20th Century Economy

11 Days. 264 Hours. 15,840 Minutes.

Here we are. The last section. Let’s go:

6.3 New Conceptualizations of Global Economy, Society, & Culture

6.3 Breaks down into 3 sections: 

  1. 20th Century Economy
  2. Global Governance and Interdependency
  3. 20th Century Society & Culture

Today, we look at the economy.

With all the mess going on in the 20th Century, Communist states stepped in to solve their economic woes.  Here are two ways:
1. 5 YEAR PLANS: These are plans that lasted 5 years… OK, they are examples of centralized government planning for massive economic advancement.  There were 13 total; some worked, some were abandoned; but most focused on heavy industrial production.
2. GREAT LEAP FORWARD: From 1958-61, The People’s Republic of China instituted an economic and social program designed to rapidly collectivize the farms. This ended with as many as 45 million deaths (famine).

The Great Depression turned normally Laissez-faire capitalist states into Keynesian states.  Here are two ways:
1. NEW DEAL: Keynesian economics at its best.  US Pres FDR instituted a massive decade long plan to get America back to work. Many of the project focused on infrastructure.  Along with WWII, the New Deal helped to bring the US out of the Great Depression.
2. FASCIST CORPORATE ECONOMY: The goal here was to promote social harmony by having all of the corporations report to the government their plans to negotiate with labor (presumably to keep communism at bay… Fascists hate communists…) In reality, it just promoted political loyalty to the Fascists in power.

Everything above seems to fit into this category, but here are some specifics

Nasser promotes economic development in Egypt: Nasser et al took back many of the things taken by the British (Suez Canal). But, also built this:

The Aswan High Dam… Nasser joke: He walked up to the Nile and said, “Dam it." 


Many states took these government controls off of the economy later in the 20th Century.  Best Examples: Reaganomics, Thatcher in England, and China under Deng Xioaping.

Tomorrow? Global Interdependency!

Posted on May 1, 2016 .