Noam Chomsky on Economic Policies - The New World Order Part 5 (1998)

November 30, 1998 http://www.amazon.com/gp/redirect.html?ie=UTF8&location=http%3A%2F%2Fwww....

Watch the full lecture: http://thefilmarchived.blogspot.com/2010/08/noam-chomsky-on-new-world-order-1...

The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states in the mid 20th century. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states.

Preparing to rebuild the international economic system as World War II was still raging, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, United States, for the United Nations Monetary and Financial Conference. The delegates deliberated upon and signed the Bretton Woods Agreements during the first three weeks of July 1944.

Setting up a system of rules, institutions, and procedures to regulate the international monetary system, the planners at Bretton Woods established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group. These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement.

The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained the exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold and the ability of the IMF to bridge temporary imbalances of payments. Then, on August 15, 1971 the United States unilaterally terminated convertibility of the dollar to gold. This action created the situation whereby the United States dollar became the sole backing of currencies and a reserve currency for the member states.

A welfare state is a concept of government where the state plays a key role in the protection and promotion of the economic and social well-being of its citizens. It is based on the principles of equality of opportunity, equitable distribution of wealth, and public responsibility for those unable to avail themselves of the minimal provisions for a good life. The general term may cover a variety of forms of economic and social organization.

There are two main interpretations of the idea of a welfare state: * A model in which the state assumes primary responsibility for the welfare of its citizens. This responsibility in theory ought to be comprehensive, because all aspects of welfare are considered and universally applied to citizens as a "right". * Welfare state can also mean the creation of a "social safety net" of minimum standards of varying forms of welfare.

There is some confusion between a "welfare state" and a "welfare society," and debate about how each term should be defined. In many countries, especially in the United States, some degree of welfare is not actually provided by the state, but directly to welfare recipients from a combination of independent volunteers, corporations (both non-profit charitable corporations as well as for-profit corporations), and government services. This phenomenon has been termed a "welfare society," and the term "welfare system" has been used to describe the range of welfare state and welfare society mixes that are found. The welfare state involves a direct transfer of funds from the public sector to welfare recipients, but indirectly, the private sector is often contributing those funds via redistributionist taxation; the welfare state has been referred to as a type of "mixed economy."

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[rayza563]

Smartest man in the world, accurate in everything he says.

[sunshineuk1965]

love this man, but sadly his voice remains in the universities and will never reach those that need to hear this

[NeatNetwork]

@sunshineuk1965 Frist favorite, then share.

[fuelban]

@Metamorphisize Indeed I see you have a fine grip of the subject of empires, I agree "fuck empires", how ever the fact remains the sun never set on the British empire when i went to school, (the map was pink) in Canada you should at your age remember this as I do... the empire whilst never held minion over Korea, did hold economic sway, (removal of pernicious colonial effects.) in short, it was economic sway, over Japan, china and Korea, hope this clears matters up 4 U.

Thom .

[Metamorphisize]

@fuelban what are you talking about old British Colonies? South Korea was not a British colony and it's an east asian country. It was under Japanese occupation though. Taiwan another East Asian country was a colony of the Dutch and Spanish. What the hell are you talking about British Colonies?

Fuck colonization, you're an asshole. American Empire, British Empire, is all the same shit. Fuck empires.

[fuelban]

@redgeorgieredgeorgie LOL, Cool Guy, Personally I am British first, Scots by inheritance LOL, but if we British don't stand together then we fall apart, I am quite fixed on that much... LOL.... it's a rough world out there....Take care and thanks.

Thom.

[redgeorgieredgeorgie]

@fuelban Sounds like you thought it through. I'm not from Ireland at at. Don't know why I even bothered. lol. It is annoying though when people in America say England instead of UK or Britain. It's not that hard of a concept to understand

[fuelban]

@redgeorgieredgeorgie , Hey guy, LOL, I hear you, but the term British includes Ireland, British makes up Scotland, Ireland, Wales , England, and our islands, Briton is the whole of these lands, the term "brit-on", or Briton is the Term ....used ...in the descriptive of ....(A native or inhabitant of Great Britain) ...(One of a Celtic people inhabiting ancient Britain at the time of the Roman invasion), the Celtic , whom are Ireland, Scotland & Wales, English being Saxon. all true... Thom.

[redgeorgieredgeorgie]

@fuelban It's probably just as annoying when you hear people say Britain when they mean the United Kingdom. Britain excludes Northern Ireland.

PS. It's spelt Britain, not Briton

[fuelban]

Wow I have to say Mr. Linguist, Learn to say BRITISH>>> It is so annoying to hear this county refer d, to as "England"........ Briton if you will please. not the ....channel islands / Ireland / ENGLAND / Wales / nor / Scotland, all of which make up BRITON.....THANKS, Mr. Linguist,.

Thom in Scotland // indeed in Briton.

[fuelban]

the American people are a hard working fairly decent bunch of people, with a huge opportunity to better the whole world, but not until they rain in those dis honest war warmongering power broking bankers and war lords, HOPE YOU HURRY AMERICAN PEOPLE... Really Do Hope you wake up (SOON).

Thom.