GLOBL 1 Lecture Notes - Lecture 8: Laissez-Faire, Physiocracy, Labour Power
Document Summary
Lecture 8: capitalism and the industrial revolution: capitalism: ideology for private property v. communal ownership. Human labor used to get energy from nature with tools, skills, etc: develops in 17th c karl marx: monetary wealth can buy labor power. Mercantilism (form of capitalism) : govt. regulate exports/ imports: high tariffs were on imported goods, making them more expensive at home, local firms/ industries helped in lowering prices of exports. Developments of capitalism: physiocrats (french) don"t want govt. to interfere w trade, laissez faire (allow to do, adam smith: people should be free agents; own self interest (benefit society) Business leaders take over control: social change in lower class: machines took jobs, wages low so expenses like rent didn"t equal out; labor unions, social change middle/ upper class: benefitted them politically, educationally etc. Economics of industrial revolution: capital (already-produced goods) by private investors and financial institutions to expand ir, banks/ financiers are important like industrialists and factories.
