Political Science 2245E Lecture 5: POL2545G Lecture 5

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Week 5: capitalism, class and conceptions of political development. A system of generalised commodity production, featuring: Contains a logic for how value gets determined. Example for logic -> supply and demand. Used as an argument to show why capitalism is better. First theorist of capitalism; notices new patterns in society. Emerges from late mediaeval italian and dutch cities. Start to engage in what we now know as importing and. Started to expand trade relations from local to international. This is the middle class; not seen as high status, ie noblemen, but. Sites of decentralised, independent decision-making by sellers and buyers. Maximise efficiency by dividing labour; people become efficient at that one part of production in respect to skills/abilities. Countries should trade for the combined benefit of both countries. Ie cad trading maple syrup and india trading spices. No interest in state intervention on markets. Some rules should be applied but state should still be limited in respects to markets.

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