POLS2094 Lecture Notes - Lecture 2: World Trade Organization, Industrial Revolution, Human Capital

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Trade and markets, the state, trade treaties and trade wars. What is a market: exchange of goods, services, Does there have to be competition: transaction costs, yes, costs are reduced, uber, airbnb, cheap flights, stock market. Pre-capitalism most exchanges not related to the market. However, the church despite its injunctions against usury becomes a major money-lender itself. If a(cid:374)yo(cid:374)e (cid:271)orro(cid:449)ed it (cid:449)as(cid:374)"t to i(cid:374)(cid:448)est (cid:271)ut (cid:271)e(cid:272)ause so(cid:373)e (cid:373)isfortu(cid:374)e had o(cid:448)ertake(cid:374) them: restrictions on the market in pre-capitalist society. Advantages for commerce / capitalism with rise of nation state: centralisation, protection, identification, by 1900 in europe 20 states, larger territories, more people in tem, single set of taxes, weights and measures, laws. Predictability for commerce: monopoly of force domestically, trade develops internationally - intercontinental trade monopoly of force internationally british navy costs can only be borne by substantial state, larger, more powerful and better funded state.

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