GINS 1010 Lecture Notes - Lecture 7: Absolute Advantage, Protectionism, Opportunity Cost
21 Nov 2017
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Document Summary
Two basic models we have of an economy/society. Ir theory assumes all actors are created equal, sovereign. in reality, this isn"t true. some corporations and some countries will always be more powerful than others. Some corporations are more powerful than countries. Can the powerful corporations do whatever they want? theoretically yes. but countries still always have the power to kick out corporations. States used to be the masters of markets, but now on many crucial issues the markets are the masters over the governments of states (susan strange) Right to private property, right of inheritance, freedom of enterprise, freedom of choice economic activities are undertaken for the purpose of profit for consumers, competition, price mechanism on market forces. If you own what you produce, you work harder and make better economic decisions as you have a vested interest. if you own property you can leverage it. If you own property, you invest more money into it and your community.
