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January 23rd Lecture Notes.docx

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Political Science
Course Code
POLI 227
Rex Brynen

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JANUARY 23, 2012:  Subsistence economy→ people grow to eat, and trade their surplus for goods they cannot produce (ex. Wheat for pots). European traders come and buy surplus and sell their own European goods. The European imported goods marginalize those selling similar products in the developing areas. European traders bring new products and introduce them (ex. Cotton seeds, which would enable peasants to grow and sell a new product).  Eventually colonial rule is introduced. Missionaries open schools and provide medical care, irrigation and mechanization cost money but increase yield, railways are built to export products, local elite is appointed as a local magistrate, taxation emerges, and land must be registered.  When engaging with globally traded commodities, world prices going up and down with global supply and demand will affect you. When peasants engaged in subsistence farming, they can eat their own goods (wheat) and not be affected by world price fluctuat
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