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October 10, 3013 3B03 Lecture

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McMaster University
Political Science
Richard Stubbs

Started on: 10/30/2013 4:36:00 AM Last saved on: 11/10/2013 5:58:00 PM C LASS N OTES FOR : P OLITICAL S CIENCE 3B03 McMaster University, Fall 2013 W EDNESDAY , OCTOBER 30, 2013 Accumulation by dispossession; liberalization of markets D IVERGENCE IN E AST A SIA - Developmental state is an example of divergence - Historically informed - Contextual and it diverges from liberal capitalism V ARIETIES OF C APITALISM - What are some basic foundations of capitalism? o Property o Accumulation o Competition in a general sense o Profit o Production and consumption o Markets regardless of how they’re organized o Commodity fetishism  Inherent to any kind of production in trade  What distinguishes the commodity in pre-capitalism to capitalism; is that the commodity begins to organize how we look at value; Approach focuses on the agent of the firm ; o Spheres  Corporate governance  Labour relationships  Skill formation  Inter-corporate relations (between firms)  Employee-relations  ACTOR CENTERED; it focuses on the firm and how the firm is connected to various aspects of the economy  Strategic interaction;  Concept of the firm as relation (operating in relation to others)  Basic level distinction between liberal economies;  Coordination is heavily strategic; o Institutional Complementarity  Series of institutions within an economy that complement each other around a specific trajectory  Give rise to distinctive forms of innovation that condition the response of firms;  The way institutions develop together will condition how a society stays and responds to globalization  Might explain why convergence was met by divergence  Examples in the developmental state 1 Started on: 10/30/2013 4:36:00 AM Last saved on: 11/10/2013 5:58:00 PM  Banks and Businesses  Politicians and Bureaucrats  Developmental state has state intervention; elite small inexpensive bureaucracy; pilot organization and autonomy compliment each other;  Comparative Advantage; focusing on what you produce the best;
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