PSCI231 Lecture Notes - Lecture 6: Free Trade, Labour Candidates And Parties In Canada, Vertical Market
24 Oct 2016
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Political economy is a fusion of economic and political theory into one single social theory. Subsistence and traditional societies: non-market societies that relied on the family, the tribe or clan and custom to determine what and how to produce, minimal surplus and goods consumed communally, little left for trade. o. In the aboriginal communities, they traded various good such as copper and stone not only locally but across communities as well. o: allowed them to exchange their goods, for those that were scarce in their area. o. In the feudal systems, economic questions were answered by the family, custom and political and religious institutions, with the market playing little role in production decisions. State or churches usually determined prices of surpluses in markets. o: command economies o. State ownership of means of production, how, what and whom of production are political decisions: these decisions are then ordered to producers. o.
