POL114H5 Lecture Notes - Soviet Union, Hutu, Ethnic Cleansing
Document Summary
Economics exists today as a separate thing not until prial to 200 years it was part of politics those who had ecomonic power had political power. Royalty and those in power ruled the markets. His book about capitalism adam smith started the change. Prior to smiths time states who had lots of gold in treasuries were considered wealthy he rejected that. He argued that those societies that can produce and consume as much as possible r wealthy. 5000 or above gdp is relatively wealthy society 1000-5000 middle range less than 1000 is broke. Wealth of nations as we understand today is based on consumption! Standard of living not the same as the quality of life r increases of standard of living in western society have negative impact on quality of life. Essentially, the globe today is overlapped by 2 systems that are not identical system of sates and economics. And a capital is indeed such a process.
