POL304Y5 Lecture Notes - Lecture 10: Economic Liberalization, Human Capital, Indira Gandhi
31 Mar 2017
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Discussion, theory-restate the theory and case studies together, conclusion-don"t forget the sections. Every paragraph is linked- everything should lead to everything. Hindus are happy, fat and comic, taking a bath in mud, funny and happy and satisfied. Opening to outside world, moves away from socialism. K-capital -money (shares, stocks), machinery, human capital, assets. Difference schools of thought in economy is to remove the state and let the free markets do what they want to do. Let the market forces rule to get the most efficient outcome, to prosper. There is no need for help, let everyone fight for resources. Adam smith"s invisible hand-automatically become efficient, work like magic, there is inefficiency happening that person is taken out and somebody else is coming-replaced by someone better, winners win and losers lose. Capitalist economy doesn"t work in pakistan because there is a lot of poor people in pakistan.
