Class Notes (838,343)
Canada (510,861)
Art (530)
FAH101H1 (129)

York Univeristy sosc1340.docx

22 Pages
Unlock Document

Professor Petit

Lecture 1: how many burgers could we get in different areas when we spend $50? Purchasing power parity 购购购购购 What Business & Society is购 Unlike a traditional business school, the Business and Society undergraduate program does not equip students with the technical skills to run a conventional business or work in a large commercial corporation. Rather, Business and Society is a critical, interdisciplinary program in the Social Sciences meant to equip students with broad skill set useful in a range of future careers. 商商商商商商商商商 商商商商商商商,商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商,商商商商商商商商商商商,商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商 The history of capitalism can be traced back to early forms of merchant capitalism practiced in Western Europe during the MiddleAges in the early Modern Europe. Capitalism is an economic system in which trade, industry and the means of production are controlled by private owners with the goal of making profits in a market economy. Lecture 2: ORIGINS OF CAPITALISM 购购购购购购购 What is capitalism? Capitalism is an economic system in which trade, industry and the means of production are controlled by private owners with the goal of making profits in a market economy. What is Feudalism? Feudalism is system of government favored in medieval Europe. In this system, a landowner allows peasants to live on his land in exchange for their cultivation of it. 12th to the 15th Centurie Capitalist Economic System A Capitalist economic system is one characterised by free markets and the absence of government intervention in the economy. Invisible hand商 商商商 商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商商 The emergence of Capitalism Capitalism started to emerge during the 17th Century. Lecture 3: Age of discovery: in the late fifteenth century 购Portugal购 age of colonialism : early eighteenth century, British emerged dominat in the developing world economy Ajoint-stock company: It is a business entity which is owned by shareholders. Imperialism: Empire: group of countries that are dominated by one dominant empire Imperial: Mercantilism:购购购购 - “Pre-capitalist” trade system: 15th-19th century o Focusing on increasing national wealth. Positive balance of trade (exporting more than import) o Driver= inter-state competition. Competing for resources and it drives them to look for new market and resources o Result=colonialism and imperialism - Contrast with capitalism o Adam smith criticized mercantilism • Believed it was inefficient. Missed the key source of wealth: labour - Main European countries: o Portugal (15 century)商商商 o Spain (15-16) o Netherlands (16-17 ): first example of a more private sector on colonial expansion. Tried to capture the spice route o th England/ Britain (16 onwards) o France (16 onwards) - Different spheres of control: dominated different areas Consequences of Colonialism: - Death: used slavery for a lot of the world’s population o Conquest o Disease: ex: smallpox, measles - Instability: o Massive population movements: some were by choice and some were not (ex: slavery) - Slavery o Plantations: enslave people to have them work. o Triangle trade: movement of people from Africa and shipped to north and south America. Joint-stock company: - What they are: o Early corporation: charted by the crown o Trade monopoly: given by monarchs…exclusive right to trade to specific parts of the world- east India Company, Hudson bay. They combine o Long-lasting o Sovereign rights: to wage war, have an army, make treaties with foreign governments. These rights are given to companies so they can perform in colonies - Purpose: o Undertake large ventures: o Share risk: share risks by pooling capital together o Private exploitation of colonies - Examples: o Muscovy company (1555) o East India company (1600) o Hudson’s bay company (1670): set up trades in Canada o South sea company (1711) East India Companies: - Several EICs o English (1600) o Dutch (1602) o Danish (1616) o Portuguese (1628) o French (1664) o Swedish (1731) - Tied together countries- international worldwide system East India Company: - Short History of the EIC o Established (1600) st o 1 voyage (1601) o Gave up on spice trade (1667) o Shift to India, esp Bengal (17-18 centuries)  Trading rights (1716)  Battle of Plassey (1757): essentially conquer Bengal- ship all the wealth back to Britain  Diwani rights (1765): rights to tax collection o China-opium trade o EIC shares liquidated 1874: by the British government Governance: - Management: o Shareholders: had rights to profits and boats. 500 shares- one vote. o Court of directors: 24 directors…needed to own over 2,000 worth of shares. They appointed people o Governors (overseas): Impacts of the EIC商East India Company商: - Negative impacts: o India:  Destroy manufacturing base  Subjugation, famines, death o China:  Opium trade 商商商商- smuggled 商商. Opium wars took place and British got involved. o American Colonies:  Tea trade - Criticism (Adam Smith) o Drive for monopoly: driving out competition-商drive out efficiency and productivity o Speculative temptation 商商商商 o No remedy for corporate abuse Effects of imperialism today: - Uneven development: o Why are some countries rich and others poor? o Is this inherent o If not, what happened to cause it - Continuing uneven development: o Has end of empires changed anything?  Still unevenness • Between countries • Within countries • Within regions and cities:  Global inequality • Global north =ex-empires • Global south=ex-colonies Lecture 4:AGRICULTURAL购购购购购AND INDUSTRIAL REVOLUTIONS购购购购购购 Enclosures movement: After the 15th century, the British system of wool spinning industry rapid development, the wool prices began to soar on the market, make sheep breeding becomes profitable, but need large areas of land. So the nobles drive away the farmers turned out to rent their land, the lamb can occupy the land up development of sheep industry. Agricultural Improvement: why? What? How? Technology has improved agriculture in a significant way especially with the development of tools and equipment that can make the procedures faster and easier. There are also innovations and development in farming and tree planting that allows farmers to maximize their profit potential. With technology, things in agriculture has become more convenient and less time consuming. What effect of the enclosure movement? 1. Landowners tried new agricultural methods and large landowners forced small farmers to become tenant farmers or to give up farming and move to cities. 2. Fewer farmers owned most of the land. Why did the enclosure movement start initially in England? Because Land owners wanted more land so they enclosed it. In england initially because they had this idea that they would live better but just thinking of land owners. After enclosure the non landowners were left with nothing. The Industrial Revolution was the transition to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840, in London. Why the Industrial Revolution happened in Britain? 1. England had experienced all of the forerunners of industrialization in the previous century: an agricultural revolution, cottage industry, and an expanded commercial revolution. These developments had built surplus capital and an infrastructure(shipping, banking, insurance, joint stock companies).2. England already had a handcraft textile industry using wool, but with the availability of cotton from overseas markets as an alternative raw material.3. The scientific revolution in England prepared the way for new inventions to be applied to industry.4. A spreading shortage of wood (used for energy, for shipbuilding andconstruction) stimulated a search for alternatives.5. England was rich in supplies of coal for energy and iron for construction.6. England had a long, irregular coastline with many rivers and naturalharbors which provided easy transportation by water to many areas.7. England's population grew rapidly in the 18th century, providing a laborforce for industry. How did the enclosure movement change England’s society? The enclosure movement created thousands of poor, unemployed beggars who wandered to different towns looking for work. These people believed leaving England for a chance at a better life inAmerica was appealing. How did the enclosure movement change England society? It gave landowners new agricultural methods and Large landowners forced small farmers to become tenant farmers or give up farming and move to the cities. Intellectual property (IP) is a legal concept which refers to creations of the mind for which exclusive rights are recognized. Lecture 5: Classic Corporation (before 1860) Modern Corporation (after 1900) Create the general incorporation is easier than to create a classic corporation since the Civil War. For example, in the article, “ By 1902 Modern Corporation is longer than the lifespan of Classic Corporation Moreover, if one corporation wants to shape itself by different ways and it has a long lifespan, this company will have dramatically powerful. During 1866, there was a law passed and it allowed companies could choose anywhere to register and easily to adjust the scope of business. Conglomerate Company and Vertically integrated company商商商商商商商商商商商商商商 Change #1: Creating Corporations Gets Easier Change #2: CorporationsAcquire an Unlimited Lifespan Change #3: Corporations Learn to Shape-Shift Change #4: Corporations Gain Mobility Change #5: Corporations Become MoreAdaptable Change #6: Corporations Shed Their “Conscience” Mechanisms Change #7: Unleashing the Corporate Will Change #8: Removing Restrictions on Size There was another different between Classic Corporation and Modern Corporation. The shareholder took the dominant position in the company, but the management is the “brain” in the company of Modern Corporation. Lecture 6: the global economy GDP(Gross Domes6c Product) • Total cost of end goods & services • Geographical • Measurement issues • Good & bad costs • Contrast with GNP (gross na6onal product) • GNP includes trade deficit / surplus Gross national product (GNP) is the market value of all the products and services produced in one year by labor and property supplied by the residents of a country. Unlike Gross Domestic Product (GDP), which defines production based on the geographical location of production, GNP allocates production based on ownership. Transnational companies (TNC) and multinational companies (MNC) MNC (multi national Corporation) is defined as an enterprise which is headquartered in one country but has operations in one or more countries. TNC (Trans National Company) are those firms which are formed by the merger of two firms of approximately the same size, that are from different countries. The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in 1930 and lasted until the late 1930s or middle 1940s. It was the longest, most widespread, and deepest depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline.[2] The depression originated in the U.S., after the fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). The Great Depression had devastating effects in countries rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33%. The Golden Age of Capitalism was a period of economic prosperity in the mid-20th century which occurred, following the end of World War II in 1945, and lasted until the early 1970s. It ended with the collapse(商商) of the Bretton Woods system in 1971, the 1973 oil crisis, and the 1973–1974 stock market crash, which led to the 1970s recession. Embedded liberalism购购购购购购购购购 is a term for the global economic system and the associated international political orientation as it existed from the end of World War II to the 1970s. The system was set up to support a combination of free trade with the freedom for states to enhance their provision of Welfare and to regulate their economies to reduce unemployment. The term was first used by the American political scientist John Ruggie in 1982. The Bretton Woods system 1944,July of monetary management established the rules for commercial and financial relations among the world's major industrial states in the mid-20th century. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states. The term Washington Consensus was coined in 1989 by English economist John Williamson to describe a set of 10 relatively specific economic policy p
More Less

Related notes for FAH101H1

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.