GGR221H1 Lecture Notes - Lecture 2: Invisible Hand, Comparative Advantage, Labour Power
5 Feb 2017
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Kondratieef cycles & economic geography (check slide for the graphy) Kondratief waves: prosperity, recession, depression, improvements, these waves are geographical, all these cycles require the building of infrastructure, infrasturcutre the rail road (require steel mills, stations, small towns, coal factory) Industrialization, where manufacture starts, instead of producing for your self and landlord, you are producting in order to sell, The beginning of is observed by adam smith, (the invisible hand, : the division of labour in manufacturing, when people start to manufacture in their own home to sell, created division of labor. Division of labour in manufacture: specialization leads to the corruption and degeneracy of the great body of people. Unless government takes some pains to prevent it. The original division of labour is the labour in the household, woman do household: (wealth of nations (!776) and man make the money. Emergence of these factories, which occur in these new spaces, Geography of new space, geographical expansion of capitalism.
