POL101Y1 Lecture Notes - Friedrich List, Protectionism, Comparative Advantage

36 views6 pages

Document Summary

Lowering input costs (manufacturing costs/wages). Walmart is an example: a decrease in supply increases price decrease in consumption. The classic argument was that the british had an advantage in making textiles. If you take the idea of advantage seriously, you result in specialized mechanism. In this scenario, political scientists don"t have a role because they look at governments. Friedrich list (german) and alexander hamilton (american) say yes the visible hand of the government for national power, should and can be manipulated. He thinks that in adam smith"s world, england would be the center of providing and every other country would provide hardly anything. Hamilton wrote in the context of the american revolution, a war fought for america"s independence from the british. Hamilton thinks that if you take adam smith seriously, then america should never even venture into becoming an industrial economy. America should remain a farming, agricultural economy.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers