Lecture Note How The Rest Got Rich

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2 Feb 2011
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January 31st, 2010.
How the rest got rich-Political Economy 101
Getting rich has not much to do with ethics but systems.
Hong Kong pillars economy tourism ,business services, logistics(shipping)
17th century Dutch Hegemony
oDecline of Spanish dominance end of 16th century
oMulticultural (knowledge and skills concentration)
o industrial innovation (windmills, wind turbine power, sawmill proliferation )
oModern finance(first stock exchange, central bank, first place that could raise
capital from the people
oTrade
The invention of the flute ship
oCheap to make
oFewer men to handle-decrease the cost
oThe haul was shallow-increased cargo capacity
Market principle
oIncrease supply-decrease price
oIncrease consumption
oIncrease trade and market share
oFast forward to Chinese manufacturing
Assuming demand is constant, consumption is a function of price-the lower the price
the better.(Buffalo)
An increase in supply decreases price- increase in consumption(Wal-Mart)
A decrease in supply increases price- decrease in consumption(energy)
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