POL101Y1 Lecture Notes - World-Systems Theory, Tsmc

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18 Feb 2011
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equitable development: [wealth] distributive consequences of development. capacity: having the skills, education, experience and technology in order for economy and society to sustain development. political development: e. g. transition of political regime, authoritarianism democracy. **therefore development is a sense of improvement, a progress for better lives. : we use theories because they describe world, prescribe how world should work, endeavour to predict. A theoretical conversation: the cosmopolitical view: [smith & ricardo] key to the global economy is specialization. Each firm specializes in a certain thing and it is effective. It leads to global productivity global prosperity global peace: the mercantilist view: [list & hamilton: german & american] what matters in global economy is nation, the individual. In order to create more equal term and comparative advantage against other nations, it requires the visible hand of the government: the leninist view: lenin was inspired by marx.