POL101Y1 Lecture Notes - Mercantilism, World-Systems Theory

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Under a system of perfectly free commerce (trade), each country naturally devotes its capital and labour to such employments as are most beneficial to each. This pursuit of individual advantage is admirably connected with the universal good of the whole. david ricardo, 1817. The global division of labour, each firm/country specializes. This is efficiency: human effort is important. 2: smith: invisible hand of the market, list: negative relationship. Some nations will benefit in the expense of other nations. An unfair system, great for england awful for germany: visible hand of government to create comparative advantages. Manipulate exchange rate: if we were to believe smith, all countries would create low valued goods, alexander hamilton: (i i i) the leninist view. It would come to an end and we would have a communist system. Contradictions would end capitalism: leninism had a fundamentally different view. Smithian notion of everyone competing, monopoly capitalism: huge firms.

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