POL101Y1 Lecture Notes - Mercantilism, World-Systems Theory
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February 7, 2010
1Outliners or Models?
What is development?
•Human development, micro level
•Sustainable development, environmental
•Political development, Egypt
•Focus on aggregate economic growth
•How to explain?
Theories explain the world and they prescribe.
Theoretical Conversation: (I) the cosmpolitical view
“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
Specialization is individual labour. You do what you’re best at doing. The global division of
labour, each firm/country specializes. This is efficiency.
•Human effort is important. Capitalism isn’t good for lazy people. Those who work hard,
rational, those people will excel in Global Capitalism
•Global productivity, global prosperity = Global Peace.
•Everyone will benefit from a system of free trade if you aren’t lazy.
(II) The Mercantilist View
•Free trade and commerce does not benefit the Universal whole, it benefits the Hegemony.
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