POL101Y1 Lecture Notes - Mercantilism, World-Systems Theory

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PoliSci, Lecture..
February 7, 2010
1Outliners or Models?
Dependent Development
What is development?
Human development, micro level
Equitable development
Capacity
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 youre best at doing. The global division of
labour, each firm/country specializes. This is efficiency.
Human effort is important. Capitalism isnt 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 arent lazy.
(II) The Mercantilist View
Free trade and commerce does not benefit the Universal whole, it benefits the Hegemony.
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Document Summary

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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