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Lecture

Jan 31 2011 - How the West got rich: Political Economy 101

8 Pages
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Department
Political Science
Course Code
POL101Y1
Professor
Jeffrey Kopstein

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01/31/2011 Lecture Notes How the West got rich: Po...
- Basics principals of economics
- The relationships between states
- Getting rich has less to do with people (ie protestan ethic), more to do
with econonomic systems and how these systems are structured by
goverment and public policy
Capitalism
The 3 Pillars of Hongkong’s economy
“The freest economy in the world ”
Tourism
Business Service
Finance, banking, investment houses, stock market, legal services
(lawyers
Logistics (examples. shipping ports)
!
17 Century Dutch Hegemony
!
Decline of spanish dominance end of 16th cent
!
Industrial innovation (windmills a.k.a wind turbine power, saw mills)
!
Modern Finance (First stock exchange, central bank)
!
International trade, the reason why it was so successful
!
Centre of Modern Finance
The Flute (Dutch Ship)
!
Cheaper to make ships because of sawmills
!
Required less man power
!
Shallow ship hull, able to dock and maneuver in shallow inland ports
!
Increase cargo capacity
!
Dutch outcompeted british with the ute ship
!
Market principal in action
www.notesolution.com
"
Market Principle
!
Increase supply -> decrease price
!
Presumably, increase the price = Increase consumption (more people
will want to buy because of lower price)
!
increase consumption = Increase trade and market share
"
China
!
Lower the cost of manufacturing, increase supply, there fore decrease
the price in return get greater market share and big corporations pass off
savings to the rest of the world
!
supply abundant cheap labour so they can supply to the worlds
economic demands and have a greater market share
"
The Price Function
!
The supply curve
www.notesolution.com
www.notesolution.com

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Description
01312011 Lecture Notes How the West got rich: Po... - Basics principals of economics - The relationships between states - Getting rich has less to do with people (ie protestan ethic), more to do with econonomic systems and how these systems are structured by goverment and public policy Capitalism The 3 Pillars of Hongkongs economy The freest economy in the world Tourism Business Service Finance, banking, investment houses, stock market, legal services (lawyers Logistics (examples. shipping ports) 17 Century Dutch Hegemony Decline of spanish dominance end of 16th cent Industrial innovation (windmills a.k.a wind turbine power, saw mills) Modern Finance (First stock exchange, central bank) rst country that could raise capital International trade, the reason why it was so successful Centre of Modern Finance The Flute (Dutch Ship) Cheaper to make ships because of sawmills Required less man power Shallow ship hull, able to dock and maneuver in shallow inland ports Increase cargo capacity Dutch outcompeted british with the ute ship Market principal in action Decrease the cost by which you provide the service or good you www.notesolution.com
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