POL224Y1 Lecture Notes - Lecture 3: Neoliberalism, Utopia, Sherman Antitrust Act
Document Summary
Lecture 3: political economy - four schools of thought. Jan. 24: mercantilism, liberalism, marxism (& socialism) Promotes the role of the state in increasing a nation"s wealth. State is like an ally with private businesses. Monarchists really like mercantilism, because they valued country over the individual. Revolutionaries are gonna be responsible for liberalism, because they value individual > country. Justified to gain wealth & power at the expense of other countries" loss. It was connected to colonialism, as mercantilism justified exploitation of colonized lands in order to bring back gold & silver. Mass extraction of raw materials from colonies in order to manufacture them and export at higher value. Keep wages low in order to export more goods and maintain a trade surplus. Remember reading about the cotton machine not being approved by queen (monopolies are good for monarchies) Founded by alexander hamilton, it promoted the state"s role in developing the economy.
