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Lecture 15

Lecture 15

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University of Toronto St. George
Political Science
Jeffrey Kopstein

Political Economy 101 - how the rest got rich January-31-11 12:16 PM ...capitalism & bureaucracy have found each other & belong intimately together. Max Weber, 1911 o Getting rich has less to do with the people, but more to do with the system (economic system) & how these are structured by the govt & policy Audio recording started: 12:19 PM January-31-11 o Political Economy 101 - how the rest got rich .wma o Hong Kong - the freest economy in the worldthe most capitalist tourism, services, logistics (3 pillars of Hong Kong economy) 17th Century Dutch Hegemony Decline of Spanish dominance end of 16th C Multicultural Industrial innovation Modern finance Trade Naval supremacy; decline of Spanish empire, rush of the Dutch economy in the 17th Century (Amsterdam most multicultural city in the world at the time - Catholic, Protestant (SouthNorth Europe, respectively), Jews, South Asians, etc. all lived together in the name of commerce) not only social diversity, but also knowledgeskills Tremendous conglomeration of global knowledge concentrated in Amsterdam; the beginnings of a knowledge-based economy wind-turbine power effectively proliferated at this time; used for mechanized industrialization; the saw mill began to proliferate, as a means by which to eventually build an industrial economy (cut wood fastermore precisely) Amsterdam was the centre of modern finance where the first stock exchange was created, the first place where we saw a central bank (furthermore, was willing to invest in central economy & raise funds from public sources) could then build big companies (need capital, etc.) - big company, first to issue stock, backed by this bank Based on trade, first time really see international trade of the sort of scale evident by Dutch economy in the 17th century (trade routes crossing Atlantic, to North America, South America, Africa, in particular to Asia - and specifically for the Dutch, to Indonesia) made Dutch economy similar to Hong Kong economy of the 21st century Invention of The Flute ship -> the main ship used by Dutch merchant fleet through the 17th century
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