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Lecture Note How The Rest Got Rich

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University of Toronto St. George
Political Science
Jeffrey Kopstein

st January 31 , 2010. How the rest got rich-Political Economy 101 Getting rich has not much to do with ethics but systems. Hong Kong pillars economy tourism ,business services, logistics(shipping) th 17 century Dutch Hegemony o Decline of Spanish dominance end of 16 century o Multicultural (knowledge and skills concentration) o industrial innovation (windmills, wind turbine power, sawmill proliferation ) o Modern finance(first stock exchange, central bank, first place that could raise capital from the people o Trade The invention of the flute ship o Cheap to make o Fewer men to handle-decrease the cost o The haul was shallow-increased cargo capacity Market principle o Increase supply-decrease price o Increase consumption o Increase trade and market share o Fast forward to Chinese manufacturing Assuming demand is constant, consumption is a function of price-the lower the price the better.(Buffalo) An increase in supply decreases price- increase in consumption(Wal-Mart) A decrease in supply increases price- decrease in consumption(energy)
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