POL101Y1 Lecture : POL101 Lecture #4 W

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21 Feb 2012
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Pol101 lecture #4 w: how the rest got rich political economy 101: wong. Capitalism and bureaucracy have found each other and belong intimately together. max weber 1911. When we take capitalism and bureaucracy we get political economy. People who were working hard, people who were rational. Economic value that focused on people and individuals. The most dominant economy in the 17th century holland. Decline of spanish dominance end of 16th century. Multicultural society, hence provided a tremendous source of knowledge. Modern finance; first modern stock exchange, first country to have a central bank = increase of. Saw mills, mass produce and finish wood product. Industrial innovation capitalism = money = increase trade. Trade, what they sold was the service of trade. First multi-national corporations that issued stock to investors around the world. Insurance, actual mathematics, first to master maritime insurance. Absolutely critical, the main vessel used in the global trade. Cheap to make, making more ships = more trades.

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