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POL101 Lecture #4 W

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Political Science
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013012POL101 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 1911Relationship between states and markets When we take capitalism and bureaucracy we get political economy Economics have more to do with systemsProtestant ethnicEncouraged people to work hard People who were working hard people who were rational Economic value that focused on people and individualsthThe most dominant economy in the 17 centuryHollandth17 century Dutch Hegemonyth Decline of Spanish dominance end of 16 CenturyHad maritime supremacy Multicultural society hence provided a tremendoussource of knowledge Industrial innovation Wind turbine Saw mills mass produce and finish wood productModern finance first modern stock exchange first country to have a central bankincrease of capitalismmoneyincrease trade Trade what they sold was the service of trade First multinational corporations that issued stock to investors around the world Insurance actual mathematics first to master maritime insuranceThe Flute Ship Absolutely critical the main vessel used in the global tradeCheap to make making more shipsmore tradesThe flute required less man powerUnique because the haul is very shallow could go into England ports Could facilitate shallow and deep ports The design of the haul provided large cargo capacity Lower the cost of productionmore shipsmore cargomore markets Dutch out competiting the BritishMarket Principle Increase suppledecrease price Increase consumptionIncrease trademarket shareChinaSecond largest economy in the worldWill take over US someday Economy has gotten rich by lower the cost of production The lowering the cost of productionthe lowering of wageslonger working hoursmore abundant labour Lower cost of productionmore production Lowering the cost of the productmore supply to other countriesThe Price FunctionIf you increase supply you decrease pricemore profits If you increase supply you decrease price you increase consumption China
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