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How the West Got Rich-Political Economy[Jan30].docx

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Political Science
Jeffrey Kopstein

Lecture 15 How the West got richPolitical Economy 101Capitalism and democracy have found each other and belong ultimately together th17 Century Dutch Hegemony th Decline of Spanish dominance end of 16 CenturyMulticulturaleveryone lived together in the name of commerceIndustrial InnovationModern Financeraised capital from public sourcesEconomic Hubfirst stock exchange and first central bank willing to invest TradeThe Flute New ship inventedcheaper to make required less man power hull of the ship is very shallowit is allowed to dock in shallower water and trade into the continents it has increased cargo capacity because of this ship Dutch out competed the BritishThey figured out mechanized industrial productionLower cost of production and could carry cargo to more marketsMarket Principle basic economic market principle help the dutch rise Increase supplydecrease price basic laws of market economyIncrease priceIncrease consumptionincrease tradeincreased market share Increase trade and market shareFast forward to Chinese manufacturing China nd 2 largest economy in the worldPart of the Chinese miracle o Economy has gotten rich by lowering the cost of productiono Lowering the cost of production or wages workers working longer hours a day and supply of labour o Increasing the supply of finished goodsless pricereach more retailers around the world
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