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How the Rest Got Rich

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University of Toronto St. George
Political Science
Jeffrey Kopstein

POL101 How the Rest Got Rich January 31 2011 Political Economy Relationship between the state and markets Thesis for today: getting rich has less to do with people and the protestant ethic and more to do with economic systems and how these systems are structured by public policy Hong Kongs economic pillars: Tourism, Business Services (finance, banking, investment houses, stock market, legal services), Logistics (Shipping, allowing for high amounts of goods to flow through China) th 17 Century Dutch Hegemony Decline of Spanish Dominance end of 16 century Dutch economy was the biggest in the globe in this time As Spanish empire declines in 16 , rise of the Dutch economy in the 17 th century Multicultural Amsterdam was the most multicultural city in the world What these different people brought with them was knowledge, skills Industrial innovation This was before the era of steel Windmills and wind turbine power was effectively proliferated and used for mechanized industrial innovation Sawmill, allowing wood to be cut faster and more precisely Modern finance Amsterdam was where the first stock exchange took place The first place of the central bank First economy that could raise capital from public This capital allowed it to build huge companies Trade
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