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Jan 31 2011 - How the West got rich: Political Economy 101

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University of Toronto St. George
Political Science
Jeffrey Kopstein

01312011 Lecture Notes How the West got rich: Po... - Basics principals of economics - The relationships between states - Getting rich has less to do with people (ie protestan ethic), more to do with econonomic systems and how these systems are structured by goverment and public policy Capitalism The 3 Pillars of Hongkongs economy The freest economy in the world Tourism Business Service Finance, banking, investment houses, stock market, legal services (lawyers Logistics (examples. shipping ports) 17 Century Dutch Hegemony Decline of spanish dominance end of 16th cent Industrial innovation (windmills a.k.a wind turbine power, saw mills) Modern Finance (First stock exchange, central bank) rst country that could raise capital International trade, the reason why it was so successful Centre of Modern Finance The Flute (Dutch Ship) Cheaper to make ships because of sawmills Required less man power Shallow ship hull, able to dock and maneuver in shallow inland ports Increase cargo capacity Dutch outcompeted british with the ute ship Market principal in action Decrease the cost by which you provide the service or good you
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