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Lecture 15

Lecture 15

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University of Toronto St. George
Political Science
Jeffrey Kopstein

January 31, 2011 Lecture 15: How the rest got rich Political Economy 101 Last lecture, the west got rich through a set of values. Todays lecture says getting rich has less to do with people and more to do with structure. Hong Kong is the freest economy in the world it is the most capitalist. There are three pillars to the Hong Kong economy: 1. Tourism, 2. Business services, 3. Logistics management. These aspects are all extremely efficient. 17 Century Dutch Hegemony th In the 17 Century, the Dutch are the strongest economic power in the world. At the end of the 16 century the Spanish economy begins to decline. The Dutch economy rises and it is the most multicultural. Amsterdam was the most multicultural city in the world and people all lived together in the interest of commerce. This brought global knowledge and ideas into one place. Industrial Innovation -- This was before the era of steel. The Dutch had their famous windmill technology and the sawmill was created creating a basis for an industrial economy. Amsterdam was the center of modern finance. Amsterdam had the first stock exchange and first bank of commerce. Dutch East India Trading Company first Multinational Corporation. th Dutch economy was based on trade. The 17 Century was the first time that large-scale international trade was present. Trade routes were crossing the seas to all other continents. The invention of the Flute ship this was the ship that was used by the Dutch throughout the 17 century. This particular ship was very significant. It was cheaper to make because of wind power and mechanized sawmills. The Flute ship required less manpower and the hull of the ship was very shallow allowing the ship to make port in inland ports and other ports that deeper hulled ships could not go to. Because it had a shallow hull and because the hull was rounded, it had an increased cargo capacity (30-50% greater than any other ships at the time), the Dutch outdid the British. Market Principle
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