RSM100Y1 Lecture Notes - Lecture 1: David Radler, Shandy, Invisible Hand
1 Nov 2015
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Document Summary
Adam smith, wrote many books and took ten years to write these books. Took these ideas and his findings and published them: foundation document for capitalism, free enterprise, free trade, wealth creation. Ownership is a great part of capitalism: capitalism: a legal system that safeguards private property and permits free trade in competitive markets; production and consumption are not controlled. There are many regulations and laws to follow in order to start a business, even in capitalism. Capitalist nation has its risk as capitalists control it. Savings and loan debacle (1980"s), sub-prime mortgage meltdown 2008: the wealth of a nation depends on its ability to trade freely with other nations, specialization increases productivity, eg. Canada should not manufacture televisions: eg. raspberry jam. Facts: queen"s received a m gift from david radler to help finance their new business school, after the school is built, they erect a plaque commemorating the contribution create the david radler wing , approx.
