Political Science 1020E Lecture Notes - Lecture 27: Friedrich Engels, Neomercantilism, Mercantilism

• School: Western University
• Department: Political Science
• Course: Political Science 1020E
• Professor: Bruce Morrison

Document Summary

According the max weber, the state claims a monopoly of: Political economy: legititimacy, sovereignty, community, coercion (physical force, corruption. Adam smith and david ricardo (developed ideas that markets contain enormous value and we should largely keep politics out of its way. Karl marx and friedrich engels came about to different conclusions, concluding that economics had a nefarious impact on society. Political science: an offshoot of political economy (emerges out of the intersection of political history and economy) Markets are not natural artificial, created by and for human beings with regulations to be manageable (competition rules in a market) Classical for adam smith, markets are: natural, spontaneous ((cid:455)ou do(cid:374)"t ha(cid:448)e to (cid:271)uild/(cid:272)(cid:396)eate (cid:373)a(cid:396)kets, o(cid:272)(cid:272)u(cid:396) i(cid:374) hu(cid:373)a(cid:374) (cid:374)atu(cid:396)e (cid:449)ith a natural inclination to engage in exchange of goods) Neo-classical economics becomes: a mathematical science, much less political (state seen as a later contributor, clearly distinct from political science, eage(cid:396) to offe(cid:396) (cid:862)ma(cid:396)ket ma(cid:374)(cid:863) as ge(cid:374)e(cid:396)al (cid:373)odel.