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SOSC 1000 - Smith and Keynes (Overview)

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York University
Social Science
SOSC 1000
Terry Conlin

Heilbroner defines capitalism as an “Insatiable, dynamic, Disembedded, two edged sword” 1 – Insatiable – humans have never ending appetites.  Roots with Hobbs  John Locke – Possess ourselves 2 – Dynamic – All about change – “Dynamism” Culture is constantly changing and “progressing” Marx argued Bourgeoisie changed social functions and labours to be all about money  Physicians are now labourers of the work force, not physicians. 3 – Disembedded – Economy becomes disembedded from society in capitalism birthing new study of “economics” 4 – Two edged Sword – All about growth… However there is also deprivation: child labour etc. **Where there is much growth, there is always much deprivation.** Heilbroner – Innisseration – Wonderful growth…Outrageous misery Aristotle – There is a limit to what people should accumulate. Adam Smith – Mercantilism and wealth of nations Define Mercantilism – Mercantilism is the economic doctrine that government control of foreign trade is of paramount importance for ensuring the military security of the state. In particular, it demands a positive balance of trade. Adam Smith does not agree with mercantilism because it gives monopoly of business to large corporation. It also gives them control over certain colony policies such as tariffs and taxes. Thus, Smith advocated for a market economy to give individuals freedom and limit political power and corporations, parallel with modern liberal ideals.  Pur
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