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May 28.docx

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Department
Social Science
Course
SOSC 1000
Professor
Terry Conlin
Semester
Summer

Description
May 28/13 *#2 movie The factory and the marketplace (last wk lecture...midterm will have ques. from this)*  Smith and Keynes:  Heilbroner describes capitalism: insatiable, dynamic, disembedded two edged sword  "....all that is solid melts into air" Marx/Engels "Communist Manifesto"  no economics as we understand it in traditional and command societies  the economy becomes a seperate sphere of human activity (disembedded) when it becomes a capitalist society  phenomenal change/growth with capitalism simultaneously brings disharmony and misery (two edged sword)  for the Socratics trade for profit was an unnatural form of acquisition and people who engage in this activity threaten society  feudal society political life dominated economics  the economy in traditional society is embedded, local, limited, and regulated  Columbus era and industrial revolution brought about change and rise in new forces in society/ new ideas (classical liberalism)  late 18th century transition from feudalism to capitalism  gov'ts granted huge monopolies of trade to booming trading companies....political as well as business  during this period labour is not free or mobile  economic activity is dictated by gov'ts and large trading firms  large colonies are created and trading firms are given leadership  trade is controlled and manipulated to the advantage of the new forces in society...gov't and trading companies  Smith: Society of Perfect Liberty and the Disembedded, self correcting free market economy  free market should bring economic/more political power to the masses and limit the powers of the gov't  Adam Smith "Wealth of Nations (1776)": gov'ts should not intervene in the marketplace; free trade with goods/services countries have advantages in; gov't should intervene only to eliminate price fixing and monopolies  Smith's model/argument... if these four conditions are met then we can have a laissez faire economy ( a free self regulated economy) the 4 conditions are: incomes- must be roughly equal; labour- must be free, workers must be free to speak their mind and demand rights, labour must be mobile (free to maximize their return on their product); investment- must be self regulated; competition-laissez- faire economy will not survive with monopolies  by mid 1900s everyone (all right thinking people) had accepted Smith's ideology  1930s counter ideology by Keynes in regards to Smith...challenge of traditional society ( no free labour)  1936 General Theor
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