Smith and Keynes:
• Capitalism: insatiable, dynamic, disembodied. "two edged sword"
• insatiable: no such thing as enough. unlimited appetites
• dynamic: all that is solid melts into air
• All about change, change is a good thing.
• Creative destruction is fundamental to capitalism.
• Disembodied: no "economic" in traditional and command economics. Economy is
embedded into the culture of the society.
• In a capitalist, the economy becomes separate.
• Two-edged sword: phenomenal growth. immiseration. growth and misery go together.
• Heilbroner was able to use language that every was able to understand.
Global Financial Meltdown of 2008:
Aristotle: devoid of nobility and had to be kept in check. Usery is a sin. Debt is immoral. Not
insatiable. Trade for profit was an unnatural form of acquisition.
Slavery was natural for Aristotle and Christian thinkers.
Economy is embedded in the culture, local and regulated. Limited. Corn Laws and Poor Laws.
Adam Smith, Mercantilism and the Wealth of Nations:
• Bourgeoisie would rise after feudalism
• Adam Smith: age of transition from traditional society to the new modern society. Trade
monopolies and political monopolies.
• East India Company and Hudson's Bay Company.
• Defacto governments in their region.
• Shift from classical conservatism to classical liberalism
• Labour is not free or mobile.
• Economic activity is dictated by governments and mercantilism.
• Colonies are only permitted to trade with the mother country • Aligning of government with the bourgeoisie
• Everyone accepted