SOSC 1000 Lecture Notes - Lecture 6: Mercantilism, Aggregate Demand, Keynesian Economics

• School: York University
• Department: Social Science
• Course: SOSC 1000
• Professor: Terry Conlin

Document Summary

Insatiable: there is no such thing as enough for humans, the greed is only stopped by death. Capitalism is dynamic, and is all about change: creative destruction is the centre of capitalism, how you deal with a market becoming saturated. Adam smith"s pin theory: unprecedented wealth, new technology unlocked new areas of labour, disembedded, after capitalism, economy lives a life of its own, prior to it, it was embedded within society. Two edged-sword: capitalism gives and takes away, great wealth and great misery, immeseration-marx. Combination of socratics(aristotle) and the early christian thinkers(st. augstine) User lending money at interest is immoral. Economy was embedded during the feudal era: adam smith, mercantilism & the wealth of nations, mercantilism is an enemy of adam smiths book, any product that made it from north america to england, from the navigation. Economic activity was dictated by large companies and governments: you scratch my back il scratch yours idea, colonies can only trade with mothercountry.