GLOBL 1 Lecture Notes - Lecture 9: Chartered Company, Invisible Hand, Physiocracy
Document Summary
Lecture 9 - 02. 07. 17 - capitalisms and the industrial revolutions. Capitalism : ideological preference for private property vs. communal ownership reflect mixture of public and private enterprise, legal rules governing pursuit of profit, approved market structure, permitted accumulation of wealth. Human labor used to extract energy from nature w/tools, skills, organization, knowledge. Develops in 1600s when, as karl marx argued, monetary wealth can buy labor power commoners denied access to the means of production forced to sell their capacity to labor to someone else. Wealthy = those who could acquire the means of production and deny access to them to others. Powerful = those who acquire wealth to decide what, where, and how goods are produced. Wealthiest become those who leverage companies to sell them for the sake of using the money to make money on other commodities or on money itself. French economists (physiocrats) urge governments not to interfere with trade.
