IR 323 Lecture Notes - Lecture 8: Bretton Woods Conference, Externality, Kuznets Curve
21 Dec 2016
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Is on big-picture stuff that she focused on in class, review prezis and associated readings. Coming out of rio, everyone was pretty down with the fact that development and the environment are bound together. Economics: a social science approach that focuses on production, distribution, and consumption of goods and services. Gives explanatory theories, here"s how prices end up being what they are. Can be normative, here"s how the economy runs best. Milton friedman says free market is good, marx says they create. Economic system: social & legal arrangement people construct to satisfy their inequality and become outdated needs/wants. Ours is largely hegemonic, capitalist, based on liberalization. Traditional economies: older forms based on customs, bartering, subsistence. Planned economy: associated with socialism, government is heavily involved determining who makes what. Resources owned by the state, little freedom of choice. Free-market economy: small role for the government. Consumers have made freedom of choice, market prices. Most resources are owned by private sectors.
