POLB90H3 Lecture Notes - Lecture 3: Overproduction, Wassily Kandinsky, Bretton Woods System
Document Summary
Polb90 tuesday september 28th, 2010 lecture 3. Imperialism as overproduction: capitalism increase in profit. Lengthening the workday, or increasing the speed of production therefore reduce the number of labourers: culmination of free trade. Try to create as many markets around the world. Smith, adams nations should trade w each other rather than produce in their own country: resources had run out of space. Exhaustion of space : basis of national accounts For the railway, the british encouraged a national debt. Allows people to use small portions of their income to consume something that they would never consume. Capitalists did not want to take that risk in the usa: to create a market, you need to create a demand. Capitalism had to be created had to create consumers by kicking people off land. If you close your market and can only sell to those people, you need to make the products cheap: guild system.
