HIST 1500 Lecture Notes - John Maynard Keynes, Planned Obsolescence, Consumerism

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Liberalism originated with adam smith in the 18th century. Smith recommended that less government intervention would be beneficial. Free trade is best and only way for a nation to develop. Franklin and jefferson thought it would be better if we didn"t have so much manufacturing. This unfettered liberal capitalism results in a concentration of wealth at the top and doesn"t distribute wealth equally. This liberal capitalism has a tendency to produce bubbles (people investing in things they believe will be profitable). There was a telegraph bubble in 1840s when telegraph was new technology. Western union was at the head of this. The bubble popped and many companies in it were shutdown. Private equity company, ccc, gathered $ from people promising a higher return on income. They came to consolidation firm to invest in these businesses. Ccc would go around trying to buy these different businesses. Once they owned many businesses, they went public on the market.

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