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SOCB42H3 Study Guide - Final Guide: Feudalism, Aristocracy, Intrade


Department
Sociology
Course Code
SOCB42H3
Professor
Dan Silver
Study Guide
Final

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SOCB42 – Final Exam Study Notes 12/17/2013
Adam Smith – Wealth of Nations
Mercantilism
Having a lot of money  stored treasure
Exporting is good, importing is bad
Division of Labour
Breaking one big task into multiple small tasks
Smith uses the example of making pins
Modern example – Car assembly line
Leads to more efficient and productive labour
Creates the “stupid” worker
Significance
Human nature and our wants/needs to barter and trade and produce wealth in commercial society
Natural propensity to better out conditions
Generates impersonal markets
Why does it increase productivity?
Improves dexterity – the more you do it, the better
Time saving
Technological Innovation
Workers -> Machine Makers/Engineers  Scientists (Smith refers them as philosophers)
Consequences

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Surplus value -> Producing a lot more than what is needed
Increased Commerce
Increased connectivity
Equilibrium
When supply and demand reach an equal point of quantity and price
Example
Smith states “as the commodities exchanges are supposed to be equal value of the two capitals employed
in trade
Significance
Applies to other areas/terms
Labour
Balance of trade
Comparison of natural price vs. market price
Smith wants equilibrium vs. mercantile system
Law of Supply and Law of Demand
About the different prices and the way on how they behave differently
Law of Demand – Inverse relationship between the price of the good and the amount of it that buyers
are willing to purchase
The higher the price, the less of it people will buy; the lower the price, the more of it people will buy
Law of Supply – The direct relationship between the price of the good and the amount of it that will be
offered for sale
The higher the price, the more willing people are to sell things
Feudalism
Fall of Rome

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Warlord Land Grab
Hurting Agriculture
Towns Rise
Foreign Trade Rises
Manufacturing Develops
Barons Weaken
Agriculture develops
Best Way to fix Division of Labour
Education and Religion
DOL makes you stupid; simplified job/task also simplifies your mind
Encourages decline in public spirit
A lazy mind cannot reach beyond itself
Makes you into a coward
Working by regularity
Courage means you need to be able to respond to unpredictable events
Makes you weak
Only exert body doing that certain task
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