POL201Y1 : Reading Summaries

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4 Feb 2014
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Pol201 the making of an economic society reading notes. America wealthiest, in 1970 the gnp crossed trillion dollar mark - /person. However does not equal to quality of life, america still 22nd on list of life expectancy. Richer the nation more likely to have social neglect, and poverty is relative (differs in rural/urban areas) Poverty aspect of social neglect by any nation affluent enough to neglect it. Us arsenal of democracy" discount supermarket. Us dept of defense largest planned economy outside soviet union. However if defense spending is cut = severe economic depression. Military not only supports core industry but also penetrates the core and strong political arm. Ghetto poverty is trapping cycle w/less opportunities; bigger problem is unemployment outside ghetto, relations of rich america to underdeveloped world. Economics study of a process we find in all human societies. Economic problem process of providing the material for the well being of society.

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