POL208Y1 Chapter Notes - Chapter 20: International Political Economy, Industrial Revolution, Mercantilism
Document Summary
Jenny, and maja zehfuss, eds. , global politics: a new introduction, 2nd ed. Economics: study of the production and distribution of goods and wealth. Post-religion human control over social and physical forces. Ex: street vending, petty trade, home-based industries, sex work, drug dealing, arms trading. Estimated at more than 1/2 of all economic output, 75% of gdp of some countries. Docile, willing to work at any hours for little pay. Pushes people to need to generate more income --> informal networks. Often hurts the most vulnerable parts of population. Rational ordering of preferences determines how individuals and firms optimize their self-interests. Does not account for subjective factors or things that cannot be easily measured / quantified. Trade / capital movement will result in optimal investment flows. Assumption that rest would follow west --> inequalities. Capitalism promotes the concentration of resources and power in minority at expense of majority. Social reproduction, domestic labour, intra-household dynamics not considered.
