POLS 2100 Lecture Notes - Lecture 12: Mercantilism, Comparative Advantage, Class Conflict
9 Feb 2017
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Capitalism was remarkably tolerant of popular music that took on revolutionary or anti- esta(cid:271)lish(cid:373)e(cid:374)t the(cid:373)es f(cid:396)o(cid:373) the (cid:1005)96(cid:1004)"s u(cid:374)til today. Mercantilism (or realism: politics economics. Marxism or communism: politics e(cid:272)o(cid:374)o(cid:373)i(cid:272)s. Mercantilism (or realism: politics economics, state is directly involved in managing the economy, virtually all developed states have engaged in mercantilism, putting your own needs first, taxes and tariffs. If the logic is mercantilism is followed by everyone (meaning you only trade with others if you benefit most), then no one will be willing to trade with anyone, and everyone is worse off. Canada will become more dependent on our own local resources. Both should be separate work in separate spheres. Does not make sense to have politicians interfere with the market. The market is self-regulating: committed to individual liberty and to the market, comparative advantage brings prosperity and peace. Ability to produce something more efficiently than someone else, or to provide a service better than someone else.
