SOSC 1510 Lecture Notes - Lecture 10: Kathleen Wynne, Thomas Piketty, Primitive Accumulation Of Capital

• School: York University
• Department: Social Science
• Course: SOSC 1510
• Professor: David Langille

Document Summary

Protecting property - protect property of farmers and small businesses. Don"t interfere with free enterprise / free markets and the right to accumulate property!: do(cid:374)"t (cid:373)ess with su(cid:272)(cid:272)ess, allow us to invest and accumulate. Idealizes small business, but market forces concentrate resources in the hands of a few with large enterprises. Small is beautiful but bigger is better! And being the biggest is best of all. > rule of a few > protect privileged. Shift from production of goods and services to speculation in financial markets = casino capitalism. Wages and working conditions in the developing countries resemble those of the early industrial revolution. Primitive accumulation strategies undermine demand > workers wages are stagnant or falling > stagnation thomas piketty. Keynes indicated how public policy / government intervention could smooth out these instabilities. Neo-liberals oppose such intervention prefer to deregulate flow of capital. Offer ad hoc bail-outs for bankers and austerity for ordinary people.