PSC 1001 Lecture Notes - Lecture 1: Market Failure, Comparative Politics
Document Summary
Magna carta: idea of taxation without representation; king is subject to laws as well; king. John was forced to sign it in 1215. Concept of economic growth first and then citizen participation in politics. Started because the king was taxing too much. Tax first, then it leads to interest in politics. Adam smith praised english king for taxing 2x more per capita than the french. Because tax burden was equitably distributed (he taxed the aristocracy too); led to capitalism. High profits can only materialize if there"s a market imperfection. Comparative politics: how to build perfect democracies & states.
