POL 202 Lecture Notes - Lecture 6: Protectionism, Proletariat, Mercantilism
15 Sep 2016
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Document Summary
Political economic ideologies are both empirical & normative. Moral beliefs about how they think world should work. Proper relationship between economics & politics (what it should be) Nature of foreign economic policy (world economic situation) Classic definition of liberal (one connected with liberty/freedom) used in this reading/class. Goal of economic life: satisfy needs, maximize gains at minimal cost, rationally. Proper relationship between economics & politics: government can stay away because people will be smart enough on their own, government getting involved worse off (business will know best) Nature of foreign economic policy: free trade will benefit consumers, give more choices, competitive advantage, efficiency, no government intervention necessary (in form of tariffs, laws, etc. ) Bourgeoisie: upper class, those with capital, own means of production to employ other people. Proletariat: working class, dependent on owners of capital for job & money. Goal of economic life: different under capitalism & marxism it leads to. Proletariat: less concerned on profit, want money to survive.
