ANT100Y1 Lecture Notes - Lecture 9: Invisible Hand, Emerging Markets, Free Market
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ANT100Y1 Full Course Notes
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Lecture 9 - industrialism, postindustrialism, and the postcolony. Industrial revolution: began in 1760 (england), continues? in some emerging markets today. Means of production include machines and factories. Relations of production: manufacturing, wage labour, unprecedented surpluses, large cities (megalopoles) Capital: anything one owns that can make them wealthier. In industrial, capitalist society, (almost) all value can be expressed as money. The market - an impersonal, abstract exchange mechanism. The market orders society: the invisible hand. (adam smith) Economic liberalism (someone who likes the free market, typically conservatives. Liberalism and neo-liberalism. (advocating for a free free market, liberty = freedom ) Economic neoliberalism (people who like the free market today - see the free market as a solution - like unequal development: many conservatives are neoliberal, some of them are called neoconservative. In traditional society: gifts are a way to cement society. Receiving a gift entails an obligation and establishes a relationship. Market exchange: items are bartered for purely economic value.
