SOCI 1010 Lecture Notes - Lecture 6: Franklin D. Roosevelt, Gross Domestic Product, Mercantilism
30 Mar 2016
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Document Summary
When labour becomes so productive? and everyone has more. Was never a self-regulating free market economy as it is today. Economy under capitalism, is a two edged sword. Capitalism produces wealth like nothing that has ever come before. Also produces immiseration - mass inequality and misery. Argued that you cannot have one without the other. Capitalism is all about change, competition, immiseration. Largest economic turning point in history- the collapse of the soviet. The fall of rome - 1000 year period of history. Economic orthodoxy was represented by socratic ideas (ancient works of aristotle) and certain major christian ideas = joined together to define this period. Economy embedded in society, local and regulated. Liberal ideas challenged all of this, witnessing the rise of the bourgeoisie. Mercantilism is public enemy number one, for the moral philosopher for adam. There was no such thing as economist in the earlier times. The wealth of nations - blueprint of capitalism.
