SOSC 1000 Lecture Notes - Lecture 6: Invisible Hand, Negative Liberty, Classical Liberalism

• School: York University
• Department: Social Science
• Course: SOSC 1000
• Professor: Colline Terry

Document Summary

Lecture 6 - reading: heilbroner ch 1-3: an insatiable, dynamic, disembedded, two-edged sword. Insatiable: belief that humans are creatures of insatiable appetite, want to accumulate more and more, Dynamic: change, creative destruction (ex: vinyl to cds), Disembedded: capitalism, society becomes separate, own set of laws, Two-edged sword: immiseration (produces wealth and misery: adam smith, mercantilism & the wealth of nations. Was a moral philosopher, one of the developers of economics. E(cid:272)o(cid:374)o(cid:373)i(cid:272)s are (cid:272)loser to (cid:374)atural s(cid:272)ie(cid:374)(cid:272)e, hardest so(cid:272)ial s(cid:272)ie(cid:374)(cid:272)e, (cid:858)(cid:271)est at predi(cid:272)ti(cid:374)g future so(cid:272)iety(cid:859), really does(cid:374)(cid:859)t predi(cid:272)t (cid:449)ell, Dark ages: predates market, economic orthodoxy: socratics, early christians, classical greece. Unlimited acquisition: threat, fit to be slaves, Huge alliances between monarchs and giant trading companies. Rules for who can trade with whom (cid:1005)(cid:1010)(cid:1011)(cid:1004) (cid:373)o(cid:374)opoly to hudso(cid:374)(cid:859)s bay, pro(cid:373)ote i(cid:374)terest of the british (cid:272)ro(cid:449)(cid:374) Tariffs and taxes are used to protect the companies and the monarch. Market economy for both old and new.