Transcript Intro to Political Economy

Intro to the Study of
Political Economy
(continued)
September 24
Announcement
The York Centre for International and Security Studies
Afternoon Seminar Series:
“Canada on the World Stage:
Force for Good or Bad Actor?”
Yves Engler
Author of The Black Book of Canadian Foreign Policy
• Friday 25th September 2009
• 12:00-1:30pm
• Room 305 York Lanes
Overview of Lecture
• Documentary:
Who’s Counting: Marilyn Waring on Sex, Lies and
the Global Economy.
• Economic History
• The Politics of Economics
Who’s Counting: Marilyn Waring on Sex, Lies
and the Global Economy.
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Marilyn Waring is a feminist political
economist from New Zealand.
In 1975, at the age of 22 she was elected to
the New Zealand parliament as a member of
the National Party. She served until 1984.
The documentary focuses on her critique of
standard measures of economic growth.
This documentary was produced in 1995 and
is available from Scott library.
Leading Military Exporters
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United States
Russia
United Kingdom
Germany
China
Canada
See: http://www.cbc.ca/news/background/arming-the-world/index.html
Canada’s Place in the World
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2nd in geographical size or area
39th in population
14th in GDP
22nd in GDP per capita
8th in life expectancy
Source: CIA World Fact Book
https://www.cia.gov/cia/publications/factbook/index.html
For the CIA profile of Canada, see:
https://www.cia.gov/library/publications/the-world-factbook/geos/ca.html
The G8 countries
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United States
Japan
United Kingdom
Germany
France
Italy
Canada
Russia
Economic History
The Transition to Capitalism
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Capitalism is not the norm of human history.
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The transition to capitalism required a
massive social transformation but it also
required a massive transformation in
consciousness.
The Politics of Economics
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Mercantilists
Physiocrats
Classical Economics (Political Economists)
Marxism
Neoclassical Economics
Keynesianism
Neoliberalism
Adam Smith
An Inquiry into the Nature and Causes of the
Wealth of Nations, 1776
Each individual pursuing their own self-interest
is ‘led by an invisible hand to promote an end
which was no part of his intention’ free
market economics.
Adam Smith
“It is not from the benevolence of the butcher,
the brewer, or the baker, that we expect our
dinner, but from their regard to their own
interest. We address ourselves, not to their
humanity but to their self-love, and never talk
to them of our necessities, but of their
advantages.”
Adam Smith
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“No society can surely be flourishing and happy,
of which by far the greater part of the numbers
are poor and miserable.”
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He warned of the numbing effects of mass
production upon the workers in the factories.
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He supported a public education system.
Adam Smith
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Smith could be quite critical of capitalists, referring
to “the mean rapacity, the monopolizing spirit of the
merchants and manufacturers” he argued they
“neither are, nor ought to be, the rulers of mankind”
they “generally have an interest to deceive and even
to oppress the public.”
“People of the same trade seldom meet
together…but the conversation ends in a conspiracy
against the public, or in some diversion to raise
prices.”