october 10

october 10 - 10/10/06 ECONOMIC GEOGRAPHY Neo-classical...

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10/10/06 ECONOMIC GEOGRAPHY Neo-classical economics: the pure free market system Adam smith (1776) – inquiry into the nature and causes of the wealth of nations Assumptions: Decisions are made in the market place without government influence—laissez faire All buyers and sellers have equal access to the market and are fully informed Prices reflect all harmful costs to society and the environment (full-cost pricing) The capitalist market system (i.e. the real world) A system that subverts many of the theoretical conditions of a truly free market Drive out competition Lobby government Withhold information Maximize profits No obligation to nation, community, or environment—profit but no input Marxist economics Karl Marx and Friedrich Engels (and later Vladimir Lenin) Radical dissent Human labor=value Class consciousness Exploitation Profit vs. human needs Competition monopolies Ecological economics
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october 10 - 10/10/06 ECONOMIC GEOGRAPHY Neo-classical...

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