lec4notes - Necessity of free markets Book: why wwII...

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Necessity of free markets Book: why wwII happened Nature of economic exchange and marketing Adam Smith was wrong; what exactly does motivate us? Cant understand economic activity without understanding social situation How do you illustrate this? Until recently, all economies relied on 3 principles Reciprocity: think of direct exchange; he is talking about a situation in which you do something for one person and somewhere along the line you believe that someone will return the favor; you cant have a society unless you have a principle of exchange Redistribution: produce is given to centralized authority which is then distributed to rest of society Householding: self sufficiency; took care of own needs, didn’t depend on others Just giving, not trade like baseball cards No conception of personal ownership System is complex; everything travels hundreds of miles, hundreds of people, thousands of objects, with no records Other ways to organize economic activity Something that people learned how to do, rituals attached to it
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This note was uploaded on 01/23/2011 for the course SOCIOLOGY 315 taught by Professor Mizruchi during the Winter '09 term at University of Michigan.

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lec4notes - Necessity of free markets Book: why wwII...

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