Economics 107 Lecture Notes (6)

Economics 107 Lecture Notes (6) - Economics 107 Lecture...

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Economics 107 Lecture Notes Professor Appleby Weeks 4, Lectures 8 Notes by Kelly Bowers
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Lecture for 10/26/10 Theme of lecture: Capitalism wasn’t necessarily “waiting in the wings,” it had to be created Jeremy Bentham 1748-1832 Contemporary of Malthus and Ricardo -Advocated equal rights for women -animal rights -freedom of religion -freedom of expression -eccentric -father of utilitarianism Utilitarianism -All policies should do the greatest good for the greatest number of people -a principle of happiness -Bentham felt that this greatest good might in fact be very bad What factors gave shape to the American form of capitalism? -Because it is different -Remember, capitalism is cultural as well as economic -Hyper-individualistic? But what lead to this, historically? -a judicial system that disembedded the market from tradition -Jefferson? -The long revolution was very costly and the new currency was incredibly depreciated because of the borrowing -Prosperity returned with the new Constitution -Newspapers sprung up relatively quickly -The young US had the largest newspaper circulation in the world -There was very little difference between country- and city-dwellers intellectually or culturally -First emerging market in that people who wanted to speculate, bought up
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Economics 107 Lecture Notes (6) - Economics 107 Lecture...

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