SOSC 1000 - Lecture 5 - Oct. 25, 2011

SOSC 1000 - Lecture 5 - Oct. 25, 2011 - Smith And Keynes 1....

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Unformatted text preview: Smith And Keynes 1. Insatiable, Dynamic, Disembedded Two-Edged Sword- Heilbroner believes these sum up capitalism- Liberal ideology and capitalism go well together- Built on similar principles- Human beings have unlimited desires to accumulate (insatiable)- Capitalism is all about change- Capitalism is dynamic- Disembedded there was no economics in traditional society, it was embedded. With capitalism the economy becomes disembedded.- Two-edged sword- Capitalism simultaneously creates wealth and poverty at the same time- Produces human misery etc. (downside of capitalism) - Feudal society- Economy was embedded, limited and local- Liberal ideology would successfully challenge these ideas of the feudal era 2. Adam Smith, Mercantilism and the Wealth of Nations- Mercantilism regulations favoured some more than others- British government began to dismantle mercantilism- Adam Smith wrote the Wealth of Nations- Published in 1776- Adam Smith was known as a moral philosopher (wore his moral values on his...
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SOSC 1000 - Lecture 5 - Oct. 25, 2011 - Smith And Keynes 1....

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