4.3afp - Class April 3 The acceleration of globalization is due to advances in technology(communication etc and China(after 15 years of

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Class – April 3 The acceleration of globalization is due to advances in technology (communication, etc.) and  China (after 15 years of negotiations) joined the WTO.  The manufacturing wage in China is  about 1/60 th  of what it is here. Keynes, John Maynard.   1997 [1936].  Concluding Notes on the Social Philosophy towards  which the General Theory might lead.  In  The General Theory of Employment, Interest, and  Money .  New York:  Prometheus Books, chap. 24, pp. 372-84 Failure of modern economy:  providing full employment Low interest rates are better than high.  “The owner of capital can obtain interest because capital  is scarce.” P.376 (in the case of high interest rates) “Individualism … is the best safeguard of personal liberty”. P380 Hayek, Friedrich A.  1978 [1960].  Why I am Not a Conservative.  In  The Constitution of  Liberty .  Chicago:  University of Chicago Press, postscript, pp. 397-411. Conservatism doesn’t offer alternatives.  “Tug of war between conservatives and progressives  can only affect the speed and not the direction of contemporary developments.” P398 “it can probably be said that the conservative does not object to coercion or arbitrary power so  long as it is used for what he regards as the right purposes. … like the socialist, he regards  himself as entitled to force the value he hold on other people.” P.401 Conservatives believe that some people are superior (liberals recognize that not everyone is  suitable to govern, but no one is superior). P. 402 “Connected with the conservative distrust of the new… is its hostility to internationalism.” P.405 Readings: • Smith , Adam.  1982 [1759].  Of the Effect of Utility Upon the Sentiment of Approbation.  In  Theory of Moral Sentiments.  Indianapolis: Liberty Fund, Part IV, chap. 1, paragraphs 7-10, pp.  181-85. I think we are all familiar with Smith’s views (free-trade, etc.) but this brief reading is a little  more about human nature.  Our motives – “he devotes himself for ever to the pursuite of wealth  and greatness” (pp181) “we sometimes seem to value the means more than the end” (pp185).
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• Sen , Amartya.  1987.  Adam Smith and Self-Interest.  In On Ethics and  Economics.  Cambridge: Blackwell, chap. 1 selection, pp. 22-28. “’It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our 
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This note was uploaded on 04/08/2008 for the course POLS W3631 taught by Professor Parent during the Spring '08 term at Columbia.

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4.3afp - Class April 3 The acceleration of globalization is due to advances in technology(communication etc and China(after 15 years of

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