Intro to the Study of Political Economy (continued) September 24

Announcement The York Centre for International and Security Studies Afternoon Seminar Series: “Canada on the World Stage: Force for Good or Bad Actor?” Yves Engler Author of The Black Book of Canadian Foreign Policy Friday 25th September :00-1:30pm Room 305 York Lanes

Overview of Lecture Documentary: Who’s Counting: Marilyn Waring on Sex, Lies and the Global Economy. Economic History The Politics of Economics

Who’s Counting: Marilyn Waring on Sex, Lies and the Global Economy. Marilyn Waring is a feminist political economist from New Zealand. In 1975, at the age of 22 she was elected to the New Zealand parliament as a member of the National Party. She served until The documentary focuses on her critique of standard measures of economic growth. This documentary was produced in 1995 and is available from Scott library.

Leading Military Exporters 1. United States 2. Russia 3. United Kingdom 4. Germany 5. China 6. Canada See:

Canada’s Place in the World 2 nd in geographical size or area 39 th in population 14 th in GDP 22 nd in GDP per capita 8 th in life expectancy Source: CIA World Fact Book For the CIA profile of Canada, see:

The G8 countries United States Japan United Kingdom Germany France Italy Canada Russia

Economic History The Transition to Capitalism Capitalism is not the norm of human history. The transition to capitalism required a massive social transformation but it also required a massive transformation in consciousness.

The Politics of Economics Mercantilists Physiocrats Classical Economics (Political Economists) Marxism Neoclassical Economics Keynesianism Neoliberalism

Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations, 1776 Each individual pursuing their own self-interest is ‘led by an invisible hand to promote an end which was no part of his intention’ free market economics.

Adam Smith “It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our necessities, but of their advantages.”

Adam Smith “No society can surely be flourishing and happy, of which by far the greater part of the numbers are poor and miserable.” He warned of the numbing effects of mass production upon the workers in the factories. He supported a public education system.

Adam Smith Smith could be quite critical of capitalists, referring to “the mean rapacity, the monopolizing spirit of the merchants and manufacturers” he argued they “neither are, nor ought to be, the rulers of mankind” they “generally have an interest to deceive and even to oppress the public.” “People of the same trade seldom meet together…but the conversation ends in a conspiracy against the public, or in some diversion to raise prices.”