1. Sociology 323 Economy & Society Class 4 – Economics For Everyone Part 1

2. Video Banks can take money directly out of your account if there is a financial crisis http://www.youtube.com/watch?v=0GSawPmduNYhttp://www.youtube.com/watch?v=YSX5QrQnnKw http://www.youtube.com/watch?v=FhYwlBvAomI http://www.globalresearch.ca/the-confiscation-of-savings-in-canada-cyprus-style-bail-ins-proposed-by-ottawa- government/5329263 http://www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf

3. Chapter 3 – Economic History - Hunter Gathering - Slave Ownership - Feudalism - Capitalism - Something Else?

4. Chapter 3 – Economic History Capitalism Came From - New Technology - Empire - Government - Resources Not mentioned by Stanford - Emancipation of slavery - Emergence of cooperative labour Capitalism created a power struggle

5. Chapter 3 – Economic History Key Goals and Tools of Neoliberalism Key Goals : - Reduce and control inflation; protect the value of financial wealth - Restore insecurity and “discipline” to labour markets - Eliminate “entitlements”; force families to fend for themselves - Roll back and refocus government activities to meet business needs; cut taxes - Generally restore the economic and social dominance of private business and wealth - Claw back expectations; foster a sense of resignation to insecurity and hardship Key Tools : - Use interest rates aggressively to regulate inflation and control labour markets - Privatize and deregulate more industries - Scale back social security programs (especially for working-age adults) - Deregulate labour markets (including attacks on unions) - Use free-trade agreements to expand markets and constrain government interventions

6. Chapter 3 – Types of Capitalism See table on page 50 of Economic for Everyone

7. Chapter 4 – Politics of Economics Early History of Economics Mercantilism - Trade Physiocrats - Agriculture Classical Economics - Comparative Advantage - Free Market (invisible hand) Marxism - Exploitation Neoclassical Economics - Focus on Individuals not Classes - Market Equilibrium (Supply and Demand; Walrasian general equilibrium) - Mathematics - Supply Constrained Keynes - Effective Demand/Demand Constrained

8. Chapter 3 – Economics and Politics See table on page 60 of Economics for Everyone

9. Chapter 4 – Economy, Economics, Politics Economic development has paralleled the development of the economy itself Economics is not a pure science Very debated topic