Capitalism: Success, Crisis and Reform (PLSC 270) In this final lecture of the semester, Professor Rae gives a summary of major themes, thinkers, and cases covered in the course. He begins by reviewing some foundational ideas, including Adam Smith's invisible hand, Marxist historicism, Malthusian economics, and Schumpeter's notion of creative destruction. Professor Rae also reviews the importance to capitalism of the modern nation state, which guarantees property rights and contracts, and recalls Hernando de Soto's theories about the importance of formal property rights for developing countries. Various forms of corporate structure and ownership are discussed. Professor Rae concludes by introducing a case about water privatization in Bolivia. 00:00 - Chapter 1. Introduction, Class Agenda and Fundamentals Revisited 09:33 - Chapter 2. Capital & Capitalism 17:38 - Chapter 3. State, Property, and Capital 32:56 - Chapter 4. Wealth Maximizing Law & the Joint Stock Corporation 43:33 - Chapter 5. Creative Possibilities of a Free Society 44:52 - Chapter 6. Case Discussion: Bechtel in Cochabamba Complete course materials are available at the Open Yale Courses website: http://open.yale.edu/courses This course was recorded in Fall 2009.
In this course, we will seek to interpret capitalism using ideas from biological evolution: firms pursuing varied strategies and facing extinction when those strategies fail are analogous to organisms struggling for survival in nature. For this reason, it is less concerned with ultimate judgment of capitalism than with the ways it can be shaped to fit our more specific objectives – for the natural environment, public health, alleviation of poverty, and development of human potential in every child. Each book we read will be explicitly or implicitly an argument about good and bad consequences of capitalism. This Yale College course, taught on campus twice per week for 50 minutes, was videotaped for Open Yale Courses in Fall 2009. We apologize, but Lecture 10 in the course, "Guest Lecture by Richard Medley: Entrepreneurship in Business Information" is not currently available through Open Courseware.
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