GEOG1200 1st Edition Lecture 3Outline of Previous LectureI. Rostow Stages of GrowthII. Max Weber Capitalism III. CalvinismOutline of Current Lecture I. Transcendence II. Adam Smith Current LectureTranscendence- God created Earth and left us the responsibility to care for it - Culture – Economy- Labor and calling- division of labor leads to specialization, efficiency and profit - Predestination- hard work leads to production increases and scale of production increase - Transcendence is a scientific temper Capitalism is different in different places because different regions have a different set of ideas that it is founded on Cultural – Economic – Spatial – Dialectical Analysis Criticism- Eurocentric Diffusionism (Western point of view)o Partial prospective but claims to be universal o “Modernization Theory” assumes every society is striving to be modern o Ignores history of cultures These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.o Limited view of modernity by conflating modern with industrial capitalism - Culturally deterministic – only their culture - Idealistic view of the world as oppose to materialistic world o Idealistic is where ideas become before the actions while in a materialistic world actions come before the ideasAdam Smith - Father of Classical Economics - 17th – 18th Century - Moral Philosopher- “wealth of nations” - Humans are national economic agents driven by self interest - Wealth emerges through application of labor on environment to get value - Every individual should increase their exchangeable values, which leads to increased total exchangeable value of the nation. Leads to national wealth - Division of labor. Everyone does what they are good at. - Self-interest of greed should be regulated o Internally :culture morals o Externally: invisible hand of price (supply and demand)Smith assumed that there were perfect conditions; no monopoly, others selling same product and that everyone has knowledge of the prices and
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