1. Exploding Worlds and Course Introduction

Capitalism: Success, Crisis and Reform (PLSC 270)

Professor Rae introduces the concept of capital as accumulated wealth used to produce more wealth. Questions about what constitutes capital are posed and discussed. The biggest story in recent economic history is the substitution of labor intensive production to capital intensive production. This transition, and the various speeds and scales with which it has occurred in different places at different times, has generated large income disparities around the world. Characteristics of capitalism are presented and discussed.

00:00 - Chapter 1. Introduction and Class Agenda
01:15 - Chapter 2. Capital
27:27 - Chapter 3. Capitalism
35:16 - Chapter 4. Course Outline

Complete course materials are available at the Open Yale Courses website: http://open.yale.edu/courses

This course was recorded in Fall 2009.