16. Braudel's Bell Jar
Capitalism: Success, Crisis and Reform (PLSC 270) Professor Rae explores Hernando de Soto's theories of dead and live capital and the power of property rights. According to de Soto, informal property must carefully be integrated into the formal property system. Professor Rae presents the example of Baltimore's row house vacancy problem, and the difficulties in designing and implementing innovative property policies when existing interests of local stakeholders are firmly entrenched. The Coase theorem and transaction costs are revisited. Professor Rae also facilitates a discussion with students on how a developing country should most productively invest 5% of its gross domestic product (GDP). Complexities of economic development are explored. 00:00 - Chapter 1. Introduction and Class Agenda 02:23 - Chapter 2. The Capitalist Take-Off 33:17 - Chapter 3. The Joint Stock Corporation 40:56 - Chapter 4. Culture of Consumption Complete course materials are available at the Open Yale Courses website: http://open.yale.edu/courses This course was recorded in Fall 2009.