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PLSC 270: Capitalism: Success, Crisis and Reform

Lecture 05 - Property, Freedom, and the Essential Job of Government. A practical theory of freedom is discussed, based on Hayek's Constitution of Liberty. Free societies can be thought of as great learning machines capable of aggregating individuals' knowledge and accomplishments. Professor Rae uses examples from automotives and university administration to illustrate how freedom allows everybody to profit from others' knowledge. Professor Rae also highlights Hayek's story of the rock climber who is stuck at the bottom of the crevasse, and discusses whether refusing to assist another is an implicit act of coercion. Hayek's theories of freedom are applied to modern cases of extreme poverty in developing countries. Professor Rae also discusses Yale University Press' decision not to publish controversial cartoons depicting the prophet Mohammed within a recent book. The lecture concludes with de Soto's notions of live and dead capital, and the importance of property rights in unlocking the productive power of capitalism. (from oyc.yale.edu)

Lecture 05 - Property, Freedom, and the Essential Job of Government

Time Lecture Chapters
[00:00:00] 1. Introduction
[00:04:19] 2. The Hayek Framework
[00:39:14] 3. The Nation State Framework
[00:44:14] 4. The De Soto Framework

References
Lecture 5 - Property, Freedom, and the Essential Job of Government
Instructor: Professor Douglas W. Rae. Transcript [html]. Audio [mp3]. Download Video [mov].

Go to the Course Home or watch other lectures:

Lecture 01 - Exploding Worlds and Course Introduction
Lecture 02 - Thomas Malthus and Inevitable Poverty
Lecture 03 - Counting the Fingers of Adam Smith's Invisible Hand
Lecture 04 - Karl Marx, Joseph Schumpeter, and an Economic System Incapable of Coming to Rest
Lecture 05 - Property, Freedom, and the Essential Job of Government
Lecture 06 - Rise of the Joint Stock Corporation
Lecture 07 - Can You Sell a Scheme for Operating on Beating Hearts and Make a Business of It?
Lecture 08 - Mortal Life Cycle of a Great Technology
Lecture 09 - Guest Lecture by Jim Alexander: Managing the Crooked E
Lecture 10
Lecture 11 - Institutions and Incentives in Mortgages and Mortgage-Backed Securities
Lecture 12 - Accountability and Greed in Investment Banking
Lecture 13 - The Mortgage Meltdown in Cleveland
Lecture 14 - The Political and Judicial Elements of American Capitalism
Lecture 15 - Mass Affluence Comes to the Western World
Lecture 16 - Braudel's Bell Jar
Lecture 17 - The Case of Mister Balram Halwai
Lecture 18 - Microfinance in South India
Lecture 19 - Plight of the Bottom Billion
Lecture 20 - Policy Targets for Capitalist Development
Lecture 21 - Guest Lecture by Paolo Zanonni, Part I
Lecture 22 - Guest Lecture by Paolo Zanonni, Part II
Lecture 23 - Marrying the Devil in Texas
Lecture 24 - Capitalist Enterprise and Clean Water for a Bolivian City