This module analyzes a business case involving cardiac surgery technology. Professor Oster discusses barriers to success, including competition, market understanding, and stakeholder dynamics. The complexities of aligning interests and overcoming challenges in the medical field are critically examined.
This module introduces the course, defining capital as accumulated wealth that generates more wealth. It discusses the transition from labor-intensive to capital-intensive production, leading to global income disparities. Key characteristics of capitalism are presented, setting the stage for deeper exploration throughout the course.
In this module, Marxist and Schumpeterian theories are explored to highlight capitalism's dynamic nature. Professor Rae critiques Marx's deterministic views while emphasizing the creative destruction inherent in capitalism. Historical examples illustrate how technological revolutions have influenced economic structures, discussing labor's role and Schumpeter's insights on innovation.
This module discusses the intersection of property rights, freedom, and government roles. Drawing from Hayek's principles, it illustrates how freedom fosters innovation and knowledge sharing. The implications of property rights on economic growth and poverty alleviation in developing countries are examined, alongside contentious issues of censorship and ethics in publishing.
This module focuses on the historical emergence of the joint stock corporation, particularly in the context of the U.S. railroad industry. It discusses the management challenges and financial innovations that led to the corporation's rise, emphasizing its efficiency in capital raising and the principal-agent issues it faces.
This module analyzes a business case involving cardiac surgery technology. Professor Oster discusses barriers to success, including competition, market understanding, and stakeholder dynamics. The complexities of aligning interests and overcoming challenges in the medical field are critically examined.
Using Polaroid as a case study, this module explores the lifecycle of technology in capitalism. It examines Polaroidâs business model and decisions that led to its decline, highlighting the importance of market adaptation and innovation in an evolving technological landscape.
This guest lecture by Jim Alexander provides an insiderâs view of Enronâs corporate culture and its eventual downfall. Key focus areas include ethical lapses, accounting loopholes, and the broader implications of misaligned incentives in corporate governance.
Guest speaker Will Goetzmann presents a historical perspective on debt and financial crises, linking ancient practices to modern real estate financing. He discusses the 2008 financial crisis, emphasizing the interconnectedness of the mortgage market and broader economic conditions.
This module delves into the dynamics of investment banking, highlighting accountability and greed. It introduces the Coase Theorem and its implications for property rights and transaction efficiency, using historical legal cases to illustrate the importance of incentives in capitalism.
Professor Rae discusses the subprime mortgage crisis, analyzing the roles of various stakeholders, including homebuyers and lenders. The module reviews government involvement, deregulation, and the systemic risks that contributed to the housing market collapse.
This module highlights the political and judicial aspects of capitalism through the Merck-Vioxx case. It covers the influence of business interests on regulatory processes and the challenges faced by reformers in the legal system.
In this module, Professor Rae discusses the emergence of mass affluence and its connection to advertising and consumer culture. Theories regarding the Industrial Revolution's causes are explored, alongside the role of joint stock corporations in wealth generation.
This module revisits Hernando de Soto's theories on capital, focusing on the integration of informal property into formal systems. Challenges related to property rights and economic development in urban contexts are discussed, using Baltimore's vacancy issue as an example.
Discussing Aravind Adiga's novel The White Tiger, this module addresses the entrenched inequalities in developing nations. Themes of corruption, caste structures, and the challenges of dismantling these barriers are analyzed in connection with capitalism.
This module presents the SELCO case study, focusing on a distributed electric power scheme in rural India. It explores the challenges of scalability, financing, and market entry, encouraging students to propose improvements to SELCO's business model.
In this lecture, Professor Rae critiques GDP as a measure of societal well-being, discussing its limitations. The module introduces Paul Collier's insights from The Bottom Billion, focusing on poverty traps and the need for reform in aid and trade policies.
Professor Rae discusses the interconnectedness of capitalist market systems and government, using health care reforms as a case study. The module culminates in a discussion about Mory's club, exploring methods for its revitalization in Yale's contemporary context.
In this two-part lecture, Paolo Zanonni discusses Goldman Sachs' transition to a hybrid corporate structure. He explores the implications of this change for capital acquisition and the firm's corporate culture, providing insights into the selection process for partners.
Continuing from Part I, this lecture focuses on a major European utility deal involving Enel and Endesa. The complexities of international transactions and the interplay of regional politics are analyzed, showcasing the relationship between politics and market operations.
This module analyzes the TXU v. EDF case, discussing the environmental and political implications of a private equity deal. The module highlights differing perspectives from Austin and Washington, emphasizing the role of public opinion in shaping corporate strategies.
In this final module, Professor Rae summarizes key themes and thinkers discussed throughout the course. He revisits foundational concepts of capitalism, the role of the modern nation-state, and concludes with a case on water privatization in Bolivia, emphasizing the complexities of capitalist enterprise.