Recording-2025-02-11T16:13:27.907Z

Education Background

• Undergraduate studies included various topics:

  • Labor unions

  • Israeli law

  • Human rights

• Took a class on political economy despite not being an economist.

• Group project experience with a major economist; received an A due to friend's contributions.

Exit Voice Loyalty Theory

• Exit, Voice, and Loyalty concept discussed in the context of unions.

  • Example: Brooklyn College professors in PSC CUNY union.

• Options for members unhappy with their union:

  • Voice: Can protest, organize, or vote.

  • Exit: If dissatisfied, they may exit the institution.

  • Loyalty: Staying within the institution because of attachment or belief in improvement.

• Historical example of Coca-Cola's marketing mistake with New Coke and results in customer dissatisfaction.

Historical Context and Influence of Institutions

• Large institutions can generate discontent due to corruption.

• Martin Luther's reform movements against church indulgences highlighted institutional corruption.

• Indulgences: Payments made to the church for salvation, contributing to public unrest among loyal believers.

  • Introduced Protestant Reformation.

Changes in Power Dynamics in Europe

• 16th century Europe experienced shifts in church authority due to translations of the Bible into vernacular languages.

• Printing press invention led to the expansion of world views and dissemination of new ideas, particularly religious texts.

  • Shift away from Latin to local languages influenced the spread of Protestantism.

• Local princes began to seek autonomy from church authority, transforming governance.

Witch Hunts and Social Reactions

• Societal crises like the Reformation engendered witch hunts as a means of social control and targetted those on the fringes.

• The Thirty Years' War exemplified religious intolerance and conflict across Europe.

  • Resulted in massive population loss and societal upheaval.

Evolution of European States

• The emergence of constitutional and absolute monarchies.

  • Constitutional monarchies share power with a parliament, e.g. England.

  • Absolute monarchies maintain central control, e.g. France and Russia.

• Discussion of monarchies today in places like Saudi Arabia contrasts historical models.

The Role of Economics and Trade

• Adam Smith's principles from "Inquiry into the Nature and Causes of the Wealth of Nations" discussed.

  • Advocated for self-regulating markets based on supply and demand.

  • Highlighted the importance of free trade but cautioned about international competition.

  • Modern implications include debates over tariffs in capitalism and market control.