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GEOG 352: Day 2

Goldman Sachs headquarters, c ourtesy of Wikipedia. GEOG 352: Day 2. “The Inside Job” and Iceland’s Response. Items of Business. Does anyone need a course outline? Please sign in for today Reminder about the Free Store that goes ‘til 2

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GEOG 352: Day 2

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  1. Goldman Sachs headquarters, courtesy of Wikipedia GEOG 352: Day 2 “The Inside Job” and Iceland’s Response

  2. Items of Business • Does anyone need a course outline? • Please sign in for today • Reminder about the Free Store that goes ‘til 2 • The course outline is up on the web site and I will get it up on Moodle next time • The instructions are available on the web site (http://web.viu.ca/alexander2 under “Courses”). Go through the list of possible cases (or think of your own) and start thinking about what you will focus on…

  3. Picking Up Where We Left Off • Any questions about any of the terms in the film: “Ponzi scheme”, “Luddite”, collateralized debt obligations (CDOs), loans to assets leveraging, or about how the whole structure worked? • Any comments about what we have seen so far? • Questions for you: •has any regulatory regime been in place since? •has anyone on Wall Street gone to jail for what happened or been individually fined? • under what circumstances are individuals liable for the actions of corporations? •can the charters of corporations be revoked for social or ecological irresponsibility? • We can watch the rest or not; it’s entirely up to you.

  4. Picking Up Where We Left Off • The film is relevant to this course on two levels: first, instead of producing products of real value, using traditional factors of production (land or resources, labour and capital), these folks made money through a financial shell game of selling financial “products” where they benefitted enormously and others bore the risks and paid the ultimate costs. • The second level is that in recentyears, commentators, in noting the negative impact of ourcurrenteconomic system on nature and on communities, have proposedgoingbeyond a focus on financial capital to focusing on multiple capitals: natural, social, human, physical, and human. How the economycan serve all of themiswhat this course isall about. • This approachisalsoreflected in talk about a “triple bottom line.”

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