Last Day Here!

Today was our last day before we fly out tomorrow! The class met for some coffee and discussion at Garfield 208, hoping to simulate the fabulous dinner discussions that await us in Italy.

Unable to truly connect any of our topics to Italy, the discussions about heritage (cultural economy), common property, and institutions were mostly general, but there was discussion about what type of economy and society to expect once we are overseas.
Dan and I led the discussion about human constraints (institutions) and how they have developed differently and affected economies differently. Primitive economies were examined including tribal villages, bazaars, and caravan trade routes. Institutions have evolved, as the ability to exchange has increased. Without these evolving institutions, a modern western economy would have never developed.
The contrasting growth of Spanish vs. English speaking countries since coming to the New World is a result of the development of the different institutions. Professor Travis brought up the notion that America's "Melting Pot" mentality contributes to our institutional customs. Spanish speaking countries have a heritage that supports tradition; there are not as many diverse views to account for. Haggling in America would not work because of the many different backgrounds, whereas bartering is an established institution in many Spanish speaking countries.

All three discussions were somewhat general, but it will be interesting to see how what we learned today applies to Italy. How will heritage and tradition affect their economy? How do they use common properties? What institutions do they have/and do their instituions explain their abilities in transacting goods?

So excited to leave tomorrow!!!!!!