ARCH 572: ARCHITECTURAL PRACTICE II. Economics

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Damon Carroll
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1 ARCH 572: ARCHITECTURAL PRACTICE II Economics 01

2 AGENDA FOR TODAY CAPITAL & CURRENCY CAPITAL CURRENCY QUESTIONS CASE STUDY 02

3 CAPITAL & CURRENCY What is Capital? 03

4 CAPITAL & CURRENCY That part of capital then, which is represented by the means of production, by the raw material, auxiliary material and the instruments of labour does not, in the process of production, undergo any quantitative alteration of value. I therefore call it the constant part of capital, or, more shortly, constant capital...the definition of constant capital given above by no means excludes the possibility of a change of value in its elements. - Karl Marx Das Kapital But when he possesses stock sufficient to maintain him for months or years, he naturally endeavours to derive a revenue from the greater part of it, reserving only so much for his immediate consumption as may maintain him till this revenue begins to come in. His whole stock, therefore, is distinguished into two parts. That part which he expects is to afford him this revenue is called his capital. - Adam Smith The Wealth of Nations What is Capital? 04

5 CAPITAL & CURRENCY What is Currency? 05

6 CAPITAL & CURRENCY Currency is structured by a fundamental contradiction between its necessary circulation and its stubborn foundation in sovereign territories. - Scapegoat: Architecture Landscape Political Economy 04 Currency What is Currency? 06

7 CAPITAL & CURRENCY Fiat Currency _ Deutsche Mark,

8 CAPITAL & CURRENCY What do Capital and Currency have to do with Architecture? 08

9 European Countries in the European Union 09

10 European Countries using the Euro in 2009 (blue) 10

11 Treaty of Tordesillas _

12 Mercator World Map _ Gerardus Mercator _

13 Silver mines in Potosí, Bolivia 13

14 World Map _ Anna Artaker _

15 FRONTIERS OF CAPITAL - THE WORLD MARKET - Refers to the spatiality of capital - Karl Marx on the World Market: 1- Marx criticizes capital s structural need to continuously expand itself 2- Marx sets the rule for intensive expansion 3- Marx emphasizes that if the concrete nature of the world market is emphasized, so must its abstract nature 15

16 T & O World Map _ 8th century 16

17 Bank of England Charter

18 Federal Reserve Act of 1913 _ President Woodrow Wilson signed it 18

19 India 50 rupees note Mahatma Gandhi (front) Parliament Building 1975 (back) 1 Rupee = US Dollars (2015) Saudi Arabia 50 riyals note Dome of the Rock & King Abdullah Bin Abdul-Aziz al-saud (front) Al-Aqsa Mosque in Jerusalem (back) 1 Riyal = 0.27 US Dollars (2015) England 20 sterling pounds note Adam Smith (front) Queen Elizabeth II & the Bank of England(back) 1 sterling pound = 1.54 US Dollars (2015) 19

20 United States Stock Market Crash 1929 _ James Naumburg,

21 Bretton Woods Conference 1944 _ US Treasury Secretary Henry Morgenthau 21

22 Occupygeorge.com Bank Note_ Occupy Wall Street Movement

23 Bretton Woods dissolved 1971 _ President Richard Nixon 23

24 Quantative Easing _ Jac Depczyk in The Economist

25 Too Big to Jail _ Mike Luckovich in Atlanta Journal-Constitution

26 If currency is an abstract wavering entity, where can we entrust value? 26

27 CAPITAL & CURRENCY Questions? 27

Women driving the transformation of the KSA automotive market. March 2018

Women driving the transformation of the KSA automotive market March 2018 The Saudi Press Agency reported in September 2017 that a decree had been signed by Custodian of the Two Holy Mosques, King Salman