INT 200

What is objectivism and who created it?

Ayn Rand: The belief that certain things, especially moral truths, exist independently of human knowledge or perception of them. -Reality is an absolute; a world independent of our minds -man has a means of knowledge; it is reason—and reason alone -Free will (ability to think) -Morality -Society

What is the role of the government? (Adam Smith)

Defense: raise army and pay, defend country Justice: have courts, system for court of law Taxes: collect taxes, make sure the country has $ Public Works: fix roads, school systems, etc.

What are transnational corporations (TNC)?

Does not identify itself with one national home country.

What are multinational corporations (MNC)?

Produce or deliver services in more than one country, usually with its management in one country, its home country. -The largest 200 TNCs, including GM, Walmart, Exxon-Mobil, Mitsubishi, and Siemens, make up over half of the worlds industrial output -70% of all world trade, almost all in the Global North

What are the international powers of the MNC?

Tax competition, Market withdrawal, Lobbying, Patents

What is another name for the Agricultural Revolution and define it?

The Neolithic Revolution -the wide-scale transition of many human cultures from a lifestyle of hunting and gathering to one of agriculture and settlement, making possible an increasingly larger population.

What is cultural appropriation?

The adoption of some specific elements of one culture by a different cultural group

What is inequality, specifically the economic definition?

difference found in various measures of economic well-being among individuals in a group, among groups in a population, or among countries

What is cultural assimilation?

process by which a person or a group's language and/or culture come to resemble those of another group.

What is a minarchist?

propose that the only legitimate governmental institutions are the military, police, and courts.

What is a monopoly?

the exclusive possession or control of the supply or trade in a commodity or service

What is progress?

the idea that the world can become increasingly better in terms of science, technology, modernization, liberty, democracy, quality of life, etc. -More human progress has occurred in the last 100 years than in all previous centuries combined

What is mode of production?

varied ways that human beings collectively produce the means of subsistence in order to survive and enhance social being

What is an oligarchy?

where political or economic power rests with a small number of people

How does the IMF defend globalization?

-Better goods and services, lower prices, better jobs, improved heath, higher living standards -"The growth in global markets has helped to promote efficiency through competition and the division of labor—the specialization that allows people and economies to focus on what they do best."

What were the consequences of the Industrial Revolution on Global Capitalism?

-The Great Divergence -Military superiority that permitted Imperialism -Economic integration -New industrial and agricultural technologies -World capital market -Mass migration

What is the gini coefficient?

0 (complete equality) to 1 (complete inequality)

What is class struggle?

"The history of all hitherto existing society is the history of class struggle." -mutilate the laborer, ruin his work, transform life into work

When and what was the great depression?

-1929-1939 -Sustained long term down turn in economic activity -Abnormally high unemployment -Lack of credit -Banking crisis -Financial crisis -Bankruptcies -Currency devaluations -Deflation -Less trade

What were the obstacles for the US to become the world's leading industrial capitalist nation? The solutions?

-2 obstacles: a growing working class & competition -Solutions: price-cutting to monopolies

What happened after the Neolithic Revolution?

-3500 BCE technology allows humanity to overcome geography -Writing, wheel, roads, etc. -Trade routes and empires -Global religions and globetrotters

What are the 3 main functions of money?

-A medium of exchange, easily traded for goods & services. -A store of value, so that it can be saved and used for consumption in the future -A unit of account, a useful measuring-stick

What are the advantages and disadvantages of new imperialism?

-Advantages: Cultural diffusion, including English Modernization, including technology -Disadvantages: Disease, exploitation, enslavement, Cultural Trauma

What is agora and emporion?

-Agora: internal market, where everyone could bring their products and sell them freely -Emporion: market dedicated to international trade

Explain how the feudal system works. How did it inhibit capitalism?

-Agricultural population whose labor produced food for their lord in return for his protection. -Produce only what is needed, be self-sufficient (limited market)

What was the Smoot-Hawley Act (1930)?

-Average tariffs jumped from 25.9% in the mid-20s to 50% in 1931-1035 -Farmers impacted heavily -American exports: $5.2 Billion to $1.7 Billion

What are main mercantilist policies?

-Bullionism -Export more than import for favorable trade -In exchange for paying levies and taxes to support the armies of the nation-states, the mercantile classes induced governments to enact policies that would protect their business interests against foreign competition -Capital to new industries, exempt new industries from guild rules and taxes, establish monopolies over local and colonial markets, and grant titles and pensions to successful producers, etc. -Tariffs, quotas, and prohibitions on imports of goods that competed with local manufacturers -Prohibited the export of tools and capital equipment -Shipping vital to national power: strong merchant marines, port duties on foreign vessels, restrictions on foreign vessels

What was the government involvement in the Industrial Revolution?

-Capital -Land

What is the difference between mercantilism and capitalism?

-Capitalism: economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market -Mercantilism: Economic nationalism for the purpose of building a wealthy and powerful state (export more than import: imperfect balance of trade in favor of your country)

What features of capitalism were present in Ancient Greece, and which were not?

-Capitalist: There was a trade network, slaves were private property, and huge markets where everyone traded. Increase in self interest to sell at markets. -Not capitalist: However, there was no laissez faire, no accumulation of capital, and very little human produced production.

What four transitions in England helped transform its economy?

-Collapse of the manorial system: wage-labor, cities, merchants -Centralized state: London central market for the entire country and large internal market -Enclosure and Agrarian capitalism: polarizing agrarian population into larger landowners who lived on rents, capitalist tenants living on profits, and propertyless laborers living on wages -Long-distance trade re-emerged

Why did the great divergence occur?

-Cultural factors: Max Weber "The Protestant Ethic and the Spirit of Capitalism" Invention of freedom Plundering and pillage Europe and US: beacon of progress or ruthless thief? -Environmental factors leading to greater productivity -Open science -Glorious Revolution -All of the above: Capitalism and Colonialism

What was the outcomes of the Agricultural Revolution? How did it change the economy?

-Domestication of plants and animals about 12,000 years ago allowed humans to produce their own food -Villages and towns -Surplus food production -States, kingdoms, empires -Specialization and division of labor, trade, non-portable art and architecture, centralized administration, writing, armies, priests, kings centralized, patriarchal, and stratified

What is a command economy or centrally planned economy?

-Economic system in which the means of production are publicly owned and economic activity is controlled by a central authority -The total direction and development of a nation's economy is planned and administered by its government: government control of production, distribution, and consumption -Prices are also set by the central planners

What was the gilded age and who were the robber barons?

-Era of rapid economic growth, especially in the North and West. But also of poverty and inequality (monopoly capitalism). -the 24 men who held great industrial monopolies and unprecedented wealth

What are the differences between a first, second, and third world?

-First World: any country with little political risk and a well functioning democracy, rule of law, capitalist economy, economic stability and high standard of living. ("rich nations") -Second World: used to describe countries that are in between poverty and prosperity -Third World: used interchangeably with the least developed countries, the Global South, and developing countries to describe poorer countries that have struggled to attain steady economic development

What were the effects of Industrial Capitalism?

-Free-Trade and the resulting trade boom -Technologies: transportation and information -Finance: integration of international capital markets -Mass migration -Economic Growth and Pax Brittanica

What is the GDP?

-Gross Domestic Product -Adam Smith believed that GDP was accurate way of measuring wealth (wealth= what money buys)

Explain Keynesian economics.

-If investment exceeds saving, there will be inflation -If saving exceeds investment, there will be recession -Market is a vicious cycle -Prosperity=Low interest rates and deficit spending

What is new imperialism? Give an example.

-Industrialization: Resources and Markets -Nationalism -Cultural Superiority Ex: White man's burden

On what does the global capitalist system depend?

-Institutions of capitalism be introduced in the economics of all global participants -Those participants allowed a wide range of economic interactions to take place between them

What is Fiat Money?

-Intrinsically useless; is used only as a medium of exchange -Derives its value from the government which declares it to be legal tender -Ex: inflation, devaluation

What was the effect WW2 had on the US?

-Management of the economic side of the war was left in the hands of large-scale industry -National labor policy increasingly penalized unions for striking -Presidentially-appointed boards and the armed forces high command controlled economic aspects of the war -recovered its leadership role in domestic economic policy (that it had in the 1920s), and now had a major role in the military and foreign policy

What were the significant developments toward capitalism in the Early Modern Period?

-Merchants invested capital to seek a return on investment -Chartered joint-stock companies created by the state -Switch from tributary modes of production to voluntary market exchange of goods, labor, land, and capital, radiated out from northern Italy, the Low Countries, and Britain, -Colonial and expansionary powers by states, powerful nation-states sought that to accumulate precious metals, and so military conflicts.

What is Monetization?

-Money evolves to reduce barter; as a private-sector attempt to minimize the costs of trading. -Government has incentive to move economy away from barter.

What are the main features of the Industrial Revolution?

-New energy sources (coal, steam), more use of iron instead of wood -Wider distribution of wealth, the decline of land as a source of wealth, and increased international trade -New state policies corresponding to the needs of an industrialized society -Growth of cities, the development of working-class movements, and the emergence of new patterns of authority -Worker acquired new and distinctive skills, and his relation to his task shifted; instead of being a craftsman working with hand tools, he became a machine operator, subject to factory discipline

What are the elements of capitalism?

-Private property rights -Pursuit of profits -Supportive governments -Contracts enforceable by 3rd parties -Markets with responsive prices.

What is reserve currency? Give an example.

-Reserve currency is commonly used in international transactions. -Ex: US dollar

What happened in the 1970s to undermine Keynesian economics?

-Stagflation -People became accustomed to rising inflation, unemployment would just go back up.

What are the chartered trading companies?

-The British East India Company (1600) -The Dutch East India Company (1602) -First multinational corporations in the world and the first companies to issue stock

How does Thomas Piketty argue that inequality will become greater? What is his solution?

-The free-market system has a natural tendency towards increasing the concentration of wealth, because r>g -Recommendation: adopting a global tax on wealth, to prevent soaring inequality contributing to economic or political instability in the future

What is alienation?

-The worker is alienated from his or her productive activity. -The worker is alienated from the product of that activity. -The worker is alienated from other human beings. -The worker is alienated from the distinctive potential for creativity and community.

What was the Industrial Revolution?

-Transition from agrarian, handicraft economy to one dominated by industry and machine manufacturing. -Industrialist > the Merchant

What policies of capitalism did colonial america have?

-Virginia Charters -Exclusionary policy -Taxes -Mercantile Capitalism -"the chief business of the American people is business"

What changes occurred during the Industrial Revolution?

-Wider distribution of wealth, the decline of land as a source of wealth, and increased international trade -New state policies corresponding to the needs of an industrialized society -Growth of cities, the development of working-class movements, and the emergence of new patterns of authority -Worker acquired new and distinctive skills, and his relation to his task shifted; instead of being a craftsman working with hand tools, he became a machine operator, subject to factory discipline

Adam Smith

-Wrote the "Wealth of Nations" (free trade/ little government involvement) -Nation's wealth is its per capita national product (real wealth is what money buys; GNP/GDP) -Key to efficiency: specialization (division of labor) -Gain from exchange -Money and value: labor= real price -Self regulating markets (quantity of the supply brought to the table compared to the quantity demanded as well as sellers pushing resources to where demand and price are both the highest)

What are corporate social responsibility?

-a form of corporate self-regulation integrated into a business model whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards and international norms -balancing various stakeholder interests rather than just the interests of just stockholders

What is a welfare state?

-ensures citizens' welfare in the face of the contingencies of life in modern, individualized, industrialized society -government undertakes to protect the health and well-being of its citizens, especially those in financial or social need, by means of grants, pensions, and other benefits

What are some of the reforms of the Washington Consensus?

-fiscal discipline and a curb to budget deficits -reduction in public spending -tax reform: a system with a broad base and effective enforcement -financial liberalization: with interest rates determined by the market -competitive exchange rates to assist export-led growth -trade liberalization, with abolition of import licensing and a reduction in tariffs -promotion of foreign direct investment -privatization of state enterprises -deregulation of the economy -protection of property rights

Who is Naomi Klien and her shock doctrine?

-free-market polices are pushed through while citizens are in shock from disasters or upheavals -Those who push through these unpopular reforms do so by taking advantage of certain features of the aftermath of major disasters, be they economic, political, military or natural -in some cases intentionally encouraged or even manufactured

Explain the WTO.

-global trade organization charged with fashioning and enforcing multilateral trade agreements -main function is to ensure that trade flows as smoothly, predictably and freely as possible

What did Fukuyama predict the end of history?

-human history has been a struggle between ideologies -global triumph of political and economic liberalism

What is a state own enterprise?

-hybrid corporations, backed by the state but behaving like a private-sector multinational and embracing globalization -corporations in which the state owns controlling shares of publicly-listed corporations, effectively acting as a large capitalist shareholder

What is tribute in kind?

-kind of charitable giving in which, instead of giving money to buy needed goods and services, the goods and services themselves are given -wealth, often in kind, that a party gives to another as a sign of respect or, as was often the case in historical contexts, of submission or allegiance.

What does the World Bank do?

-official goal is the reduction of poverty -provide low-interest loans, interest-free credits and grants to developing countries for a wide array of purposes

How does the IMF support its members?

-policy advice to governments and central banks -research, statistics, forecasts, and analysis based on tracking of global, regional, and individual economies and markets -loans to help countries overcome economic difficulties -concessional loans to help fight poverty in developing countries -assistance and training to countries to improve the management of their economies

What are some Neo-liberalism policies?

-privatization of public enterprises -deregulation of the economy -liberalization of trade and industry -massive tax cuts -monetarist measures to keep inflation in check -control on organized labor -reduction of public expenditures esp. social spending -downsizing government -expansion of international markets -removal of controls on global financial flows

What is cultural imperialism?

-the domination of one culture over another other by a deliberate policy or by economic or technological superiority -forced acculturation of a subject population, or to the voluntary embracing of a foreign culture by individuals who do so of their own free will

What is a Bourgeoisie?

-the middle class, typically with reference to its perceived materialistic values or conventional attitudes. -the capitalist class who own most of society's wealth and means of production.

What is homogenization? What is cultural homogenization?

-the process of making things uniform or similar. -blending cultures to a uniform culture that doesn't show the trace of the diversity of the different cultures

What is BRICS? What are emerging markets?

Association of five major emerging national economies: Brazil, Russia, India, China and South Africa. -Emerging markets are countries that have some characteristics of a developed market, but does not meet standards to be a developed market.

What does the developing world think of globalization?

A false god foisted on weaker countries 3 reactions: -nationalism -strong central power/leader politics of populism: protectionism

What is a collegium?

A group that holds mutual respect for each other and is working toward a common goal.

What is Imperialism?

A policy of extending a country's power and influence through diplomacy or military force.

What is consumerism?

A social and economic order and ideology encourages the acquisition of goods and services in ever-increasing amounts

Of what does Alter-globalization accuse neoliberalism? What do they advocate?

Accuse neoliberal policies of: -leading to greater global social inequality, -high levels of unemployment, -environmental degradation, -the demise of social welfare -escalation of global conflicts and violence -weakening of participatory forms of democracy -proliferation of self-interest and consumerism Advocate: -"global civil society" dedicated -to the establishment of a more equitable relationship between the wealthy nations and poor nations -to protect the global environment -to advocate for fair trade and international labor issues -to demand human rights -"another world is possible"

Explain what the IMF does.

Administered the international monetary system -approval for any change in exchange rates in excess of 1%; stabilize international exchange rates -facilitate development through the encouragement of liberalizing economic policies

What are the advantages and disadvantages of a command economy or centrally planned economy?

Advantages -harness land, labor, and capital to serve the economic objectives of the state -consumer demand can be restrained in favor of greater capital investment for economic development Disadvantages -Inefficient resource distribution -Suppression of economic democracy and self-management -Economic Instability -Authoritarian -Shadow economy

What are cartels?

An agreement between competing firms/countries to control prices

What is Bullionism?

An economic theory that defines wealth by the amount of precious metals owned

What is a dirigisme?

An economy in which the government exerts strong direct influence.

In what way was the fall of Rome an economic setback for Europe in the early Medieval Period?

Collapse of long distance trade and monetary system.

What is commodity money? Give an example.

Commodity money: value comes from the commodity of which it is made Ex: Electrum, gold, silver, etc

What is the Structural Adjustment Program?

Consist of loans provided by the IMF and the WB to countries that experienced economic crises. -require borrowing countries to implement certain policies in order to obtain new loans (or to lower interest rates on existing ones). -created with the goal of reducing the borrowing country's fiscal imbalances in the short and medium term or in order to adjust the economy to long-term growth -supposed to allow the economies of the developing countries to become more market oriented. This then forces them to concentrate more on trade and production so it can boost their economy.

What was the Bretton Woods System? How did it affect the fixed exchange rate?

Expand international trade by removing tariffs Create a stable money exchange system -Fixed exchange rate to the $US Institutions -International Monetary Fund (IMF) -World Bank (WB) -General Agreement on Tariffs and Trade (GATT), later the World Trade Organization (WTO) Golden Age of controlled capitalism

What is justice globalism?

Globalization based on egalitarian ideals of global solidarity and distributive justice

What is meant by, "Another World is Possible"?

Globalization based on egalitarian ideals of global solidarity and distributive justice.

What is the Gold Standard? What are the advantages and disadvantages?

Gold Standard: a currency is defined in terms of a specified amount of gold and for which the currency could be exchanged. Advantages: Long-term price stability, fixed international exchange rates Disadvantages: Gold unequally distributed, limits growth

What was the Great Divergence?

Process by which the Western Europe and the parts of the New World overcame pre-modern growth constraints and emerged during the 19th century as the most powerful and wealthy world civilization.

Why are the IMF, WB, and WTO seen as supporting Neo-liberalism?

IMF, WB, AND WTO support it because they removed whoever (mostly poor countries) didn't get involved with neoliberalism (Washington Consensus).

What is liberalism?

Ideological belief in organizing the economy on individual lines, meaning that the greatest possible number of economic decisions are made by individuals or households and not by collective institutions or organizations. -It includes a spectrum of different economic policies, such as freedom of movement, but it is always based on strong support for a market economy and private property in the means of production. -Although economic liberalism can also be supportive of government regulation to a certain degree, it tends to oppose government intervention in the free market when it inhibits free trade and open competition

What is creative destruction?

Incessant product and process innovation mechanism by which new production units replace outdated ones.

What is Industrial Capitalism?

Industry and capital are privately owned and operated for a profit.

What caused the Great Depression?

Keynesians: -blamed free market because markets are already unstable -encourage spending, not saving -government must lend and create jobs Friedman: -Federal Reserve failed -Blame government, not capitalism

What did Friedrich von Hayek believe in economics?

Low interest rates cause an expansion of credit, so this credit flows into some parts of the economy before others -Creates boom or bubbles, and then busts (Recession of 2008) -Non-intervention in the market, even by government

What is McWorld? How does it fit into americanization?

McWorld is a form of homogenization (cultural exchanges). Americanization: the influence American culture and business has on other countries, such as their media, cuisine, business practices, popular culture, technology, or political techniques Fits into americanization: -International Business Culture (Davos Culture) -Faculty Club International -McWorld -Evangelical Protestantism

What is anti-globalization?

Nationalists and economic protectionists -MNCs, WTO, IMF, WB, and UN Undermines sovereignty -Cultural Aspects too: "globalist advocates of multiculturalism"

What is meant by the "Golden Age of controlled capitalism"?

Nations controlled currency prices and trade meaning they controlled the flow of currency and permeability of their borders.

What is the global justice movement?

Network of globalized social movements opposing what is often known as the "corporate globalization" and promoting equal distribution of economic resources.

What are the difficulties with the barter system?

No exact value on different items, requires a coincidence of needs between both parties.

What is reciprocal exchange?

Non-market exchange of goods or labor ranging from direct barter (immediate exchange) to forms of gift exchange where a return is eventually expected (delayed exchange)

What is the race to the bottom?

Perceived unfairness in taxes, enclavist approaches. Has bread significant resentment against capitalism in certain parts of the world -EX: look for cheapest place for factories

What is Stagflation?

Persistent high inflation combined with high unemployment and stagnant demand in a country's economy.

What is post-capitalism and how does it relate to a sharing economy?

Post-capitalist society may come about as a result of spontaneous evolution as capitalism becomes obsolete. Sharing economy: Collaborative production, using network technology to produce goods and services that only work when they are free, or shared, defines the route beyond the market system.

What are the 5 tenets of capitalism?

Private Property Self Interest Competition Supply and Demand (invisible hand) Laissez-faire (hands off, very little involvement)

What are the pros and cons of a state own enterprise?

Pros -Stability as well as growth -Clout that private-sector companies would take years to build -Success Cons -Favoring one group of companies/industries means others suffer -Good at copying, not as good at innovation -Does not guarantee stability: concentrates power and corrupts it -State-capitalist governments can be capricious -Unfair trading

What is Deflation?

Reduction of the general level of prices in an economy.

What is the Washington Consensus?

Reforms required to receive loans from the WB and the IMF -Economic and institutional measures designed to solve macroeconomic problems in developing countries by reducing government intervention in the economy, correcting the borrowing country's deficits and opening the country's economy to the global market.

What is representative money? Give an example.

Representative Money: A claim on a commodity, a "commodity-backed money". Ex: Gold certificate

What is Modern Economic Growth?

Rise in per capita income with population growth

What is social liberalism?

Role of the government includes addressing economic and social issues such as poverty, health care and education.

What is socialism?

Social and economic doctrine that calls for public rather than private ownership or control of property and natural resources.

What is a post-industrial society?

Stage of society's development when the service sector generates more wealth than the manufacturing sector of the economy

What is anarchism?

State unnecessary or harmful -advocate stateless societies based on voluntary associations -individual anarchism v. social anarchism

What is Seigniorage?

The difference between the value of the money and the cost to manufacture it

Define enclosure.

The enclosing of numerous smaller farms into a large farm, creating a more efficient system.

Define capital. Give an example.

The means of production used to create goods and services. Ex: land

What is communism?

The political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control of at least the major means of production and the natural resources of a society.

What is state capitalism?

The state/government engages in profit seeking economic activity with the management of the productive forces in a capitalist manner.

What is Protectionism?

The theory or practice of shielding a country's domestic industries from foreign competition by taxing imports.

What is the labor theory of value?

The value of any commodity is the result of the amount of labor time that went into its production -surplus value goes to the capitalist

What is agrarian capitalism? What are physiocrats?

The wealth of nations was derived solely from the value of "land agriculture" (the production of goods and services as consumption of the agricultural surplus, since the main source of power was from human or animal muscle and all energy was derived from the surplus from agricultural production) -Physiocrats: French economists who believed that agriculture was the source of all wealth and that agricultural products should be highly priced

What is corvées?

Unpaid labor imposed by the state on peasants for the performance of work on public projects for limited period of time

What is shareholder value?

Use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.

What is ordoliberalism?

Variant of social liberalism; need for the state to ensure that the free market produces results close to its theoretical potential.

What kind of currency is a Bitcoin? Why?

Virtual Fiat Currency -No central monetary authority to control the money supply -A community currency that requires self-policing on the part of its users

What is occupy wall street and its goals?

We are the 99% -OWS's goals include a reduction in the influence of corporations on politics, -a more balanced distribution of income and wealth, -more and better jobs -bank reform especially when it comes to speculative trading by banks -forgiveness of student loan debt and alleviation of the foreclosure situation

What is glocalization?

a complex interaction of the global and local characterized by cultural borrowing

What is the dutch disease?

a condition whereby a resource boom leads to appreciation of the real exchange rate and in turn damages manufacturing and other tradable sectors

What is economic obsolescence?

a form of depreciation, or an incurable loss in value, caused by unfavorable conditions external to the property

What is Neo-liberalism?

a modified form of liberalism tending to favor free-market capitalism. -market is a self-regulating mechanism tending toward equilibrium of supply and demand and thus achieving the most efficient allocation of resources -any constraint on competition interfered with the natural efficiency of the market

What is free trade?

a policy which allows traders to trade across national borders without interference from their respective governments.

What is globalization?

a set of social processes that appear to change our present social condition by increasing the global economic, political, cultural, and environmental interconnections and flows and make most of the currently existing borders and boundaries less relevant

What is the carry trade?

a strategy in which an investor borrows money at a low interest rate in order to invest in an asset that is likely to provide a higher return -Triple Profits

What does it mean to barter?

a system of exchange by which goods or services are directly exchanged for other goods or services

What is crony capitalism and its connection to corruption?

an economy in which success in business depends on close relationships between business people and government officials -Corruption: to misuse one's position for personal benefit

What is libertarianism?

an extreme laissez-faire political philosophy advocating only minimal state intervention in the lives of citizens.

What is structuralism?

approach to economics that emphasizes the importance of taking into account structural features (typically) when undertaking economic analysis

What is the resource curse?

natural resource abundance increases the likelihood that countries will experience negative economic, political and social outcomes

What are trade barriers?

tariffs, import licenses, export licenses, import quotas, subsidies, voluntary export restraints, local content regulations, embargos

What is supply and demand?

the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.

What is hybridity?

the blending of cultures, but not homogenizing, modernizing, and westernizing

What is the gospel of consumption?

the notion that people could be convinced that however much they have, it isn't enough

What is market globalism?

to endow globalization with free-market, neo-liberal meanings -5 ideological claims: --Globalization is about the liberalization and global integration of markets --Globalization is inevitable and irreversible --Nobody is in charge of globalization --Globalization benefits everyone --Globalization furthers the spread of democracy in the world

What is common carriage? What is the tragedy of the commons?

transport trades compelled to serve all comers, and to charge reasonable rates -a situation where individuals acting independently and rationally according to each's self-interest behave contrary to the best interests of the whole group by depleting some common resource