Ch. 14 - The World System, Colonialism, and Inequality Flashcards
Profit-oriented global economy based on production for sale or exchange
Capitalist world economy
Wealth invested with the intent of producing profit
Capital
Idea that a discernible social system, based on wealth and power differentials, transcends individual countries
World-system theory
Dominant position in the world system; nations with advanced systems of production
Core
Position in the world system intermediate between core and periphery
Semiperiphery
Weakest structural and economic position in the world system
Periphery
In Europe, after 1750, socioeconomic transformation through industrialization
Industrial Revolution
Owners of the means of production
Bourgeoisie
People who must sell their labor to survive
Working class (proletariat)
Long-term foreign control of a territory and its people
Colonialism
Conscious policy aimed at seizing and ruling foreign territories and peoples
Imperialism
Describes relations between European nations and areas they colonized and once ruled
Postcolonial
Ideological justification for outsiders to guide or rule native peoples
Intervention philosophy
Principle that government shouldn’t regulate private enterprise; free market forces should rule
Neoliberalism
Social system in which property is owned by the community and people work for the common good
communism
