exam 2 week 7 Flashcards
What is the overall theme of critical political economy?
emphasizes that power structures are central to understanding economic processes
- it argues that economic outcomes are shaped by the interests, ideologies, and practices of powerful actors like governments and elites, rather than by neutral market forces
- power is not just economic but also political, social, and cultural, influencing the distribution of wealth, resources and opportunities
What is the conflict between the profit motive and human need in capitalist structures, according to Critical Political Economy?
While capitalism prioritizes profit maximization, it often neglects or exploits human welfare, leading to inequality, poverty, and environmental degradation.
How does Marx’s theory of class struggle describe the division of society in a capitalist system?
Marx’s theory of class struggle divides society into two primary classes: the bourgeoisie (owners of the means of production) and the proletariat (the working class).
what is wrong with capitalist structures when it comes to workers?
Workers are paid less than the value they produce at work. The extra value is taken by the business owners, making the rich richer and keeping the poor in a lower position.
Where did the origins of capitalism’s development come from?
Capitalism’s development began during the colonial era when Europeans expanded into Asia and the Americas.
How did European industrial growth relate to colonialism?
European industrial growth relied on colonial labor, shaping development around European achievements.
What were the Marshall Plan and Bretton Woods, and what did they aim to achieve?
The Marshall Plan and Bretton Woods were initiatives that aimed to spur European growth through aid and technology after World War II.
How did the Cold War influence global development?
The Cold War rivalry between the Soviet Union and the United States shaped global development, influencing many countries’ economic and political decisions.
What impact did post-WWII independence movements have?
Post-WWII, independence movements challenged colonial rulers, igniting unrest and leading to the decolonization of many nations.
What did Adam Smith believe about state involvement in the market?
Adam Smith advocated for minimal state involvement, believing that the market’s self-regulation would ensure prosperity and fairness.
How did Adam Smith view the division of labor and specialization in capitalism?
Adam Smith believed that the division of labor and specialization would improve productivity and lead to broader societal benefits.
What was Karl Marx’s perspective on the state’s role in capitalism?
Karl Marx argued that the state actively supports capitalism by protecting property rights and enabling capital accumulation, often at workers’ expense.
How did Karl Marx critique labor exploitation in capitalism?
Karl Marx critiqued labor exploitation, arguing that workers are alienated from their products, and that capitalism creates deep inequalities.
How did Karl Marx view economic growth under capitalism?
Karl Marx saw economic growth as uneven and exploitative, with capitalism enriching the few while impoverishing the many.
What does Marx’s view of history focus on?
Marx’s view focuses on how capitalism causes exploitation by taking value from workers, leading to unfair wealth and power distribution.
: How does exploitation happen in capitalism?
Exploitation happens when workers’ labor is used to create value, but they don’t get paid for all of it, which leads to unequal wealth.
What did Marx think about markets in capitalism?
Marx thought markets weren’t fair and could be controlled to help keep certain people in power
How does Marx see the market’s role in society?
Marx saw the market as a place where people fight for control and make the rules.
How does Marx’s view of class differ from Max Weber’s view?
Marx sees class as how people are connected in society, while Weber focuses on ranking people based on individual characteristics.
What does Marx say we need to look at to understand class?
To understand class, we need to look at how production and exploitation work as a whole, not just individual traits.
How does Weber define social class?
Weber defines social class based on income levels used by global organizations, like the United Nations.
Why are class relationships inherently conflicting, according to Marxist theory?
Class relationships are inherently conflicting because workers and bosses fight for control over production and the distribution of profits.