Exam Questions Flashcards
What is Adam Smiths theory of absolute advantage?
why nations will profit from specialization in what they produce cheaper than
others
By what was the debt crisis of the 1980s caused?
The rise of US intrest rates in 1979-1980
What is regulatory arbitrage?
Where TNC’s choose to leave a country because it is easier/cheaper to produce somewhere else.
What is an orthodox liberal view on IPR?
Necessary for the functioning of the market system, since it incentivizes the efficient use of the resources and estalishes direct links between effort and reward.
What is primitive accumulation?
a historical process involving the violent or coercive stripping of assets from a class in society
According to Marx the origin (secret) of capitalist profits lies in?
The unequal relations of production in which workers have nothing to sell but their labour power, which is the only source of value.
ISI stands for
Import Substitution Industrialization
What is MENA?
Middle East & Nothern Africa
What are three structuralist arguments about imperialism?
a. The phenomenon of imperialism is older than capitalism
b. Imperialism may provide benefits for both capitalists and workers in the core
c. Imperialism is driven by the need of capitalists to export surplus capital
What did Marx believe about capitalist markets?
They are characterized by relations of formal equality and formal freedom below which there are relations of deep inequality in the realm of production.
What was the Chinese model of economic development since 1979?
It has followed a steady path of gradually opening its market to FDI, loosening state control of its own economy and pursuing an export-led growth aimed at integration into global capitalism without fully embracing economic liberalism.
According to structuralist approach to FDI, transnational production has spread due to:
Capital mobility and the internet.
