Final Exam Short IDs

Question 1

age of high mass consumption (Rostow)

Answer 1

A stage of economic development in Rostow’s 5 stages of growth. In this stage, the leading sectors move their increased resources to allocate to social welfare and security rather than just sustainability.

Stage 5 High Mass Consumption: Consumer orientated, durable goods flourish, service sector becomes dominate

Question 2

consumption
borrowed technology (Gerschenkron)

Answer 2

The more technologies borrowed from advanced countries, the better promise of a country entering a stage of Industrialization. Gerschenkron believes the cheapness of labor also aids in the process of industrialization. This is to get underdeveloped countries to industrialization.

Question 3

Mono-economics and mutual benefit (Hirschman)

Answer 3

Monoeconomics = “underdeveloped countries as a group are set apart, through a number of specific economic characteristics…from the advanced industrial countries”, Mutual benefit claim = “economic relations between these two groups of countries could be shaped in such a way as to yield gains for both”,

He sees the gap between developed and underdeveloped seems to be narrowing. His rejection of a monoeconomics claim, paired with an assertion of the mutual benefit claim.

Question 4

semi-periphery (Wallerstein)

Answer 4

A world system which consists of three structural positions: core, periphery, and semi-periphery.
Core = Strong State
Periphery = Weak State
Semi-Periphery is both the exploited and exploiter.
The semi-periphery comes into play when Wallerstein discusses its role in ensuring the capitalist world economy runs smoothly and its political importance rather than economic.

Question 5

development discourse (Escobar)

Answer 5

How the strategy of development actually produced massive underdevelopment, poverty, exploitation, and oppression by 3 ways:

1) Lead countries started to see themselves and underdeveloped so they tried to develop with political interventions
2) systems of power that regulated the practice of development
3) the subjectivity that enabled countries to see if they thought they were developed or underdeveloped.

Discourse = a system of representations that produce objects & subjects & thereby allocates power,

development as a discourse as it produces power over the 3rd world (rich creating theories about the poor),

Question 6

dirigisme (Lal)

Answer 6

3rd world is pre-enlightenment,
Dirigisme = strong state control and influence over investments, dirigisme is cause of problems, government intervention causes distortions, takes power away from individuals, mistaken faith in neoliberalism, too much faith in laissez-faire and central authority and traditional assumptions

Question 7

IMF conditionality (Canak)

Answer 7

Conditionality is typically employed by the International Monetary Fund, the World Bank or a donor country with respect to loans, debt relief and financial aid. These conditionalities are often grouped under the label structural adjustment as they were prominent in the structural adjustment programs following the debt crisis of the 1980s.

Question 8

sabotage (Mitchell)

Answer 8

Mitchell talks about sabotage in line with Oil Scarcity Strategies to sabotage is to control supplies: Interrupt, restrict or slow supplies; Technological Zone — Govern Oil Flows… Sabotage is key to democracy
——Way for labor to control production in order to have power, means for achieving political claims, power to disrupt production, sabotage to control supply in order to increase labor power.

Question 9

McWorld vs. Jihad (Barber)

Answer 9

Barber writes about the two principles of our age, Tribalism and Globalism, and how they threaten Democracy. He sees two possible futures for the world:

Jihad: one being a retribalization from war. Jihad is a breakdown of civility in the name of identity. It creates a vibrant local identity, a sense of community, solidarity among neighbors, but also exclusion.

McWorld: being a forced economic/ecological demand for integration into uniformity aka a completely homogenous global network,.The McWorld is the globalization of politic with 4 things that make up the world

1) market imperative,
2) research imperative,
3) information-technology imperative
4) ecological imperative

Barber believes that civil society has to be built from the inside out.

Question 10

“McJihad” (Mitchell)

Answer 10

1) Mitchell believes that the globalizing powers of capitalism (McWorld) are confronted with/ resisted by the Jihad.
2) “Global Capitalism” is what we call the US interests in the politics of Islam
3) It is a term that describes the deficiency of capitalism. There is an absence of contradiction between capitalism and other forces/ideas. This absence is the political violence from the US that prolonged a deficiency in capitalism.

Question 11

Plutopia” (Brown)

Answer 11

Richland (Washington) and Ozersky (Russia) as two cities studied for producing plutonium for Cold War bombs,
example of people giving up their civil and political rights (Soviet Russia) while some had a thriving democracy (Richmond). Plutopias gave them orderly prosperity. People were making tradeoffs of consumer and financial security for civil rights and political freedoms, and were easily tricked into the lie that they were gaining mobility / equal opportunity.

Question 12

the becoming-rent of profit (Marazzi)

Answer 12

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Question 13

externalization of production (Marazzi)

Answer 13

Crowdsourcing (crowd funding + outsourcing) , new forms of production
The externalization occurs when the financialization of the economy has some downfall that then requires something to enhance profitability outside the processes. The externalization of value and its reaching to outsourcing, contracting, etc. In sum, the dependence between development and underdevelopment, as the economies functioned like an external market.

Question 14

Kuznets Curve (Piketty)

Answer 14

Is where inequality actually decreases in advanced phases of capitalism regardless of policymakers; “growth is a rising tide that lifts all boats”
The physical curve itself is a bell curve where first there should be an increase then decrease in industrialization/ economic development. This curve was a product of the cold war.

Question 15

r>g(Piketty)

Answer 15

Rate of return on capital is greater than the rate of return on economic growth, Existing wealth is capitalized faster than new income - “Accumulated wealth in the past grows more rapidly than output and wages”, rich get richer while poor get poorer, solutions = progressive income tax and global tax on capital

Question 16

depoliticization of the economy (Krippner)

Answer 16

Neoliberalism created a weaker state and as a result it depoliticized the markets. The economy suggests the elimination of politics from the market. The state then had little intervention and avoided the market entirly. Krippner states that “…policy mistakes in the years leading up to the financial collapse… our current predicament might have been avoided had those mistakes not been made.”

Question 17

global governance (Rodrik)

Answer 17

=combination of hyperglobalization and democratic politics
Rodrik believes that there is a clash between politics and hyper globalization in his Political Trilemma because democratic politics makes it impossible for a nation to integrate within the global economy.
Solution= Global institutions can help align legal and political values, remove transaction costs between borders, a global federalism

Question 18

2003 WTO Cancun Conference (Black Gold)

Answer 18

148 countries met in Cancun to discuss world trade, work to coordinate relationships between core and periphery, social goods seem to take a second seat to market demands, “trade more important that aid”, segregation between rich and poor nations, “Power-based organization not a rule-based organization”,

Question 19

“roll back,” “roll out,” & “fail forward” (Peck)

Answer 19

Roll back = 1980’s and 1990’s, era of restructuring for deregulation, dominant state strategy, prioritize finance

Roll out = post 1990’s, era of re-regulation and implementation of new policies, non-interventionist, intrusive and intolerant

Fail forward = no universal singular pathway for neoliberalization

Question 20

no strike clause (Aronowitz)

Answer 20

Aronowitz sees three distinct phases of the development of the US labor movement:

1) , the founding of the AFL (American Federation for Labor) in the colonial era, t
2) the United Mine Workers as an industrial union
3) the New Deal era, when the National Labor Relations Act was enacted in 1935 and there was also a decision to denounce the socialists by calling them “social fascists”.
- –Problems lied between the employer-laborer contracts which essentially surrendered the laborers
- -corporate cooperation rather than striking,

Question 21

The middle class & culture wars (Newfield)

Answer 21

Cultural wars: who’s interests does a university serve?, culture wars as a way of defunding and undermining the middle class and a mechanism for privatization, have coincided with the economic decline due to these wars reducing public importance/claims of American university-educated graduates. There is an eroding social and cultural foundation of a growing politically/economically/racially powerful middle class.

Middle class = university education as a core institution, fulfillment of the American Dream, value of social-egalitarianism meritocracy and education needs,

Overall, universities have increasingly become responsible for imagining the process of society so in order for society to succeed, it needs new confidence and more finances.

Question 22

instrumentalization of reason (Giroux)

Answer 22

Giroux believes that the global reach/destructiveness of neoliberal values can be seen in the suffering that resulted from the 2008 recession. Universities becoming increasingly connected to corporations, undermines democracy, assault on critical thinking

Question 23

accumulation by dispossession (Harvey)

Answer 23

4 steps in the process

1) privatization and commodification - turning things into things can be sold
2) Financialization of everything - similarly damning to capitalism, like monopoly which destroys the very mechanism that produced them
3) management and manipulation of crises - debt trap
4) redistribution through the state - cutbacks

Question 24

“the securitization food chain” (Inside Job)

Answer 24

Linking together of institutions (home buyers, lenders, investment banks, investors), reduce risk on loan makers, collatarized debt, credit defult swaps to bet against CDOs

Question 25

green revolution (Cullather)

Answer 25

The “Green Revolution” was an activity of development in the 1950s/60s
Three goals of Americans were to restore balance of food and population, to modify the psychology of the peasant, and lastly to reassert control over the countryside.
Development = modernization (fulfill basic needs), modernization = industrialization,

Question 26

Democratic capitalism (Reich)

Answer 26

Reich believes that Capitalism has become more responsive to what the purchasers want, NOT really citizens. Democratic capitalism was replaced by Supercapitalism, wherein the intense competition between companies spilled over into politics and they tried to get laws passed that gave them greater influence over the decision making.

Question 27

Social Capitalism (Stiglitz)

Answer 27

elieves the gap between economic/political system’s responsibilities and what they’re actually accomplishing. Believes that inequality is the cause AND consequence of a failed political system. It leads to instability of the economy, thus the cycle continues and there is more inequality.

Social Capital =is a concept that includes factor that promotes trust in both private and public sectors.