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EC135 Applied > GSD > Flashcards

GSD Flashcards

1
Q

What were the 8 millennium development goals?

A
  1. Extreme Hunger
  2. Universal primary education
  3. Gender equality
  4. Child mortality
  5. Maternal health
  6. HIV/AIDS & malaria
  7. Environmental sustainability
  8. Global partnership
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2
Q

How many goals and targets for 2015 sustainable development goals?

A

17 goals

169 targets

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3
Q

Define sustainability

A

An assurance for the continuation of development for current & future generations. 3 dimensions: social, economic, environmental.

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4
Q

Name a few of the 17 SDGs

A

Poverty, hunger, education & its quality, gender discrimination, clean water, clean energy, employment & Econ growth, inequality, over consumption & production, peace & justice

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5
Q

What was the first confrontation between human & environment?

A

10,000 years ago first agricultural revolution. Allowed humans to settle down in 1 place and consume what they plant instead of continuous relocating for hunting & wandering for food. Problem was reduction in soil fertility due to exhaustion & repeated irrigation.

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6
Q

How was the first confrontation solved?

A

3000/4000 years later: used crop rotation (planting dissimilar crops) & animal dungs = sustainable solution. Later started 2/3/4 field crop rotation leaving parts of the land fallow.

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7
Q

What is the second confrontation?

A

After the industrial revolution 18C

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8
Q

What is feudalism? In which centuries did we have a feudal society?

A

A social, economical & political system on some legal and military obligations between Lord and his subordinates in a small state called a manor.

9C to 15C.

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9
Q

5 characteristics of a feudal society

A 
Main production was agriculture
Labour intensive 
Low level of surplus 
Money had a minor role 
Poor health and sanitation
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10
Q

Which FOP was very important in a feudal society?

A

Land = main source of wealth

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11
Q

In what way was there no role for money in a feudal society?

A

Peasants worked for landlords and given food/shelter in return = no wages. Money not seen as a store of value. It was only a Unit of account & medium of exchange in bigger cities.

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12
Q

As money didn’t play a big role in feudalism, what was the economy called?

A

Real exchange economy

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13
Q

What is the goal of a real exchange economy?

A

NOT MONEY - it was just a neutral link between the transaction of real things and real assets.

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14
Q

What is a monetary production economy?

A

An economic market based system where money plays a central role.
Goal = to accumulate wealth.

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15
Q

7 events that led to collapse of real exchange economy

A

Famine & Black Death
Renaissance
Mechanical printing press
Extravagant lifetime of aristocrat nobles
Flourishing cities & markets since 13C
Increasing trade & finally rise in population (after Black Death)

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16
Q

How did famines & Black Death lead to collapse of feudalism?

A

People questioned their beliefs and faith. Catholic Church had no answers = lost their legitimacy and power. Peasants wanted to work for wages now.

17
Q

How did spread of renaissance lead to end of feudalism?

A

Started in Florence, Italy 14C. Stood against roman Catholic Church. Individualism & secularism encouraged = weakened power of church, led to new identity based on nationalism & colonisation.

18
Q

When & how did introduction of mechanical printing press lead to end of feudalism?

A

1439 in Europe
Knowledge, skills & ideas spread - previously just relied on church
Fuelled tech change in navigation, mining and engineering. Printing industry grew = jobs in cities.

19
Q

How did flourishing cities & markets since 13C lead to end of feudalism?

A

Cities in Italy, Netherlands and British ruled by local authorities which were merchants, not monarch = more freedom.
Many people with skills free from obligations of countryside & could live independently in cities and expand business

20
Q

Why & how did increasing trade lead to end of feudalism?

A

Developed Astrolabe for sea navigation in 15C and bill of exchange = easier for international trade. Moneychangers converted currencies & started making loans and holding deposits, charging a % for their services.

21
Q

What was the first manifestation of monetary production economy called?

A

Mercantilism

22
Q

What is the core idea of mercantilism?

A

Accumulate money through the expansion of production & exports, while controlling trade to reduce imports & secure cheap resources through colonisation.

23
Q

5 reasons for colonisation

A

Colonial power = more development
Access to raw materials for production
Cheap resources in production = profits financed IR
Control over trade routes & monopoly power
Making monetary profit from all the above

24
Q

How is mercantilism a zero sum game?

A

If one country has a positive trade balance, another has a negative so winners win at the cost of losers.

25
Q

What is capitalism? When did it manifest?

A

Rose alongside the industrial revolution. Accumulation of wealth. Believing in the price mechanism & free markets. Free trade & free competition.

26
Q

4 Differences between mercantilism & capitalism

A
  1. Free trade and competition in capitalism vs limiting competition and imports in mercantilism
  2. Universalism in capitalism. People treated as atoms despite race, religion, nationality - model as utility max consumers
  3. Cosmopolitanism: production defined beyond borders
  4. Free capital movement: individual interest not national interest
27
Q

2 similarities between mercantilism & capitalism

A

Goal = money & monetary profit - both monetary production systems.

Disregard for global imbalances.

28
Q

Define GDP

A

An estimated monetary value of all produced and traded final goods and services in an economy during a specified period of time (usually a year)

29
Q

What is GDP a measure of?

A

Accumulation of wealth in a monetary production economy

30
Q

5 problems with GDP

A

Doesn’t include production of non-market goods e.g. Domestic work or black market, doesn’t show distribution between different FOPs, doesn’t account for environmental damage, doesn’t reflect happiness & quality of life, doesn’t show political/social aspects.

31
Q

What are the 3 dimensions of the social progress index?

A

Basic human needs - food, water, basic medicine, shelter, safety
Foundations of wellbeing - basic knowledge, health, environ quality, info & communications
Opportunity - advanced education, freedom & choice, rights,

32
Q

What Curve legitimises the self correction mechanism?

A

Kuznet’s (environmental) curve - eventually the relationship betweeen human & environment will improve as development continues.

33
Q

What is the result for developing economies from the global division of labour?

A

Dual development - specialise in export of primary products while other sectors underdeveloped. Low value added, volatile price productions. Bad terms of trade, staples trap.

34
Q

Define externality

A

The side effect or indirect consequence of an activity on a third party which is usually unintended & not reflected in market prices.

35
Q

3 characteristics of public goods

A
  1. Non excludable –> free rider problem
  2. Non rival / non diminishable
  3. Non rejectable
36
Q

Why doesn’t the price mechanism account for externalities?

A

Producers & consumers only account for private costs and benefits. Do not take into account external costs and benefits = produce at private optimum, not socially optimum level. Market failure.

37
Q

Conclusion: 5 reasons why we cannot reach the SDGs

A
  1. GDP a bad measure - SPI better
  2. Capitalism as a zero sum game
  3. Global division of labour –> dual development
  4. Self correcting mechanism fails - Kuznet’s curve not supported empirically
  5. Externalities & public goods

EC135 Applied (3 decks)

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