Lecture 11 Flashcards
What is rentier capitalism?
economic practice of gaining large profits without contributing to society, where the owner of capital extracts ransom monopoly and everyone else pays rent.
What are some consequences of rentier capitalism?
–> economy that stops working for most people, particularly the middle class in high-income countries
What are some features of hyper globalization?
- the expansion of markets (marketization)
- stagnant wages, slow economic growth
- a rise in within-country inequality
- crisis of democratic representation > populist reactions
What has happened in high-income countries during hyper-globalization period in the 1990s
- growth has slowed
- wages stagnated
- the welfare state declined
- failure to respond to unavoidable changes > leading to financial crises, a loss of faith in democracy
How have elites and corporate interests influenced politics?
Business elites have gained dominance in politics > widening societal gaps
What is “post-democracy” according to Colin Crouch?
post-democracy” refers to the hijacking of political institutions, the loss of accountability, the shifting of risk, and the loss of citizenship and representation.
What factors contribute to the rise of populism?
globalization + inequality + isolation of the world market from politics = a feeling of abandonment by ‘our’ elites.
What are some features of populism?
anti-elite
anti-market
anti globalist
anti plurralist
rejection of opposition
facist, racist tendencies
What is inclusive growth?
agenda of shared growth and opportunity that aims to improve living standards and reduce inequalities in incomes, health, and education.
What is the neoliberal perspective on inclusive growth?
MARKET IS THE WAY OUT OF POVERTY
The neoliberal perspective believes that inclusive growth can be achieved by integrating wages through the world market, expanding the market to reduce poverty, and creating “market-friendly” environments.
What is the critical political economy perspective on inclusive growth?
INCLUSIVE GROWTH IS A HOAX
neoliberalism 2.0 as a global effort to promote capital accumulation. It criticizes policies that create capital-friendly and exploitative states and calls for alternatives, including more assertive forms of social democracy.
What is the effective states perspective/state-centered perspective on inclusive growth?
argues that inclusive growth can be achieved by enhancing the capabilities of citizens through effective state institutions.
It emphasizes the role of states in promoting inclusive growth, enhancing democracy, and implementing development strategies.
What is the feminist theory perspective on inclusive growth?
Highlights the gendered dimensions of inclusive growth.
- addressing gender inequalities and challenges faced by women and marginalized gender groups.
What is a demagoguery.
winning support by exciting the emotions of ordinary people rather than by having good or morally right ideas
