Lecture 12

Question 1

What is meant by a rethink of the nature of the world economy?

Answer 1

• argues for a rethinking of the world economy by emphasizing its historical, social, and environmental dimensions.
• highlights the complex set of social relations and institutions that shape the economy
• challenges conventional views and stresses the importance of context and evidence in understanding the world economy.

Question 2

What are the social foundations of the world economy?

Answer 2

1. accumulation regime, which encompasses the evolution of historical capitalism and different rights and protections
2. the social reproduction regime, which includes arrangements necessary for market functioning but are often disavowed or undervalued;
3. the environmental regime, which concerns the relationship between human and nonhuman nature.

Question 3

What is the global accumulation regime?

Answer 3

This refers to the historical development and evolution of capitalism as an economic system. It encompasses the various modes of production, ownership structures, and mechanisms of wealth accumulation that have shaped the global economy over time.

Question 4

What are some effects of the change in the global accumulation regime?

Answer 4

Shift in where and how goods are produced

deindustrialization in some countries and industrialization in others

financialization + shareholder value = rentier capitalism

Question 5

What is problematic about the claim ‘everything is getting better globally’

Answer 5

While there have been income increases and improvements in basic health and access to medicines, challenges such as commodity dependence, lack of tradable goods, and inadequate social protections persist.

Question 6

How have global social reproduction regimes evolved?

Answer 6

North, welfare states have experienced changes such as reduced social protections and increased reliance on migrant labor.

South, potential welfare states are emerging, but informal security regimes and clientelism are still common.