Lecture 8 Flashcards
Work and Labour Markets
what is alienation?
restriction of human nature
why are workers killing themselves?
CNA
1.no community
2. not hope
3. alienation
who created the term alienation?
Karl Marx
what does every person desire according to Karl Marx?
to express their creative potential
what are special economic zones?
designated area of a country that is not regulated by government laws
what is Karl Marx’s definition of power?
the ability to achieve your goals when others are trying the prevent you from doing so
what are the two main reasons why inequality exists in labour markets?
HG
- violating their worker’s human rights
- globalization causes corporation to become more wealthy and powerful
what is social globalization?
sharing of ideas between countries
what is economic globalization?
international movement of goods and services
what is political globalization?
expansion of political systems worldwide
what is overall globalization?
economic, political and social expansion worldwide
Why do countries and individual citizens care about the
economy so much?
JPH
- jobs
- pensions
- maintaining home value
what are proportional or flat tax rates?
when everyone pays the same amount of tax regardless of how much they get paid
what is progressive tax rate?
idea where the more one gets paid, the more taxes they have to pay
what are free trade agreements?
treaty between countries that reduces barriers of goods and services
what are non-tariff barriers?
a quota, embargo or sanction that countries use to further their political and economic goals
what is a Quota?
when the government restricts the amount of goods a country imports or exports
what are Sanctions?
a law to partially restrict the trade of a good or service
what is an Embargo?
a complete ban on the trade of a good or service
what is a Levi?
legal means for a taxing authority to tax
who has more power, corporations or nations and why?
corporations have gained more power over nations due to greater access to international markets increasing profit, international competition between countries to retain business, and to legal mechanisms for corporations to sue governments.
what is a Bourgeoisie?
one that runs the means of a business
what is a Proletariat?
those who sell there labour to sustain themselves
what is surplus value?
when worker produce more value than they make
