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Sco 105 final exam > lecture 8 - economy > Flashcards

lecture 8 - economy Flashcards

1
Q

what is economy?

A

social institution that ensures the maintenance of society through the production, distributions and consumption of goods

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2
Q

what is the dominant economic system ?

A

capitalism

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3
Q

production relations

A

interactions with others during the work process

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4
Q

means of productions

A

tools we use to produce

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5
Q

exchange relations

A

use to access goods and service we cannot produce

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6
Q

commodities

A

the goods bought and sold in the markets

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7
Q

forces of production

A

all productive powers/physical means used in the production process, including these components of labor;
- labor
- means of productions
- technology
-knowledge

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8
Q

mode of production

A

the different patterns of relations and forces that have been used throughout history
- marx listed several of them:
- primitive communisms (foraging)
- ancient (slave societies)
-feudal and capitalist mode of production

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9
Q

correspondance of culture and economy

A
  • mode of production determines social, political and spiritual processes in life
    -everything in our society can become a commodity in a capitalist society.
    things like competitiveness, natural resources, banks and corporations are unique to capitalist societies
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10
Q

capitalism

A
  • economic system characterized by private ownership of the means of production, from which personal profits can be derived through market competition
  • the basis of capitalism is capital accumulation (investment of financial assets for bigger financial returns (profit, rent, interests))
  • emerged in the 16th century and trading markets existed before but now market relations determine all social relations of production
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11
Q

characteristics of capitalist economy

A
  • private ownership of the means of production
  • commodization of economy
  • primary purpose of production is not subsistence but private gain
  • capitalists or their managerial agents control the production process
  • competition among capitalists creates pressures from modernizing production
  • competition often ends up with domination of fewer entreprises controlling the market.
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12
Q

stages of capitalism

A
  1. primitive accumulation stage (mercantilism)
  2. industrial capitalism
  3. monopoly capitalism
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13
Q

mercantilism

A

policy based on limiting imports and increasing exports
- here we also see an increase in impoverished working class
- also see colonial expansion
primitive accumulation through:
- plunder of colonies
- charter copanies
- slave trade
- depeasantization and proletarianization
- gradual rise of manufacturing

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14
Q

industrial capitalism

A

desire to reduce labor cost and competition among entrepreneurs
lead to:
- use of technology in production
- complex divisions of labor
- increasing regulations of workers
- separation of mental and manual labor

  • made free trade ideology because powerful countries dont want to limit their imports
  • emergence of nation states
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15
Q

monopoly capitalism (imperialism)

A
  • concentration of production and capital lead to monopolies
  • merging of financial and industrial capital creates financial oligarchies
  • competition for territorial division among capital countries
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16
Q

tendencies of capitalism

A
  • anarchy of production
  • over production
  • tendency for over-accumulation
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17
Q

anarchy of production

A

economic activities happen randomly and are not based on societal needs. happens when independent entreprises and corporations want to maximize their profits and overflood their markets with product that wont be sold.
-when there is not centralized planning a lot can be wasted

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18
Q

tendency for overproduction

A
  • when companys get more technology, increase efficiency and lower production costs they end making too much (related to anarchy of production)
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19
Q

tendency for over-accumulation

A
  • when theres massive flooding of market and it results in devaluation and reinvestement of capital no longer brings returns
  • rate of profit falls and periodic crises of accumulation.
20
Q

strategies to deal with over-accumulation

A
  • moving capital or labor to different territory
  • creation of new markets
  • oligopoly
  • shared monopoly
  • interlocking corporate directorates
21
Q

oligopoly

A

when several companies control a sector or industry

22
Q

shared monopoly

A

when four or fewer companies supply 50 % or more of a particular market

23
Q

interlocking corporate directorie

A

when members of the board of one corporation also sit on boards of others

24
Q

concerns with corporate concentration

A
  • lesser participation in decision making process
  • harder for smaller firms countries or consumers to negotiate with bigger corporations
  • makes local development hard and dependent on global strategies of transnationals
  • corporations expand and diversify by merging or buying others and not by making new productive capacity
  • less competition in market place
25
Q

labor markets

A
  1. primary: unionized, secure, for men, and well paying
  2. secondary: non-unionized, low wages, part time/temporary, minority workers
  3. reserve army of labor: hired when needed and laid off when economy contracts, made of unemployed, females, seniors, youth, homeless
26
Q

reasons for fordism crisis

A

major accumulation because of:
- decline in productivity gains
- crisis of over accumulation
- challenges of national markets and regulations
- increase in energy prices
- burden of social programs
- changes in consumption patterns
- emerging competition from europe and asian countries
-geo-politics of cold war

27
Q

neoliberalism and corporate restructuring

A
  • decentralization of the labour processes and work organization
  • flexible production strategies
  • networking between corporations
  • contracting out of function and services
  • small batch production processes
  • downsizing
  • decline in employment in primary market
  • expansion of temporary, part-time, private labor forms
  • shutting down factories and moving them to countries with cheap labor
28
Q

feminization of labor force

A
  1. the gendering of jobs
  2. income and occupational polarization
  3. persistent occupational and industrial sex segregation
  4. high formal labor force participation rates among women
28
Q

feminization of labor force

A
  1. the gendering of jobs
  2. income and occupational polarization
  3. persistent occupational and industrial sex segregation
  4. high formal labor force participation rates among women
29
Q

weber on authority

A
  • authority= power that people accept as legitimate rather than coercive
  • charismatic: power legitimized based on a leaders personal characteristics
  • traditional = power based on long standing customs (monarchy)
  • legal rational authority= power legitimized by law or written rules (thought this one would win)
30
Q

elite model

A

power is concentrated in the hands of a small groups of elites and the masses are powerless. they control the means of production

31
Q

domhoff’s model

A

there are conflicts of interests among fractions in capitalist class. coalitions from among these fractions.
- like alliances in political parties

32
Q

pluralist model

A

-functionalists
- see the state as a functional institution or order and stability.
- try to make a consensus and the act independently of any particular interest group

33
Q

structuralist

A

the state has to fulfill certain objectives regardless of political party in power in order to manage economy and order
james occonor states their 3 roles as accumulation, legitimation, and coercion

34
Q

structuralist roles

A
  1. accumulation: creating and maintaining conditions for profitable capital accumulation (infrastructures, trade policies, managing finances)
  2. legitimation: maintaining social harmony to justify the current class structure and the right of the ruling class to rule (laws, welfare, public school)
  3. coercion: using force, when needed, to repress subordinates (prisons)
35
Q

forms of interventionist states

A
  1. protectionisms
  2. keynesianism
  3. welfare
36
Q

protectionism

A
  • List
  • state protection of infant industries through tax concessions and restricting imports
37
Q

welfare

A

-state provides some infrastructure and social services and regulate markets to have smooth operation of economy
- free healthcare, public schools

38
Q

neoliberalism and welfare state

A

-neoliberals rejct welfare state and replace with a free market doctrine
- neoliberalism supported an economically liberal and politically conservative agenda and economic restructuring programs
-

39
Q

impacts of neoliberalism restructuring

A
  • cut all welfare (free, health, education..)
  • laid people off
  • and this made a gap between rich and poor, violence increased, poverty
40
Q

neoliberal policies

A
  • free trade
  • privatization
  • deregulation
  • decline in social programs
  • relying on charities for social services
  • reducing taxes
  • attack on labor and trade union
  • decline in democracy and civil rights
  • rise of authoritarian state
  • new prisons and boot camps
41
Q

Fordism

A

strategy that involves mass production for mass consumption
period of development marked by:
- intensive production
- maximum use of machinery
- minute division of labor
- workplace peace through union/management mediation

42
Q

labor market segregation

A

separation of labour markets into sectors of good and bad jobs

43
Q

bureaucracies

A

large, complex organiztions that employ specialized workers who work within a legal rational structure
- written rules that govern how people do their jobs
- favored in industrialized and capitalism

44
Q

conflict perspective on capitalism

A

state is serving as an instrument of power for the ruling class

45
Q

keynesianism

A

keynes said that periodic booms and slumps in economy are problems of capitalisms and suggets that state spending is needed to create employment and increase incomes to stimulate demand and business confidence during economic slumps.

Sco 105 final exam (6 decks)

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