LECTURE 8: WORK & LABOUR MARKETS

Question 1

Alienation

Answer 1

Marx’s concept
“ estrangement from human’s essential nature”

• Marx believed that the base of every person is a desire to use their CREATIVE POTENTIAL: to engage in work that allows us to think, be creative and to take pride in the products of our labor.
• one of the reasons why suicide rates are so high in sweatshop and manufacturing jobs

Question 2

special economic zones

Answer 2

a designated area of a country that is in many ways declared to be symbolically “outside” of the country in that regular laws, customs, duties, taxes, regulation, tariffs or other policies do not apply within that specific zone.

• where bad sweatshop jobs are located

Question 3

biggest changes to inequality within the labor market are tied to rising globalization:

Answer 3

1. appalling work conditions for some economically vulnerable of the world’s population
2. growing power and wealth of multinational corporations

Question 4

how did globalization occur

Answer 4

• after WW2 44 nations came together (Bretton Woods Conference) to make international trade easier
• the result of the conference produced the IMF
• KOF index: best measures of globalization in the world

Question 5

economic globalization

Answer 5

trade in goods, in services, diversity of trade partnerships, foreign direct investment, international debt, reserves and income payments

Question 6

social globalization

Answer 6

international telephone calls, international money transfers, tourism, students, immigration, emigration, internationl patents, trademarks, ikea and mcdonald stores

Question 7

political globalization

Answer 7

embassies, UN peace-keeping missions, international NGOs present

Question 8

free trade agreements

Answer 8

a pact between 2 or more countries that makes it easier to trade goods across national boundaries

Question 9

free market economy

Answer 9

unregulated system of economic exchange where the gov is hands off

• no society has a completely free market

Question 10

free trade agreements remove

Answer 10

• tariffs: tax on a product that is nationally grown (the removal of it makes the product cheaper
• non-tarrif barriers: way to restrict trade using trade barriers in a form other than a tariff

Question 11

Examples of non tariff barriers

Answer 11

• quota: gov imposed trade restriction that limits number of value of goods country can import or export during a period
• embargo: official ban on trade or other commercial activity with a particular country
• sanctions: laws passed to partially restrict or abolish trade with certain countries
• levies: legal means by which a taxing authority or bank can seize property for the payment of a debt

Question 12

bourgeoisie

Answer 12

those that owned the means of production (business and factories)… huge benefits for them

Question 13

proletariat

Answer 13

those that must sell their labor in order to sustain themselves

Question 14

job exportation/ offshoring

Answer 14

relocation of jobs to other countries where products can be produced for cheaper

• race to the bottom has led to job exportation and offshoring

Question 15

race to the bottom

Answer 15

where workers must offer their labour for cheaper, to work for longer hours, and/or to work under worse conditions in order to secure employment versus a corporation being located elsewhere.