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Economic Geography > Market Circulations > Flashcards

Market Circulations Flashcards

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1
Q

For orthodox neoclassical economists what are economic geographies of circulation?

A

Market exchanges

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2
Q

What is the philosophy of neoclassical economics?

A

Market is not a problem, it solves problem

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3
Q

What are the conditions for the basic model of markets as mechanisms of exchange?

A
  • Propensity to truck, barter and exchange
  • Sellers and buyers meet to satisfy needs by transacting upon a free contract
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4
Q

What is the distinction between economy and culture/society in neoclassical economics?

A

Separate perfect Market from concrete imperfect markets

Berndt and Boeckler (2009)

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5
Q

How does socioeconomics critique the neoclassical distinction between economy and culture/society?

A

Markets cannot be separated from social and institutional context

Berndt and Boeckler (2009)

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6
Q

How do Orthodox neoclassical economics theorize an economy?

A
  • At equilibrium
  • Markets are capable of self-equilibration
  • And by extension self regulation
  • Thereby economic crisis are produced by ‘external shocks’
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7
Q

How do economic geographers theorize an economy?

A
  • In disequilibrium
    • Different kinds/scales
  • Stability is an exception
  • Crises arise due to unfolding of contradictions within economic system
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8
Q

What are the characteristics of geographical industrialization theory?

A
  • Development of new industries creates new places (or transforms existing ones)
    • Urban industrial regions and clusters
  • These places localize and circulate super profits
    • Support urban-regional economies
    • Facilitate secondary things in the economy
  • For example, shifting (and competing) US ‘high-tech’ regions
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9
Q

What is the spatial-temporal fixation theory?

A
  1. Industry produces and transforms places
  2. Geographic industrializations works for industrial production, tech breakthroughs
  3. But building cities and industrial ‘fixed capital’ is also a business
    • Critical way to invest overaccumulated capital to avoid devaluation
  4. Harvey’s ‘circuit switching’ – circulating capital switching out primary circuit (production) into secondary circuit of infrastructure, land and real estate
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10
Q

Why do spatio-temporal fixes themselves eventually become problems?

A
  • Capital seeks to regain freedom to circulate in search of highest profits
  • Geographies of production are a sink of capital
  • Rise and fall of production regions –> gales of creative destruction
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11
Q

How have economic geographers rediscovered the market?

A

As an abstract institutional logic as well as its materialization on the ground

Berndt (2015)

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12
Q

How does economic geography offers a critical understanding of worlds of circulation in contrast with economics’ logic of markets?

A
  • Worlds of circulation are not equated to an imagined and normative space of market exchange and international trade
  • Markets are not ‘natural’ or ‘perfect’
  • Spatiality-temporality of markets is uneven, uncertain and in flux
  • Freed markets deepen socio-spatial inequalities and enrich social elites
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13
Q

How are markets conceptualized through Marxist and Polyani traditions of Political Economy?

A
  • Markets as the problem, creates inequality through uneven capital accumulation
  • Inherently embedded in social and political relations

Berndt and Boeckler (2009)

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14
Q

What does Political Economy of Markets analytically focus on?

A

Relations of production and role of labour

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15
Q

What are the characteristics of relations of production and role of labour?

A
  • Workers in a commodity exchange of trading labour-power for money so that they can buy other commodities produced by other people
  • Labour time, not market place becomes frame for Marx’s reference

Berndt and Boeckler (2009)

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16
Q

How is the idea of value theorized in political economy of markets?

A

No value is produced in process of circulation (Marx, 1894); value is created in production and as a value is his central concern, exchange can be sidelined

Berndt and Boeckler (2009)

17
Q

How does political economy approach theorize the market mechanism?

A
  • As a destructive force
  • Fictitious ideological device to hide underlying dynamics of capitalism

Berndt and Boeckler (2009)

18
Q

What market economy variants replaced the Market/plan dualism?

A
  • Closely relate to perfect models, e.g. USA
  • More strongly ordered by social and political institutions, e.g. Germany
  • Important to understand that German variant cannot be reduced to role of Anglo-American capitalism’s “other” –> new dualism

Berndt and Boeckler (2009)

19
Q

What is the difference between economic and non-economic?

A
  • Former being the capitalistic market mechanism
  • Latter as the state as a guardian of the institutions that effect the efficiency of national capitalist systems
20
Q

How do political economy economists argue what performativity reinforces?

A

Reinforces orthodox economics as it treats economic models as if they were the core of actual economies rather than (false) projection of economists

Berndt and Boeckler (2009)

21
Q

How does Callon extend Actor Network Theory relate to the economic field?

A
  • ANT as ontological equality where everything exists within constantly shifting networks of relation
  • No external social forces
  • It is the relations that perform
  • These relations amongst heterogeneous elements perform but also create the social and the cultural
22
Q

What shapes agency in cultural economy of marketization approach?

A

Relatively discrete socio-technical assemblages of economic knowledges, devices, material transformations that shape agency

Berndt and Boeckler (2009)

23
Q

What are the three dominant framings in the cultural economy of marketization approach?

A
  • Conversion of goods into commodities
  • Calculative agencies that value objectified goods
  • Sociotechnical devices that organize encounter between goods and agencies, e.g. warehouses, computer screens or auctions

Berndt and Boeckler (2009)

24
Q

How are markets temporarily stabilized?

A

Process of framing and overflowing

Berndt and Boeckler (2009)

25
Q

What is overflowing?

A
  • Overflowing = under certain conditions economic markets trigger creation of unexpected social communities
    • Framing is never completed
    • Unwanted connections are made visible
26
Q

What is performativity?

A
  • The idea that our statements and representations actively produce reality rather than being mere faithful copies of it (Barnes, 2008)
  • Economics does things rather than simply describing (MacKenzie, 2006)
  • External reality is affected by economics
27
Q

What are strong and weak readings of Callon’s performativity?

A
  • Strong reading of performativity that economics literally makes markets that previously did not exist
  • Weaker reading is that economics merely is an active force transforming its environment

Berndt and Boeckler (2009)

28
Q

How does Hall (2008) use performativity?

A
  • Analyse how universal models fail when applying standard “objective” rules due to local conditionalities
  • E.g. business schools in programming students to perform textbook economics in their professional life
29
Q

How does Callon conceptualise power in his idea of performativity?

A
  • “Calculative capacity is unequally distributed” (Callon, 2007)
  • Performativity favours the agencies who possess this competencies
  • Therefore shows how economics plays a decisive role in (re)producing inequalities
30
Q

What does Christophers (2014) call for in response to the two market circulation approaches?

A
  • Christophers argues for a constructive dialogue between performativity of markets with classical political economy of Marx
  • Allow for acknowledgement and integration of market materiality
  • There is a gap in between cultural economy and political economy approach –> bringing them together yields a richer critical understanding of capitalist markets
31
Q

How does the cultural economy of marketization occur?

A
  • Performative power of knowledges –> scientific and expert
  • Market devices –> technical equipment that makes standardisations and thus pricing is possible
  • Materialities –> the ‘stuff’ and ‘matter’ that is transformed
32
Q

How does the marketization of diamonds occur?

A
  • Economic and scientific knowledges that are fundamental of a distinct market
  • Market devices (the 4c’s – colour, cut, clarity, carat) are crucial to standardization, differentiation, valuation and pricing
  • Material transformations of cutting, polishing etc.
  • Complicated ‘thingness’ of a diamond and apparatus behind to classify and assign a value

Economic Geography (5 decks)

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