Unit 2: Module 4.2 Economy And History

Question 1

Colonialism

Answer 1

A nation state extends power beyond its own borders over an extended period of time to secure raw materials, cheap labor and establish markets in other countries/regions. Superiority goal of civilizing

Question 2

Triangle trade

Answer 2

Trade between Europe, America, Africa controlled by Europe. Establish slave trade (sold guns for people in africa, sold people in america for labor, extracted goods from america) Created new markets changing consumption patterns ex:sugar. Set up inequality of economy that still exists today.

Question 3

Berlin Conference

Answer 3

14 european nations split africa between themselves. Did not include africans and werent mindful of groups of people settlements.

Question 4

Legacies of colonialism

Answer 4

Anticolonial struggles, the modern world economic system, conflicting theories

Question 5

Anticolonial Struggles

Answer 5

Development of Independence movements, nationalism, xenophobic reactions

Question 6

Nationalism effect on culture

Answer 6

Built a common culture and decreased cultural diversity

Question 7

The Modern World Economic System

Answer 7

Differentiation into core, semi-periphery, periphery countries.

Question 8

Wallerstein

Answer 8

Influenced by long duration work in Africa and India. Created world system theory (world economy is interconnected). Instead of colonizer and colonies used core and periphery.

Question 9

Core and Periphery

Answer 9

Core- economic powerhouses, extract resources, labor, raw material from periphery.
Periphery- source of labor and raw material used by core

Question 10

Conflicting Theories

Answer 10

Modernization theory, dependency theory and development theory

Question 11

Modernization theory

Answer 11

Former colonies were told to privatize and meet other requirements to receive foreign aid. Leads to dependency theory.

Question 12

Dependency theory

Answer 12

Reliance on foreign aid is not helping these countries

Question 13

Development Theory

Answer 13

Universal goals needed to be implemented without heavy reliance and foreign interference.

Question 14

Adam Smith

Answer 14

Capitalism. Lack of government interference invisible hand the market will self regulate

Question 15

Maynard Keynes

Answer 15

Capitalism is open to corruption therefore need some government oversite. Argued for government funding for things like education and healthcare

Question 16

Neoliberalism

Answer 16

Free market and competition are the best forces for economy. Favors privatization, small governments, minimal government interference.