Pol70.W07.lec51 People in the Global Economy: Principles and Practices.

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Presentation transcript:

Pol70.W07.lec51 People in the Global Economy: Principles and Practices

Pol70.W07.lec52 Marx & Engels: “All that is solid melts into air.”

Pol70.W07.lec53 Globalization—what is it? Rapid flows of capital & investment Compression of time and space Integration of national economies Exploitation of new commodity frontiers

Pol70.W07.lec54 Capitalism 1A: We live in a capitalist system

Pol70.W07.lec55 Capitalism differs from simple exchange

Pol70.W07.lec56 profit, accumulation, reinvestment, growth There are four basic concepts

Pol70.W07.lec57 There are four central concepts Profit: Minimize cost, maximize price Accumulation: Save part or all of the profit Reinvestment: Put accumulated funds into new profit-generating enterprises Growth: Increasing rates of return on investments generate further accumulation

Pol70.W07.lec58 Division of labor

Pol70.W07.lec59 Comparative advantage But, wait! There’s more!

Pol70.W07.lec510 Free trade

Pol70.W07.lec511 Competition

Pol70.W07.lec512 People become a cost factor, to be compared with all others

Pol70.W07.lec513 Factors of production: capital or technology, labor, resources or land

Pol70.W07.lec514 Means of production & social relations of production

Pol70.W07.lec515 Industrial revolutions

Pol70.W07.lec516 Textiles

Pol70.W07.lec517 Fordism

Pol70.W07.lec518 Information Revolution

Pol70.W07.lec519 Capitalism involves ceaseless motion and change: “creative destruction” or Churn

Pol70.W07.lec520 Churn is destabilizing

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