Podcast
Questions and Answers
Division of labor the process whereby productive tasks become separated and more specialized in order to promote economic efficiency (Heywood, 2011). Capital - any ‘asset’, financial or otherwise; Marxists used the term to refer to accumulated wealth embodied in the ‘means of ______’ (Heywood, 2011).
Division of labor the process whereby productive tasks become separated and more specialized in order to promote economic efficiency (Heywood, 2011). Capital - any ‘asset’, financial or otherwise; Marxists used the term to refer to accumulated wealth embodied in the ‘means of ______’ (Heywood, 2011).
production
Social democracy - a moderate or reformist brand of socialism that favours a balance between the market and the state, rather than the abolition of ______ (Heywood, 2011).
Social democracy - a moderate or reformist brand of socialism that favours a balance between the market and the state, rather than the abolition of ______ (Heywood, 2011).
capitalism
Neoliberalism - is an updated version of classical liberalism and particularly classical political economy.- its central theme is the idea that the economy works best when left alone by government, reflecting a belief in free market economics and atomistic ______ (Heywood, 2011).
Neoliberalism - is an updated version of classical liberalism and particularly classical political economy.- its central theme is the idea that the economy works best when left alone by government, reflecting a belief in free market economics and atomistic ______ (Heywood, 2011).
individualism
Market fundamentalism - it is an absolute faith in the market, reflected in the belief that the market mechanism offers solutions to all economic and social ______ (Heywood, 2011).
Market fundamentalism - it is an absolute faith in the market, reflected in the belief that the market mechanism offers solutions to all economic and social ______ (Heywood, 2011).
Signup and view all the answers
Social market - an economy that is structured by market principles and largely free from government interference, operating in a society in which cohesion is maintained through a comprehensive welfare system and effective welfare ______ (Heywood, 2011).
Social market - an economy that is structured by market principles and largely free from government interference, operating in a society in which cohesion is maintained through a comprehensive welfare system and effective welfare ______ (Heywood, 2011).
Signup and view all the answers
Mercantilism - an economic philosophy, most influential in Europe from the fifteenth century to the late seventeenth century, which emphasizes the state’s role in managing international trade and guaranteeing ______ (Heywood, 2011).
Mercantilism - an economic philosophy, most influential in Europe from the fifteenth century to the late seventeenth century, which emphasizes the state’s role in managing international trade and guaranteeing ______ (Heywood, 2011).
Signup and view all the answers
Economic Globalization refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and ______ across borders.
Economic Globalization refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and ______ across borders.
Signup and view all the answers
Economic Globalization refers to the movement of people (labor) and knowledge (technology) across international ______.
Economic Globalization refers to the movement of people (labor) and knowledge (technology) across international ______.
Signup and view all the answers
Dimensions of Economic Globalization include the globalization of trade of goods and ______.
Dimensions of Economic Globalization include the globalization of trade of goods and ______.
Signup and view all the answers
One of the dimensions of Economic Globalization is the globalization of financial and ______ markets.
One of the dimensions of Economic Globalization is the globalization of financial and ______ markets.
Signup and view all the answers
According to Reich, Economic Globalization transforms the national economy into a global one where 'there will be no national products or technologies, no national corporations, no national ______.'
According to Reich, Economic Globalization transforms the national economy into a global one where 'there will be no national products or technologies, no national corporations, no national ______.'
Signup and view all the answers
According to Gills and Thompson, globalization processes have been ongoing ever since Homo sapiens began migrating from the African continent ultimately to populate the rest of the ______.
According to Gills and Thompson, globalization processes have been ongoing ever since Homo sapiens began migrating from the African continent ultimately to populate the rest of the ______.
Signup and view all the answers
Internationalization - the growth of relations and movements across borders creates higher levels of ______
Internationalization - the growth of relations and movements across borders creates higher levels of ______
Signup and view all the answers
Laissez-faire is the principle of non-intervention in ______ affairs
Laissez-faire is the principle of non-intervention in ______ affairs
Signup and view all the answers
The phrase 'laissez faire est, laissez passer' means 'leave the individual alone, and let commodities circulate ______'
The phrase 'laissez faire est, laissez passer' means 'leave the individual alone, and let commodities circulate ______'
Signup and view all the answers
The central assumption of laissez-faire is that an unregulated market tends naturally towards ______
The central assumption of laissez-faire is that an unregulated market tends naturally towards ______
Signup and view all the answers
Government intervention is seen as damaging unless it is restricted to actions that promote market ______
Government intervention is seen as damaging unless it is restricted to actions that promote market ______
Signup and view all the answers
Social market is an economy structured by market principles and largely free from government interference, operating in a society with a comprehensive welfare system and effective welfare ______
Social market is an economy structured by market principles and largely free from government interference, operating in a society with a comprehensive welfare system and effective welfare ______
Signup and view all the answers
Economic Globalization is an innovative concept of 'long duration', i.e. a slow-moving, almost imperceptible framework for historical analysis and worldsystems analysts identify the origins of modernity and globalization with the birth of sixteenth century long distance ______
Economic Globalization is an innovative concept of 'long duration', i.e. a slow-moving, almost imperceptible framework for historical analysis and worldsystems analysts identify the origins of modernity and globalization with the birth of sixteenth century long distance ______
Signup and view all the answers
The relatively short period before World War I (that is, 1870 to 1913) is often referred to as the 'golden age' of globalization, characterized by relative peace, free ______ and financial and economic stability
The relatively short period before World War I (that is, 1870 to 1913) is often referred to as the 'golden age' of globalization, characterized by relative peace, free ______ and financial and economic stability
Signup and view all the answers
Capitalism is a system of generalized commodity production in which wealth is owned privately and economic life is organized according to ______ principles
Capitalism is a system of generalized commodity production in which wealth is owned privately and economic life is organized according to ______ principles
Signup and view all the answers
Market - a system of commercial exchange shaped by the forces of demand and supply, and regulated by the price ______
Market - a system of commercial exchange shaped by the forces of demand and supply, and regulated by the price ______
Signup and view all the answers
According to Reich, Economic Globalization transforms the national economy into a global one where 'there will be no national products or technologies, no national corporations, no national ______'
According to Reich, Economic Globalization transforms the national economy into a global one where 'there will be no national products or technologies, no national corporations, no national ______'
Signup and view all the answers
Neoliberalism - is an updated version of classical liberalism and particularly classical political economy.- its central theme is the idea that the economy works best when left alone by government, reflecting a belief in free market economics and atomistic ______
Neoliberalism - is an updated version of classical liberalism and particularly classical political economy.- its central theme is the idea that the economy works best when left alone by government, reflecting a belief in free market economics and atomistic ______
Signup and view all the answers
