Term
| What characterizes the ownership of property within capitalism? |
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Definition
| Individuals own the means of production |
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Term
| What are some socio-economic consequences of changing global capitalist economy? |
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Definition
Environmental degredation.
Economica insecurity.
Increasing Inequality.
(NOT decreased rate of production) |
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Term
| What is an example of hegemony as a definition relating to the theme of of Unit 7? |
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Definition
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Term
| What system is based on state-owned production, not for profit motives, and the elimination of social stratification? |
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Definition
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Term
| What are some characteristics of welfarism? |
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Definition
Individuals own the means of production.
Production is for profit.
The state provides a minimum standard of living.
(tax rates are NOT low) |
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Term
| What system is based on state-owned production, not for profit motives, and the elimination of social stratification? |
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Definition
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Term
| What are some characteristics of welfarism? |
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Definition
Individuals own the means for production.
Production is for profit.
The state provides a minimum standard of living.
(Tax rates are NOT low) |
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Term
| What are some roles played by the nation-state? |
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Definition
Promote consumption.
Control the money supply.
Initiate policies to attract capital.
(NOT promote peace and justice around the globe) |
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Term
| What is essential for culture of capitalism? |
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Definition
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Term
| Of the following Michigan taxes, what brings in the most money? |
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Definition
| Taxes on individuals' incomes. |
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Term
| What are some problems faced by many African countries trying to develop economically? |
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Definition
Natural Disasters.
Conflicts stemming form past colonial rule.
Government corruption. |
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Term
| What could be considered an economic strength of the US and an economic weakness of Japan? |
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Definition
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Term
| In what year did China switch to a market economy? |
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Definition
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Term
| What is a weakness of russia? |
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Definition
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Term
| What is a potential major problem which threatens Israel's prosperity? |
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Definition
| It depends on too much aid from the U.S. |
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Term
| What contributes to the reasons why the Americas are leading to economic integration? |
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Definition
End of the cold war.
Democratic governments.
Policies leading to free-market economies.
(NOT the war on terror) |
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Term
| What are the four social entitites necessary to understand the culture of capitalism? |
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Definition
The consumer.
The Nation-State.
The Capitalist.
(NOT the religious leader) |
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Term
| Immanuel Wallerstein states that economics emphasis went through a significant change in the 1970's. What was the nature of this change? |
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Definition
| Economic emphasis changed form making manufactured products to a focus on financial services. |
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Term
| According to the U.S. debt clock, what is the trend in government spending and the effects this on the U.S. national debt? |
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Definition
| It goes up on some days and goes down on others, but the trend is increasing national debt. |
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Term
| Consumerism was promoted by manipulating a number of institutions. What are some institutions that were transformed to achieve this goal? |
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Definition
Advertising.
Universities and colleges.
Religion
(NOT Reproduction patterns) |
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Term
| According to the authors, which set of two nations is a target of global transformation of consumers? |
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Definition
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Term
| The term capitalism does not appear in the writing of Karl Marx and did not gain currency until 1902, when the German economist Werner Sombar used it to denote . . . ? |
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Definition
| The opposite of socialism. |
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Term
| It is imperative to keep the cost of production as low as possible in order to maximize profits because . . . |
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Definition
| Investors must receive a high return as an incentive to not take their money elsewhere. |
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Term
| What nation played a very significant role in global trade in the year 1400? |
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Definition
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Term
| The building of ancient empires was very different then the expansion of Europe because . . . |
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Definition
| though Europe had its share of militarism, expansion was largely accomplished by economic means and the expansion and control of trade. |
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Term
| At the beginning of the 1900's, states were faced with political and economic problems due to a lack of integration among the institutions and groups within them. As a solution to these problems . . . |
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Definition
| Nation-states were constructed. |
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Term
| According to the author, US corporations spend huge amounts of money to manipulate public opinion. According to the text, how many people in the U.S. work in the public relations sector? |
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Definition
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Term
| Why was the period between 1945 and 1973 known as the golden age? |
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Definition
| It was a time of fast economic growth worldwide. |
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Term
| What were some domestic elements of the Golden Age? |
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Definition
Large demand for good from Americans with disposable income.
New technologies from WWII.
Rise of the tourism industry. |
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Term
| Why is globalization a cause for inequality? |
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Definition
| Because globalization brings pressure against wages leading to large profits. |
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Term
| What is a political implication of globalization? |
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Definition
| It questions the legitimacy of the nation-state |
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Term
| China is used to illustrate the idea that . . . |
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Definition
| That some form of socialism along with capitalism may help modernize developing countries. |
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Term
| The idea that labor has the right to a stake in the job in exchange for managers being able to limit wage increases when necessary is known as...? |
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Definition
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