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Lecture 8

2H03- October 29, 2013; lecture 8.docx

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Political Science

Economic GlobalizationContentAn era of hypercapitalismExtensive commodifgicationRestructuring of global economyThe state in global economyHyper capitalismIntensive globalization and strenghtened position of capitalist mode of production free market no interference of government create own policies and market functions Neoliberalism as the prevailing form of economic practice Rise of markets and companies in policymaking processExtensive commodification and organizational restructuring of global economyCommodificationCommodification a resource is commodified when it is incorporated into capitalist accumulation process Patenting a biological materialCommercial use of wood products used to be free product from nature but now it is market goodSupraterritorial interconnected and expansion of markets Advances in technology and communicationsInnovation of new products advances in product qualityNew forms of interactions horizontally and verticallyNew desires new opportunities expectationsCommodificationExpansion of commodification 7 of themPrimary and Industrial productsConsumption of branded productsFinance capitalComodification of information and communicationsCommodification of biotechnology and nanotechnologyCommodification of care workPrimary and industrial capitalRaw materials agricultural products manufactured goods infrastructureMining chemicals metals roadsDeclining share of primary and industrial capital in global economy but significant rise in production in absolute terms Consumer capital Surplus accumulation realized in the context of hedonistic consumptionDiversity of brandnamed products and consumption based decisions of individuals Education job make decision based on your consumer demands because you have been used to this way of life it is a LIFESTYLE creating demand and you want to keep up with it travel housingGeneration and satisfaction of desire to fulfill demand Creating consumers to create consumer capitalBranding strategies advertisements contact with consumers product quality use of technologyShopping and Tourism
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