POLSCI 2H03 Lecture Notes - Lecture 8: Social Insurance, Human Capital, Floating Exchange Rate
10 Sep 2014
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Document Summary
Content: an era of hypercapitalism, extensive commodifgication, restructuring of global economy, the state in global economy. Commodification: commodification: a resource is commodified when it is incorporated into capitalist accumulation process. Commercial use of wood products; used to be free product from nature but now it is market good. Supraterritorial interconnected and expansion of markets: advances in technology and communications. Innovation of new products, advances in product quality: new forms of interactions horizontally and vertically. Commodification: expansion of commodification: 7 of them. Primary and industrial capital: raw materials, agricultural products, manufactured goods, infrastructure. Mining, chemicals, metals, roads: declining share of primary and industrial capital in global economy, but significant rise in production in absolute terms. Surplus accumulation realized in the context of hedonistic consumption: diversity of brand-named products and consumption based decisions of individuals. Branding strategies, advertisements, contact with consumers, product quality (use of technology) Transworld products such as cocacola, armani, apple: velocity and spread of goods.
