GEOG 361 Lecture Notes - Lecture 3: Color Blindness, Petrodollar Recycling, Labor Market Segmentation
Document Summary
Reasons for increase in oil: opening up of previous land-locked/politically locked locations (such as iran, new technologies for extraction of oil (hydraulic fracturing, demand: There is(cid:374)(cid:859)t a de(cid:373)a(cid:374)d for the oil that is produ(cid:272)ed. Demand has fallen for oil (china and eu) Knock-on effect (because our economy is interconnected) Price of oil declining = decline in certain currencies that are linked to the oil(cid:894)(cid:862)petrodollars(cid:895) Examples: hanjin shipping, va(cid:374)(cid:272)ou(cid:448)er(cid:859)s house pri(cid:272)es. From last lecture(bolded = added info from this lecture): orthodox theory: U(cid:271)(cid:373)arkets rest o(cid:374) the a(cid:271)ility for the la(cid:271)ourer to (cid:858)lear(cid:374)(cid:859) Market = neutral with respect with social differences among labourers. Market refle(cid:272)ts (cid:858)pre-(cid:373)arket(cid:859) fa(cid:272)tors that la(cid:271)ourers (cid:271)ri(cid:374)g to the (cid:373)arket. If labourer is (cid:271)adly paid, it(cid:859)s (cid:271)e(cid:272)ause of those pre-market skills brought to the market, instead of social characteristics (age, gender: segmentation theory: Labour market not neutral to social differences, but reproduces them in the market. Social difference gets reproduced on the market.
