GGRA02H3 Lecture Notes - Lecture 2: Trade Justice, Ethical Consumerism, Food Bank
Document Summary
Shift of money making --> from manufaccturing to financial investments. Example: gm (general motors) makes more money off of investments thant they do on actual cars. Creates inequalities because effects employment, and who controls money. Loans --> which countries get loans over others. Long downturn: shift in fortunes of states (shift of money making) Service sector: intro to service jobs, fire (finance, insurance and real. Financialization: increased role of finance in overall econ activity and the increased of proportion of profits that are realized via financial channels. Sub-prime classification for people that have bad credit, so charged higher interest rates/mortgages. Commodification: taking mortgages and turning them into material securities to be traded to financial sector. (mortgages are now tangible and able to be traded) Neoliberal markets: less government regulation of market and more individual freedom and responsibility. Privatization, free markets, increasing trade with less regulations. Keynesian policy: econ theory that allows for government regulation to steer economy.
