INTL 1101 Chapter Notes - Chapter 6: Roland Robertson, World War I, Mushing
30 Sep 2013
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Document Summary
The modern world system (today"s world) economy (capitalism) has origins in 16th century europe and asia. World economy = not bounded by one political structure. A capitalist system occurs when the system leads to the endless accumulation of money: people and companies are accumulating capital just to accumulate more! Sellers always prefer a monopoly: when a quasi-monopoly doesn"t exist, capital is easily enough moved to new products/industries. When exchange happens, competitive products are the weak ones and quasi-monopolized products are strong. The (normal) progression of leading industries (slow disablements of quasi-monopolies) is what creates the cyclical rhythms of the world economy. Globalization (as a noun) wasn"t considered significant until the middle 1980s. Globalization can"t be considered just an outcome of the modern western world : problems arise when we see how globalization is the mushing together of many different cultures/forms of life. Each of the four above are relatively autonomous yet constrained by the other 3.
