JGI216H1 Study Guide - Midterm Guide: Jeremy Bentham, Classical Liberalism, Global City

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20 Jun 2012
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Spatial division of labour that means a shift to international pro- duction. Production is relocated from developed countries to developing countries due to cheaper costs. The growing integration of economies and societies around the world. Jeremy bentham the right act is the one that causes the greatest happiness for the greatest number of ppl. Laissez- faire markets are free from government control (free market), inaction of state means that the net benefit to individuals is higher. Keynesian model strong government intervention, full employment, welfare state. Roosevelt adopted new ideas for u. s: alleviate economic turmoil and joblessness, provide greater opportunities, and restore prosperity. Classical= classical liberalism in the u. s: free market is the most productive, lais- sez faire, individualism, Individual self interest and as a rational decision maker in the market. Free trade= ideal international economic relations: free of quotas, taxes, tariffs. Cutting public expenditure for social services and welfare. Neoliberalism, combined with globalisation, has generated inequality and poverty everywhere.

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