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Queen's University
GPHY 228

1. Alienation With Industrial workers playing a minute role within tightly controlled factories, becoming divorced from the products of their labour. 2. Agglomeration economies A set of advantages that for firms that are derived from the concentration of other firms in the same location- EX. Availability of skilled labour, proximity to a large number of customers. 3. Branch Plants Undertaking basic production activities, but controlled from outside. In the 1960s- 1970s, corporate growth at national level and international level produced a new special division of labour, displacing local ownership. 4. Brandt Line the line divides the north (first world and second world) and the south (third world) 5. Bretton Woods Institutions 6. Capitalism It’s the dominant mode of production today. It is based on private ownership of the means of production. It is associated with need for most people to sell their labor power to employers in order to earn a wage. It is thhistorithlly specific mode of production. Roots in early modern Europe in the 16 and 17 centuries. First water-powered cotton spinning factory in England 1771 7. Capital Switching Capital is moved between sectors of the economy and regions, in response to changing investment opportunities. Capital is often transferred from regions with declining sectors to “ new industrial spaces”. 8. Capital Accumulation The process of investment in production to generate higher profits. It represents the basic driving force for economic growth and innovation. 9. Circuit of capital After generating a profit above the initial money outlay, part of this profit is reinvested back into the production process, which recreates the circuit anew and forms the basis of capital accumulation. Secondary and tertiary circuits are also commonly identified, referring to investment in the built environment and education, health, etc. 10. Colonialism A political and economic system based on territorial empires, involving the direct political control of colonies by the colonial power. colonial powers retained huge economic and political influence, which allowed them to keep exploiting resources and labour in a new guise. 11.Commodity Chains The network of connections involved in the production, circulation and consumption of a commodity. It has a distinct geography, linking together different stages of economic activity carried out in different places. 12.Classical Political Economy The study of the production and expansion of national economic wealth. Emphasis on the study of markets as a mechanism for regulating an economy and maximizing and distributing wealth for the public good Associated with Adam Smith, David Ricardo the basis of a commodity’s value depended on the human labour expended or consumed in its production – a labour theory of value (What is PE? The study of ownership and power and its influence over the production, circulation and consumption of commodities and the production and appropriation of value PE makes connections between the economic, political and cultural/ideological moments of social life in a holistic way . iT IS The study of the mechanisms at work in socially- organized production aimed at the creation of wealth) 13.Competitive advantage The dynamic advantage derived from the active creation of technology, human skills, economies of scale, etc. it relates efficiency to pre-existing endowments of the main factors of the production. It helps to account for patterns of trade and regional specialization at amore detailed level. 14.Creative Destruction The withdrawal of investment from activities and places that yield low rates of profit in order to reinvest them elsewhere. Uneven development is the spatial consequences of creative destruction. (Coined by Joseph Schumpeter to capture the dynamism of capitalism in terms of innovation and the development of new technologies. As new products are developed, they often render existing industries obsolete, unable to compete on the basis of quality or price.) 15. Deskilling The removal of more rewarding aspects of work, such as design, planning and variation, often associated with an increase division of labor. The subdivision of the labour process increase employers’ control of production, reducing workers to minute roles and making them venerable to replacement by machines. 16. Deindustrialization A decline in the importance of manufacturing industry, associated with the growth of service industries and the closure of heavy industries, such as coal, steel. 17.Economic Geography Addresses questions about the location and distribution of economic activity, The processes that create patterns of uneven geographical development. The process of local, regional and national economic development. Asks questions of: – What? (type of economic activity) – Where? (location) – Why? (explanation) – So what? (implications and consequences of particular arrangements and processes) 18.Economies of Scale The tendency for firms’ costs for each unit of output to fall when production is carried out on a larger scale, reflecting greater efficiency. Industrialization led to huge economies of scale through the establishment of factories, employing machinery, and an elaborate division of labour. 19.Effective Demand Effective demand refers to the aggregate demand for the community at different levels of  employment.Effective demand is a representation of the actual amount of goods or services that buyers are purchasing in a given market. 20.Enclosure Movement • Attack on the commons during the enclosure movement and the movement of larger numbers of peasants to the city. Enclosure Movement ­ 18th century movement among wealthy British landed  aristocrats to rationalize their farms. Using new farming technology and systems  of crop rotation, they forced the agrarian poor off the old "village commons" that  now became "enclosed" as private property. The jobless poor ended up  constituting the working class in the upcoming Industrial Revolution. 21.Export Processing Zones Production enclaves in part of the less developed countries set up by MNCs from the developed countries to supply markets in advanced economies, with the added incentive for foreign firms of offering tax and investment incentives to locate there. Advantage examples: Lower local taxation, relaxation of the rules governing foreign ownership. 22.Factors of production combining land (resources), capital, labor and knowledge to make particular goods and services 23. Feudalism How Was Feudalism Organized in Western Europe? Feudal systems depended on a system of production where surplus output was appropriated by those higher up in the socio-political hierarchy through tribute in the form of labour, product or military service. In turn, peasants had access to common land and equipment to produce Feudal systems depended on a mode of production where all surpluses (above subsistence levels) were coercively appropriated by those higher up in the socio‐ political hierarchy through reciprocal obligation and tribute in the form of military service or agricultural labor 24.Fictitious Commodity A product that takes on the appearance of a commodity, but cant be regarded as a proper one., labour, and money. 25. Financialization 26. Fordism • A way of organizing an economy by ensuring that mass production is matched by mass consumption at the level of the national economy • Gets its name from the revolutionary manufacturing techniques perfected by Henry Ford in the early 1910s • BUT Fordism encompasses much more than the Fordist production process (assembly-line mass production system) – it also refers to a set of demand management institutional practices that emerged from the social and political institutional restructuring policies of the 1930s and 1940s What made Ford’s Mass motor car production successful? Manufacturing technology (production process): • system of interchangeable parts• moving assembly line• Standardization and Simplification of the Product Labor Force (labour process): • Finding law abiding, docile workers (Earlier on the intensity of the work resulted in increased labour turnover, absenteeism, and worker unrest) • Control over labour – machines set the pace and speed of work • Paying them more $5/day creating a new mass worker – unskilled but highly paid) • Attracted immigrant labour • Managerial control :• scientific management techniques (FW Taylor) • socialization project Emphasize • the model of development in the core industrial economies of Europe and North America during the 1940s, 1950s, and 1960s • achieved balance between (mass) production and (mass) consumption • economy regulated at the level of national economies • produced several decades of sustained economic growth, capital accumulation and significant improvement in the standard of living for working people. • built on the institutional reforms of the 1930s and 40s - no preordained blueprint, came out of a long period of institutional experimentation • precise institutional form of Fordist regulation varied from country to country (U.S., Canada, U.K. France, Germany, Sweden, etc) but shared some common underlying principles: – Keynesian style demand management policies, – welfare state provisions,– real wages linked to productivity growth,– Etc. Textbook: A regime of accumulation. Based on mass production, mass consumption, provided by rising wages for workers and increased productivity. Henry Ford introduced the mass-production techniques. 27.Foreign Direct Investment 28. Globalization The increased connections and linkages between people and firms located in different place, Flows of capital, labor, technologies that are creating more intense, extensive and fast interconnections between people and places, such that distant events, affect people and places more directly and immediately than ever before. Key factors creating greater interactions between places? • Technology • Neoliberalism– liberalization of trade and investment – Deregulation– harmonization of institutions • Global Corporations • The movement of People What is driving process of globalization? Pursuit of profit and accumulation through the process of accumulation Seek to increase productivity through the use of technology and technical division of labour, combined and uneven development Globalization is not just a set of uncontrollable processes out there, but rather, a set of practices, policies and structures that is regulated and managed by a wide array of institutions. 29.Gold Standard Gold standard ensured currency stability.A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. 30.Gross Domestic Product (GDP) An estimated value of the total worth of a country’s production and services, within its  boundary, by its nationals and foreigners, calculated over the course on one year. 31.Gross National Product (GNP) An estimated value of the total worth of production and services, by citizens of a country,  on its land or on foreign land, calculated over the course on
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