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Midterm

IDSB01H3 Midterm: IDSB01H3 Exam Review


Department
International Development Studies
Course Code
IDSB01H3
Professor
Ryan Isakson
Study Guide
Midterm

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IDSB01H3 Exam Review
Definitions:
Define the word or phrase.
How does it relate to the course material, ie. authors, other theories, other opposing
terms
Give an example of concept
Compare and Contrast:
Define each of the Terms
Give examples of each the terms and explain how they relate to the course
Contrast the concepts and explain in which ways they are different and which ways they
are similar
Short Essay Questions:
Introduction in order to map Essay answer
o GS
Thesis
Main Points
o Hint to the conclusion of Essay
Body paragraphs however many necessary
Conclusion
o Reiterate thesis
Reiterate main ideas of the essay
Conclude and take stance on Essay
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Important Lecture Notes:
SRP / Social relation of Production The social relations that govern how people enter
the production process
In Political economy there are two types of value systems. Use Value which is the ability
of a CD fulfill a want or need and Exchange Value The ratio at which a CD exchanges
for other CDs
The Labour Theory of Value (LVT) The labor theory of value (LTV) is a theory of
value that argues that the economicvalue of a good or service is determined by
the total amount of socially necessarylabor required to produce it, rather than by
the use or pleasure its owner gets from it.
> “The value of a commodity, or the quantity of any other commodity,
depends upon the relative quantity of labor which is necessary for its production” (David
Ricardo) Value is determined in production not Consumption
>There are two types of Labour:
>Productive Labour- Labour expended in the production of
a venible commodity
> Unproductive Labour: Labour that facilitates production
but does not directly create the commodity
Capital Goods = Stored up Labour
Variables in Marxian Analysis
Variable capital (v) = value of labour power
(S) = Surplus Value
Constant capital (C) = Value of MP and raw materials
S/V = Rate of Exploitation
Organic composition of capital = C/V
Rate of profit (r) = s / (c+v)
(S/V)/(C/V+1)
Adam Smith Determinants of wealth,
-Productivity of Labour
-Divisions of Labour
“Increases Dexterity” – Allows “the saving of time which is commonly lost in passing one
species of work to another (will make workers ignorant and stupid)
- Capitalism Accumulation
- Technology
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Ricardo The essential role of capitalists: Allocated resources to activities that generate
the greatest return, Initiate growth by saving and investing. Overtime capitalist share of
surplus shrinks
Smith & Ricardo Investments by capitalists are essential to economic growth
Ricardo Stationary State Says that overtime all surplus will accrue to parasitic landlords
and economy growth will grind to a standstill
J.S. Mill Stationary State less materialistic culture and opportunities to engage in the
“art of living”
Malthusian Gluts
Thomas Robert Malthus (1762-1834) is best known for his theory of population. Much
less known is that Malthus was one of the first economists to address the phenomena
of economic crises, which he referred to as gluts.
Like Smith and Ricardo, Malthus concerned himself with the causes of wealth and
poverty. In contrast to Ricardo, Malthus believed that gluts result from a decline in
profits owing to insufficient demand. In turn, insufficient demand is caused by a
disproportion in the distribution of income. In Malthus' view, saving by capitalists
reduces demand; consumption by landlords increases demand. Hence, a redistribution
of income from landlords to capitalists could precipitate a crisis.
Malthus: Saving by Kists => insufficient income to purchase all G&S
Decreased production
Capitalism is prone to unemployment
Labour theory of Value
Exploitation: Appropriating the Surplus Value produced by others
Occurs in “unfree” Societies / But also in Capitalism
Capitalist Exploitation Theorem
AB = Value created during the work day
V = The value of Labour power
The value created by labourers for which they are compensated
S = Surplus Value
o The value created by labourers for which they are not compensated
S/V = the rate of exploitation
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