SOCIOL 1A06 Chapter Notes -Nationstates, Neoliberalism, Labour Power
18 Apr 2013
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Siq readings sociology 1a06 - colavecchia mcmaster university 2012/2013. Chapter 25 the fantasy of democracy and development . Globalization is characterized by the rise of new system of production and finances that transcends nation-states, a truly transnational capitalist class, and new supranational legal and political institutions. Neoliberalism = new global model that include fiscal austerity, privatization, deregulation and trade liberalization = create a single unified field for global capitalism. Neoliberalism launched a new era of development processes after the crisis of the. It was made possible by cheapening and manipulability of labour worldwide including a decline in income and downward mobility for most. The shift in worldwide production from local and national to global markets meant domestic markets were no longer strategic or necessary for reproduction of capital. Capital no longer needs to pay for the reproduction of labour power in order to reproduce itself=development is a fantasy.
