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ECN 104 Chapter Notes -Commodity Fetishism, Michel Foucault, Cultural Hegemony


Department
Economics
Course Code
ECN 104
Professor
Jeffrey Boase

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KEY TERMS AND CONCEPTS (CH. 1, 2, 4, 5)
Consumption: refers to the things we buy (or watch, or listen to, etc.)
Folk Culture: Cultural products or practices that have developed over time within a particular community or
socially identifiable group and that are communicated from generation to generation and among people
who tend to know one another.
Mass Culture: A form of culture produced for profit and for a large and diverse audience by a vertically
integrated factory system. In some pervasive ways mass culture is breaking down as a result of economic
processes of market segmentation, cultural developments, and the growing accessibility of technology
allowing the "masses" to produce their own culture.
Materialist: Two meanings – One; an unhealthy, undesirable, or vulgar attachment to consumption and
ownership of material goods, or commodities, which equates happiness with owning a lot of things and
distracts from the "finer" spiritual or intellectual aspects of life. Second, a philosophy that stresses the
importance of physical objects and the actually existing conditions of life in shaping the concepts,
discourses, and habitus of societies and historical periods.
Authenticity: A positive quality of genuineness and originality attributed to objects, practices or ideas, often
to demonstrate the extent to which an initially authentic phenomenon has been compromised or drained of
its value. This term has been critiqued for its ideology grounding in a nostalgic vision of a more "real"
cultural past now sullied by rank commercialism.
Capitalism: is an economic system based on private ownership of the means of production and
distribution, and geared towards a generation of profit. It is the dominant economic system in the world
today. Key characteristics of capitalism include both its wealth-generating capacity and the patterns of
inequitable distribution on which that capacity depends, help to determine the shape of culture (mostly
popular culture).
Colonialism: The historical process through which dominant groups have assimilated, dominated, and
conquered less powerful one; physical settlement along with the military, political, and economic conquest
of people.
Postmodernism: a late-20th-century style and concept in the arts, architecture, and criticism that
represents a departure from modernism and has at its heart a general distrust of grand theories and
ideologies as well as a problematical relationship with any notion of “art.” Postmodernism also names a
generalized lack of epistemic certainty- a questioning of long-standing assumptions about the search for
and importance of "truth" in the operation of society, politics, culture, an science.
Privatized: A process through which the ownership of a public enterprise or the responsibility to enact a
state function is transferred from government or community control into the private corporate sector and
operated to generate profit.
Cultural Studies: is the examining of cultural practices through critical theory and literary criticism.
Popular Culture: is the entirety of ideas, perspectives, attitudes, memes, images, and other phenomena
that are within the mainstream of a given culture, especially Western culture of the early to mid-20th century
and the emerging global mainstream of the late 20th and early 21st century. Heavily influenced by mass
media, this collection of ideas permeates the everyday lives of the society.
Industrialization: The process in which a society or country transforms itself from a primarily agricultural
society into one based on the manufacturing of goods and services.
Class Mobility: A characteristic of societies in which it is possible for an individual or a family to move from
one social class to another; thus their social status and economic standing.
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