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Chapter 4

ITS 201 Chapter Notes - Chapter 4: Washington Consensus, Utopia, Class Conflict


Department
International Studies
Course Code
ITS 201
Professor
Kathryn Lafever
Chapter
4

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TEXT CHAPTER 4: ECONOMY
Marxist economics
-Values of goods is based on the labor needed to produce in, not on supply and demand
-Capitalist systems lead to class struggle
-Marx believed capitalist systems would collapse and a communist utopia would emerge
-All people, not a few, should own means of production
-Relations between social classes are called relations of production
-Marxism-Leninism is what the USSR had
-Social Democracy is what most European states have
+Encourage market competition and private business but also have large social
safety nets
-Marxist theory wants to reform capitalism, not destroy it
Microeconomics: Studies specific market systems on a small scale
Macroeconomics: studies combined performance of all markets in a defined market system
-GDP is an important indicator of economic performance
Development Economics: Studies economic growth in less developed countries.
-Difficult to define “developing countries:
-There is no one size fits all for economic development
-The World Bank recommends freeing markets as a good way to develop
Globalizations is interconnectedness through communications, society, politics and economics
-Neoliberalism: is an economic theory/ideology that has been primary to globalization
+Wants to ease restriction on trade
+Wants to free the movement of goods
+Maximize efficiency and profits
-Characterized by integration
-Driven by technological advancement
-Occurred so quickly that it’s effects are barely understood
find more resources at oneclass.com
find more resources at oneclass.com
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