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| Economies: Traditional, Command, Market, and Mixed |
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Definition
-Smith = correct, but did not focus on sustainable wealth
-overlooked nonexchangeable value
-free trade only works if countries are equal
-buying cheap from abroad is fine in short run, bad in long run --> stifled innovation, causes dependency
-trade does not increase productive power of nation |
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Definition
-Monopolies are not end of capitalism
-Competition = new organizational structure
-creative destruction |
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Definition
-investments in human capital = lame
-need incentive for research and development
-switchover costs slow advancement
-leapfrog techonology is infrastructure is there |
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Term
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Definition
Visible hand of management replaces invisible hand of market forces
-Britain had smaller firms that produced consumer good
-3 types of mgmt: personal, entrepreneurial, managerial |
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Definition
Anti-monopoly legislation led to mergers
-leaders: integrators, swift
speculators, gould
empire builders, carnegie
promoters, jp morgan
inventors, edison |
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Term
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Definition
-Corporations came from political power changes, not market forces
-shift in form and organization of property
-efficiency theory is NOT adequate (gov't created corps to do things rational business wouldn't)
-depression of 1837 and resulting public corp failures led to private corps
-combo of capital more than productive facilities led to corporations
-limited liability |
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Term
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Definition
Zollverein: group of German regions who established a common tariff
Credit banks: invested in businesses, not just loans
Cartels: supported by govt bc competition could be "ruinous"
Econ crisis of 1873 had people re-raise tariffs
-Bismarck introduced basic welfare state system so leftists wouldn't take over |
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Definition
Gold Standard: allowed intl trade to evolve (standard payment)
-Easier flow of capital and people
-transportation and communication increased
-Intl banking supported gold standard |
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Term
| Heckscher-Ohlin trade theory |
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Definition
Frieden
-countries will export goods that make intensive use of resources they have in abundance |
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Term
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Definition
Capitalism causes underdevelopment
Permanence of Metropolis/Satellite Polarization: basically core and periphery
External monopolies take away economic surpluses |
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Term
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Definition
World-system perspective: Core, periphery, semi-periphery
Dependency theory: above 3 unequally share wealth
Surplus wealth flows from periphery to core
As core advances, semi periph and periph can begin to produce old things productively |
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Definition
Africa: imperial powers made:
colonies pay, forced people to assimilate, held back locals w/ regs, didn't train workers for fear of competition, forced farms to switch to cash crops |
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Term
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Definition
Five stages of economic growth:
Traditional society --limited production, mainly agricultural
Preconditions for take-off --tech advances, political and social values change, banks and mobilization of capital appear
Take-off --growth becomes norm, investment rises, surge of tech development, shift away from agriculture, agriculture productivity increases dramatically
Drive to Maturity --shift to more refined, complex processes
Mass-Consumption --interests shift from growth to welfare and security, working force mainly highly skilled individuals, consumer durables + services are norm |
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Term
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Definition
The more backward the country:
the faster initial growth
greater focus on plant size
greater stress on producer rather than consumer goods
greater influence from financial instituations
greater pressure on pop consumption
less likely agriculture would pla y an active role
more influence industry has on events/policies |
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Term
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Definition
MITI
market rational -US (efficiency)
planned rational -Japan (effectiveness)
market ideological -North Korea (social/political values)
Types of Industrializing states:
Cohesive- Capitalist
Fragmented multi-class
Neopatrimonial |
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Term
| Modernization vs. Dependency theory |
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Definition
Modernization: every country can develop on own
Dependency theory: not all can ddevelop, someone must be exploited |
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Term
| Three Phases of Marketing |
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Definition
| Fragmentation, Unification, Segmentation |
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Term
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Definition
| mass production, assembly line, getting everyone a car, lowering price point, five dollar day and five day work week, worker turnover decreased, worker could purchase product |
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Term
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Definition
M structure-- accountability, can cut root of problem, people grouped by product
car in every color for every wallet |
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Term
| How Japanese capitalism differs |
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Definition
-govt role
-interfirm connections
-employment of large firms |
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