Exam 1 - -Economic assumptions-Universalism A...

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-Economic assumptions: -Universalism: A one-size-fits-all kind of mind set towards poverty, development and other economic processes. -That rationality always prevails. -Competition and equilibrium: The notion that the market mechanism will always find the greatest efficiency and productivity. -Laws and principles: The belief that there is predictability in the market The Basics of Geography The Geography of Capitalism -Space: Refers to physical distance and area. -A second dimension of space is location within space -A third dimension of space is flow across space -Place: Characteristics of an area dependent on what location you’re living in -Scale: Different levels of social and spatial experience Commodities and Value -Use Value: The functional purpose of an object. Something can be useful without being a commodity: Air -Exchange value: Money is the universal equivalent: How much something is worth -Value as a socially necessary labor time: Time to produce a product under normal conditions and with average degree of skill -Product of competition to increase labor productivity -Commodity Fetishism: The specific social character of each producer’s labor does not show itself except in the act of exchange. Uneven Development: -Three perspectives on uneven development: -Nature: Environmental determinism: Some areas have greater natural resources -Problem: Japan, Wealthy with low natural resources. Africa, poor with high natural resources -Culture: Modernization Theory: Rest of the world lacks the institutions and work ethic. Therefore the west must spread out to the rest of the world -Problem: Developing countries have been called developing for years -Capitalism: Value in motion: -Social Darwinism, some are going to succeed and some are going to fail
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-Two classes of people -Capitalist: Control and must make jobs -Labor power: Capacity to work -Money circuit: Money=Commodities < Labor and means of productions
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Exam 1 - -Economic assumptions-Universalism A...

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