Week 7

Question 1

Production relations

Answer 1

Interactions with other humans during the work process

Question 2

Means of production

Answer 2

Implements such as land, machinery, and tools used in the production process

Question 3

Exchange relations

Answer 3

Buying and selling goods and services in the marketplace

Question 4

Commodities

Answer 4

The goods bought and sold in the markets

Question 5

Forces of production

Answer 5

All productive resources used in the production process

Question 6

Mode of production

Answer 6

Different ways relations and forces of production have been organized throughout history

Question 7

What were Marx’s modes of production that prevailed through human history

Answer 7

Primitive communism, ancient, the feudal, and the capitalist mode of production

Question 8

What is capitalism

Answer 8

An economic system characterized by private ownership of the means of production, from which , personal profits can be derived

Question 9

What is the basis of capitalism?

Answer 9

Capitalism accumulation through investment of financial assets for the purpose of gaining bigger financial returns

Question 10

Markets and trade existed before capitalism - true or false?

Answer 10

True

Question 11

Where and when did the capitalist economy emerge?

Answer 11

Western Europe, 16th century

Question 12

When did the capitalist economy become the dominant system in the world?

Answer 12

19th century

Question 13

What is the first stage of capitalism

Answer 13

Primitive accumulation stage or mercantilism

Question 14

What did the first stage of capitalism entail?

Answer 14

A policy based on trade policies by limiting imports and increasing exports

Question 15

What else happened in the 19th century?

Answer 15

Emergence of nation state’s

Question 16

What led to the emergence of monopolies ?

Answer 16

Concentration of production and capital

Question 17

How were financial oligarchy created

Answer 17

By the merging of financial and industrial capital

Question 18

What necessitates the export of capital?

Answer 18

The tendency of the rate of profit declining in any location

Question 19

What happens in anarchy production

Answer 19

Many resources can be wasted and markets can be flooded with products that may not be sold

Question 20

What happens during the tendency of overproduction

Answer 20

Floods the market with goods that can’t be sold

Question 21

What happens during the tendency of over accumulation?

Answer 21

Leads to the rate of profit falling

Question 22

How to deal with over accumulation

Answer 22

1. Create new markets
2. Moving capital or labour to a different territory and beginning a new production line

Question 23

Oligopoly

Answer 23

When several companies control a sector of industry

Question 24

Shared monopoly

Answer 24

When four or fewer companies supply 50% or more of a particular market

Question 25

Interlocking corporate directorates

Answer 25

Control can also he possible when members of a board of directors of one corporation also sit on the board of other corporations

Question 26

What is politics?

Answer 26

The institution that deals with how power is maintained in society

Question 27

What is a state?

Answer 27

political entity with a legitimate monopoly over using force within its territory

Question 28

Authority (mw)

Answer 28

Power that people accept as legitimate rather than coercive

Question 29

Charismatic authority (mw)

Answer 29

Power legitimized based on a leaders exceptional personal qualities

Question 30

Traditional authority (mw)

Answer 30

Power that is legitimized based on long standing custom (monarchies)

Question 31

Legal rational authority (mw)

Answer 31

Power legitimized by law or written rules and regulations.

Question 32

Which did Weber assume would prevail in modern capitalist societies ?

Answer 32

Rational legal authority

Question 33

Role of the state in capitalist society Mills power elite model

Answer 33

Power is concentrated in the hands of a small group of elites both in the government and outside. The state serves the interests of the ruling class that controls the means of production

Question 34

Role of the state in capitalist society Domhofs model

Answer 34

Accepts that there are conflict of interest among different fractions a of the capitalist class. This may explain relative autonomy of the state during some historical periods

Question 35

Role of the state in capitalist societies Pluralist model Functionalist

Answer 35

See the state as a functional institution of order and stability They assume the state tends to act independently of any particular interest group

Question 36

What happened during mercantilism?

Answer 36

Emergence in impoverished working class in Europe and colonial expansion in US, Asia, and Africa

Question 37

What was technology used for?

Answer 37

To reduce labour costs and competition

Question 38

What do stratified societies have?

Answer 38

Inequalities of power

Question 39

What is the primary source of inequality of power?

Answer 39

Inequalities in access to key economic resources

Question 40

Marx on mode of production

Answer 40

Mop determines general characteristics of social, political, and spiritual processes in life

Question 41

What did Marx recognize capitalism as?

Answer 41

As an economic system that revolutionized the production process