chapter 11: the global economy

economy

a cultural adaptations to the environment that enables a group of humans to use the available land, resources, and labor to satisfy their needs to thrive

five forms of subsistence

-foraging/hunting and gathering

-pastoralism

-horticulture

-agriculture

-industrial agriculture

-costs and benefits of industrial agriculture

food foragers

humans who subsist by hunting, fishing, and gathering plants to eat

pastoralism

a strategy for food production involving the domestication and herding of animals

horticulture

the cultivation of plants for subsistence through non-intensive use of land and labor

agriculture

an intensive farming strategy for food production involving permanently cultivated land to create a surplus

industrial agriculture

intensive farming practices involving mechanization and mass production of foodstuff

three forms of chance

-reciprocity
-generalized
-balanced
-negative

-redistribution
-market exchange

reciprocity

the exchange of resources, goods, and services among people of relatively equal status to create and reinforce social ties

generalized reciprocity

giving without the immediate expectation of return, often within social groups or close relationships

balanced reciprocity

a form of exchange where individuals give something with the expectation of receiving something of equal value in return within a specific time frame

negative reciprocity

occurs when one party in an exchange receives something of significantly less values or benefits in comparison to the other party

redistribution

a form of exchange in which accumulated wealth is collected from the members of the group and reallocated in a different pattern

triangle trade

the extensive exchange of enslaved people, sugar, cotton, and furs between europe, africa, and the americas that transformed economic, political, and social life on both sides of the atlantic

industrial revolution

the 18th and 19th century shift from agriculture and artisanal skill craft to machine-based manufacturing

modernization theories

post-world war ii economic theories that predicted that with the end of colonialism, less-developed countries would follow the same trajectory toward modernization as the industrialized countries

development

post-world war ii strategy of wealthy nations to spur global economic growth, alleviate poverty, and raise living standard through strategic investment in national economies of former colonies

dependency theory

a critique of modernization theory arguing that despite the end of colonialism, the underlying economic relations of the modern world economic system had not changed

neocolonialism

a continued pattern of unequal economic relations between former colonial states and former colonies despite the formal end of colonial political and military control

core countries

industrialized former colonial states that dominate the world economic system

periphery countries

the least developed and least powerful nations; often exploited by the core countries sources of raw materials, cheap labor, and markets

semi periphery countries

nations ranking in between core and periphery countries, with some attributes of the core countries but with less of a central role in the global economy.

fordism

the dominant model of industrial production for much of the twentieth century, based on a social compact between labor, corporations, and government

flexible accumulation

the increasingly flexible strategies that corporations use to accumulate profits in an era of globalization, enabled by innovative communication and transportation technologies

neoliberalism

an economic and political worldview that sees the free market as the main mechanism for ensuring economic growth, with a severely restricted role for government