Capitalism and Democracy Midterm

First- Pluralist theory:

a has power over b to the extent that a can get b to do something b would otherwise not do; what people do and why

Second- Elite Theory

agenda setting; a has power over b if a can prevent b’s concerns/interests from being considered; political elites shape outcomes not voters

Third- Gramscian Theory

power to shape social meaning- how each group defines their interests not only the outcome of their behavior. Controversial because of the danger that people think they know what is going on in someone’s head better than they know themselves  

Gaventa

looks at Lukes three dimensions of power and emphasizes how power dynamics influence participation and decision-making, highlighting the relationship between power holders and marginalized groups.

Kathy Cramer

Demonstrates further nuance than Gaventa, people may not simply being duped by some outside power, this ignores possibility that people arrive at conclusions based on their own experiences

Adam Smith

Often referred to as the godfather of economic liberalism, emphasizing free markets, private property, and minimal state intervention. Idea of the woolen coat, pin factory, division of labor, invisible hand

Invisible Hand

A concept by Adam Smith indicating that individuals’ pursuit of self-interest in a free market leads to economic efficiency.

Pin Factory

Smith’s example of division of labor leading to greater specialization and efficiency. No one can singularly make an object, division of labor is needed to make it possible and productive

Robert Heilbroner

conceptualizing rise of modern capitalism within historical context. Humans are social and cohere through two main modes: tradition and command

Market System

A way of organizing an economy where individuals own property and can use it for profit.

Three paths to modernity

Market Oriented (capitalist) Democracies: Great Britain, US, France

Fascist Dictatorships: Japan, Germany, Italy

Communist Dictatorships: China, Russia

Barrington Moore

how is power involved in the creation of capitalism and democracy? Three paths to modernity: in transition from agrarian society to industrial society there are three main paths:

No bourgeoise, no democracy

Moores saying meaning the bourgeoise is key to bringing about social change because they are the ones that don’t see eye to eye with the system in place

Moore’s Cross-class alliances

in CD’s, bourgeois town dwellers ally with commercially minded landed elites where peasants removed from the land; FS’s the bourgeois/town dweller weaker and ally with landed elites who are relatively stronger and less commercially minded

Enclosure movements

demonstrate that the transition to modern society is marked by violence in all three paths

Parliamentary law creates enclosure movements to kick peasants off common land, but how can we create private property when that didn’t originally exist?

Sven Beckert

the empire of cotton, explores rise of cotton from a global perspective, examining broader political forces at work

Commodity Fetishism

way of organizing economy and society- you own property and you may do with it what you want for the sake of profit

Fictitious Commodification

Treating non-commodity items as commodities, such as land and labor, which leads to market-driven destruction and pushback.

Double Movement

A phenomenon where societal pushbacks occur due to the fictitious commodification of resources, leading to social resistance.

Market-Oriented Democracy

A democratic system that is integrated with capitalist economic values, seen in countries like the US, Great Britain, and France.

Disembedded Liberalism

The process of separating free-market operations from the broader social and political contexts in which they are embedded.

Capitalism as Freedom

The notion proposed by Milton Friedman that capitalism enables individuals to make their own economic choices without state interference.

War Capitalism

A concept suggested by Sven Beckert indicating that the roots of capitalism are connected to violence, slavery, and armed trade.

Rational Choice Theory

A theory stating that individuals make decisions by weighing the costs and benefits to maximize their welfare.

Public Choice Theory

An economic theory focusing on the behavior of politicians and government officials which lead to inefficiencies in the political system.

Flexible Security (Flexicurity)

A labor market strategy that combines labor market flexibility with comprehensive social security.

Coordinated Market Economies

Economic systems characterized by strong coordination and cooperation between employers, employees, and the government, focusing on skill formation and long-term contracts.

Neoliberalism

A political-economic theory advocating for free markets, deregulation, and a reduced role of the state in economic affairs.

Interest Groups

Organized groups that seek to influence public policy and decision-making in a way that benefits their specific interests.