c&s exam
1.) As described by James Fulcher, what are the main characteristics of capitalism, and what were the characteristics of early capitalist production?
The main characteristics of capitalism involve the investment of capital to make more money with profit being the central driving force. Most people would work for wages instead of owning their own tools or land. Markets were the only means for people to obtain anything such as goods, labor, and money.
Early capitalist production consisted of wage labor and exploitation of workers, continuous work to keep machines in constant use, and the concept of leisure time was introduced which led to the creation of whole new industries.
2.) As described by Sarwat Jahan and Ahmed Saber Mahmud, what are the basic features of capitalism, together with capitalism’s strengths and weaknesses? What is the “Keynesian” variety of capitalism, also known as Keynesian economics?
Capitalism’s basic features include capital assets that can be privately owned and controlled, markets that determine prices, and freedom of choice in production, consumption, and investment. Its strengths lie in its ability to drive economic prosperity through self-interest and competition. Its weakness lies in the rate of return on investments that frequently outstrips overall growth which can lead to inequalities.
Keynesian economics argues that capitalism struggles to recover from slowdowns in investment which can cause the economy to have high unemployment and no growth which then requires government intervention to address the issues. This was developed to help capitalism recover from the Great Depression.
3.) As described by Aviva Chomsky, how do capitalism and socialism differ? What is Chomsky’s critique of the concept of “supply and demand,” and why do all capitalist societies, including the United States, therefore create other means of distributing resources outside of the logic of the market? What are some examples of these resources?
Capitalism is based on private ownership of the means of production where capitalists invest money, employ labor, and sell goods in a market driven by supply and demand with a goal of profit maximization. Socialism prioritizes human needs over profit with an emphasis on distribution based on need.
Chomsky’s critique is that demand is defined by one’s ability to pay, not by human need. Her example was that in capitalism, only the person that has the money to buy the milk represents ‘demand’ for a product.
Capitalist societies create other means of distribution to ensure basic needs are met for those who can’t participate in the market. Examples are public education and healthcare.
4.) What does Kristen Ghodsee mean when she argues that “unregulated capitalism is bad for women” (p. 1) and “capitalism thrives on women’s unpaid labor in the home because women’s care work supports lower taxes. Lower taxes mean higher profits for those already at the top of the income ladder” (p. 3). Be specific and use examples from the text.
Ghodsee argues that it’s bad for women because in competitive labor markets women are often seen as mothers and as less reliable workers. This leads to lower wages, higher unemployment rates, and economic insecurity for women. She mentions that in the U.S. 65% of women suffer from poverty at higher rates than men.
Capitalism thrives off of women’s unpaid in the labor such as childcare, cooking, and cleaning which allows for lower taxes because the state does not have to provide as many social services, which in turn benefits the wealthy by increasing their profits, mostly men.
Essentially, this system exploits women’s labor to sustain a capitalist economy that prioritizes profit over people.
5.) As described by Serena Parekh, Shelley Wilcox in “Feminist Perspectives on Globalization?”, what are the five basic features of globalization? How does globalization often affect women in unique ways?
The five basic features are trade liberalization, deregulation, privatization of public assets, elimination of social welfare programs, and restrictions on immigration.
While globalization can bring opportunities, it often reinforces and highlights gender inequalities. Globalization often affects women in unique ways through issues such as workplace discrimination which includes lower wages and limited opportunities for advancement. Human rights violations against women includes violence and sexual exploitation. In addition, women of all nationalities suffer from poverty, overwork, deprivation, and political marginalization associated with neoliberal policies.
6.) One of the following options (pick either):
Option #1: As described by Michael Newman, what is socialism, and what are its basic characteristics?
Socialism essentially is a society in which everyone has the possibility to seek fulfillment without facing barriers based on structural inequalities. Its basic characteristics are commitment to the creation of an egalitarian society, constructing a system based on solidarity and cooperation, and significant changes in the world occur through conscious human agency. In addition, socialists believe in working together and helping each other rather than individualism to create a better and equal society.
7.) As described by Shirley Cereseto and Howard Waitzkin (“Capitalism, Socialism, and the Physical Quality of Life”) using empirical data, what have been the achievements capitalism and socialism on the “physical quality of life” in the countries surveyed?
One achievement that capitalism had on the physical quality of life is that in low-income and lower-middle income capitalist countries there was a greater participation in higher education than did socialist countries.
One achievement that socialism had on the physical quality of life is that infant mortality and child death rates are approx. 2-3x lower than capitalist countries. Another achievement is that the adult literacy rate of the socialist countries greatly surpassed that of the capitalist countries at each level of development.
Overall, the conclusion from this study was that socialist systems outperformed capitalist systems in PQL outcomes at equal levels of economic development. It seems as socialist systems can meet basic human needs without extensive economic resources.