Capitalism Flashcards Preview

KRLS 304 > Capitalism > Flashcards

Flashcards in Capitalism Deck (59)
Loading flashcards...
1

Capitalism is an economic/political system in which ...

- the means of production of goods or services are privately owned and operated for a profit
- a country's trade and industry are controlled by private owners for profit, rather than by the state

2

Characteristics central to capitalism:

- private property
- capital accumulation
- wage labour
- voluntary exchange
- a price system
- competitive markets

3

Is Canada a capitalist nation? Why?

- yes
- the Canadian government has divested itself of some crown corporations (Air Canada, Petro, Atomic Energy of Canada)

4

The individual capitalist will very accurately figure out how much ____ _____ and _____ are needed and how many ____ to ____ in order to have so much end _____, but they have no general plan for meeting the ____ of society. Their only goals are ____ and ____.

- raw material
- machinery
- workers
- exploit
- product
- profit
- survival

5

Capital is not a thing, it is a ....

process in which money is perpetually sent in search of more money

6

Acceleration:

the faster the flow of capital, the higher the profits so there is always incentive to speed up circulation

7

Why is continuity of flow crucial?

an interruption to flow of capital lost revenues + extra expenses = reduced profits

8

How is capital flow spatial?

- money is assembled from somewhere and brought to a particular place to utilize labour resources that come from somewhere else
- trend towards general reduction of spatial barriers and speed-up

9

The capitalist can accumulate capital only because...

labour generates more capital than wages consume

10

Extra capital gained is immediately ploughed into...

production to generate more capital for growth/expansion

11

Capitalism operates through constructs known as ____ which act as ____ ____.

- markets
- pricing mechanisms

12

Interactions between actors in the market gives _____ their monetary value.

commodities

13

Value of commodities based on ____.

roi

14

Commodity:

- a basic good used in commerce that is interchangeable with other commodities of the same type
- an article produced for market exchange rather than for its own immediate consumption

15

Commodities are often used as ....

inputs in the production of other goods or services

16

The quality of a given commodity may differ slightly, but it is essentially ____ across producers.

uniform

17

THere is little _____ between a commodity coming from one producer and the same commodity from another producer.

- differentiation
- a barrel of oil is basically the same product, regardless of the producer

18

Some traditional examples of commodities include...

- grains
- gold
- beef
- oil
- copper
- natural gas

19

Commodification:

- producing sellable things from historically unsellable things
- given sufficient amounts of cleverness, anything can be turned into a commodity

20

Once transformed into a commodity, the use value of something is ....

translated into an exchange value

21

Use value:

the want satisfying power of a good or service

22

The exchange value of the commodity is expressed in _____ terms.

monetary

23

Examples of commodification:

- labour
- land
- money

24

Labour is commodified when employers see little difference between...

workers with a particular skill set

25

Labour commodification prevents labour from commanding a ___ ____ or having much ____ over their employer to demand better ____ ____.

- high salary
- influence
- working conditions

26

Labour that is commoditized is often referred to as ___ _____.

human capital

27

Labour that isn't commoditized can be described as ____.

talent

28

Under capitalism we have a fetishized relationship with ______.

commodities

29

Commodity fetishism:

- fetishizes the products of labour and the relations between the commodities at the expense of the labour itself and the relations between the humans involved
- gives commodities a mystified status that can be religious
- abstracts them from the human meaning they have

30

The word fetish refers to...

any object that people fixate on or are fascinated by and that keeps them from seeing the truth