Flashcards in Capitalism Deck (59)
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
Characteristics central to capitalism:
- private property
- capital accumulation
- wage labour
- voluntary exchange
- a price system
- competitive markets
Is Canada a capitalist nation? Why?
- the Canadian government has divested itself of some crown corporations (Air Canada, Petro, Atomic Energy of Canada)
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
Capital is not a thing, it is a ....
process in which money is perpetually sent in search of more money
the faster the flow of capital, the higher the profits so there is always incentive to speed up circulation
Why is continuity of flow crucial?
an interruption to flow of capital lost revenues + extra expenses = reduced profits
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
The capitalist can accumulate capital only because...
labour generates more capital than wages consume
Extra capital gained is immediately ploughed into...
production to generate more capital for growth/expansion
Capitalism operates through constructs known as ____ which act as ____ ____.
- pricing mechanisms
Interactions between actors in the market gives _____ their monetary value.
Value of commodities based on ____.
- 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
Commodities are often used as ....
inputs in the production of other goods or services
The quality of a given commodity may differ slightly, but it is essentially ____ across producers.
THere is little _____ between a commodity coming from one producer and the same commodity from another producer.
- a barrel of oil is basically the same product, regardless of the producer
Some traditional examples of commodities include...
- natural gas
- producing sellable things from historically unsellable things
- given sufficient amounts of cleverness, anything can be turned into a commodity
Once transformed into a commodity, the use value of something is ....
translated into an exchange value
the want satisfying power of a good or service
The exchange value of the commodity is expressed in _____ terms.
Examples of commodification:
Labour is commodified when employers see little difference between...
workers with a particular skill set
Labour commodification prevents labour from commanding a ___ ____ or having much ____ over their employer to demand better ____ ____.
- high salary
- working conditions
Labour that is commoditized is often referred to as ___ _____.
Labour that isn't commoditized can be described as ____.
Under capitalism we have a fetishized relationship with ______.
- 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