1. Pol70.W07.lec51 People in the Global Economy: Principles and Practices

2. Pol70.W07.lec52 Marx & Engels: “All that is solid melts into air.”

3. Pol70.W07.lec53 Globalization—what is it? Rapid flows of capital & investment Compression of time and space Integration of national economies Exploitation of new commodity frontiers

4. Pol70.W07.lec54 Capitalism 1A: We live in a capitalist system

5. Pol70.W07.lec55 Capitalism differs from simple exchange

6. Pol70.W07.lec56 profit, accumulation, reinvestment, growth There are four basic concepts

7. Pol70.W07.lec57 There are four central concepts Profit: Minimize cost, maximize price Accumulation: Save part or all of the profit Reinvestment: Put accumulated funds into new profit-generating enterprises Growth: Increasing rates of return on investments generate further accumulation

8. Pol70.W07.lec58 Division of labor

9. Pol70.W07.lec59 Comparative advantage But, wait! There’s more!

10. Pol70.W07.lec510 Free trade

11. Pol70.W07.lec511 Competition

12. Pol70.W07.lec512 People become a cost factor, to be compared with all others

13. Pol70.W07.lec513 Factors of production: capital or technology, labor, resources or land

14. Pol70.W07.lec514 Means of production & social relations of production

15. Pol70.W07.lec515 Industrial revolutions

16. Pol70.W07.lec516 Textiles

17. Pol70.W07.lec517 Fordism

18. Pol70.W07.lec518 Information Revolution

19. Pol70.W07.lec519 Capitalism involves ceaseless motion and change: “creative destruction” or Churn

20. Pol70.W07.lec520 Churn is destabilizing