Global Political Economy Midterm exam with correct answers 2024
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Global Political Economy Midt
Institution
Global Political Economy Midt
England By Forraign Trade correct answers -we can increase our wealth by diminishing unnecessary importations, excessive consumption
-in exporting goods we must consider not only our own superflueties but also the needs of our trading partner, so that we can profit by providing them what they ne...
Global Political Economy Midterm
England By Forraign Trade correct answers -we can increase our wealth by diminishing
unnecessary importations, excessive consumption
-in exporting goods we must consider not only our own superflueties but also the needs
of our trading partner, so that we can profit by providing them what they need most
-trade wiht faraway places is most profitable
-Economic nationalist arguement
--we shoudn't tax domestic commodities too much, but consumption of foreign wares in
the realm should be taxed more heavily (pg 12)
-Mun: we should restrict imports that we can produce domestically. We shoudn't let the
culture of our trading partners seep into English culture, like importing foreign clothing.
Price manipulation is positive, helps maximize wealth of the nation. Government should
have control over a larger portion of the supply chain.
-state should force or provide incentives for people to establish business in certain
industries, like fish in the New World. Cause if you don't some other country will take
that potential wealth away.
Lenin the Highest Stage of Capitalism correct answers -Critical Analysis
-the deepest foundation of imperialism is monopoly. Monopoly tends to produce
stagnation and decay, since is reduce the motive for technical progress.
-monopoly ownership of extensive and rich colonies produces stagnation.
-Monopoly also produces a social class of people who are idle and rich, taking part in no
enterprise whatsoever by exploiting the labor of colonies
Britain is gradually becoming transformed from an industrial into a creditor state.
Notwithstanding the absolute increase in industrial output and the export of
manufactured goods, the relative importance of income from interest and dividends,
issues of securities, commissions and speculation is on the
increase in the whole of the national economy
-Through economic paratisism, countries use their colonies to enrich the ruling class
and bribe its lower classes into acquienscence.
-the world has become dividied into a few usurer states and a majority of debtor states.
There is a monopoly of a few states over the world.
, This clearly shows the causes and effects. The causes are: 1) exploitation of the whole
world by this country; 2) its monopolistic position in the world market; 3) its colonial
monopoly. The effects are: 1) a section of the British proletariat becomes bourgeois;
2) a section of the proletariat permits itself to be led by men bought by, or at least paid
by, the bourgeoisie.
Adam Smith Wealth of Nations Division of Labor correct answers -division of labour is a
great thing, increases productivity
-by giving each person a specific task, they become really good at that task, so each
worker is more efficient
-saving of time of passing items between stations
-because of division of labour, each person is focused on a specific task, and will
develop new methods, and machinery to achieve that task, leading to innovation and
efficiency
Adam Smith Invisible Hand correct answers -man will always endeavor to employ his
capital in the support on industry of which the produce is likely to be of greatest value to
society. By pursuing profit he promotes the interests of society without intending to do
so.
-the businessman can just what produce is likely to be of greatest value much better
than any statesman.
-high duties and prohibitions are often useless and hurtful. It is foolish for a nation to
make what can be bought cheaper.
-tariffs are sometimes necessary as retaliation when other countries impose tarrifs on a
nation. Through this retaliation, this may procure the repeal of the high duties
complained of.
. The first is some sort of industry is necessary for defense of the country, for instance
the British monopoly on shipping. (Navigation acts) The second case is when some tax
is also imposed equally on the home manufacture as on the foreign imports, so the
playing field is level.
Strange, Mad Money correct answers -it was foolish to let the financial markets run so
far beyond the control of state and international authorities, because markets have been
crazy erratic in recent years and have caused serious damage.
-financial system is casino like, much volatility and uncertainty.
-markets, and the immense vested interests behind them who want to maintain the
status quo have simply outgrown governments ability to regulate them.
Commercial banks have become investment banks and are increasingly
tempted into proprietary trading - that is, betting their own capital in
the casino.
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