Term
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Definition
| What is money thrown into circulation in search of profit,--money seeking to expand itself in value by becoming more money through circulation. |
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Term
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Definition
| The defining condition of the existence of ________ is the commodification of labor, where labor-power itself becomes a wide spread commodity. |
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Term
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Definition
| What can be defined as an economic system of production that commodifies human labor. |
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Term
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Definition
| ______________ differs from all other forms of the fundamental class process in that it is disconnected. |
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Term
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Definition
| Direct laborers are required to sell their ability to work as a commodity on the market. They sell their ____________. |
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Term
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Definition
| ______________ are not connected to the takers as slaves nor through personal ties of loyalty. |
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Term
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Definition
True or False:
You can have capital without capitalism |
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Term
| Market exchange; Private property |
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Definition
________________ and ______________ are not defining characteristics of capitalism |
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Term
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Definition
| Labor power as a commodity is a characteristic of _________________? |
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Term
1.) The exploitative relationship between capital and labor
2.) The competitive relationship among capitalist; which is for the capitalist to expand capital or go out of business. |
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Definition
The two central relationships of capitalism that structure the economy from the political economy view are? |
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Term
| Production; and through the exploitation of labor. |
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Definition
| Wealth in capitalism arises in __________. |
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Term
| Because the competitive structure of capitalism compels capital to do so. |
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Definition
| Why does wealth in capitalism arise in production and through the exploitation of labor? |
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Term
M --- C ---M’ (Phase 1)
This is where,
M < M´ and M´ – M = ΔM |
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Definition
| Phase 1 of commodity exchange is defined in our lesson as: |
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Term
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Definition
| ________ capitalist purchases commodities as cheaply as possible and turns around and sells them at a higher price; which increases his capital through market exchange. |
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Term
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Definition
True or False:
Merchant capital is not capitalism, but can coexist with many different kinds of economic systems of production |
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Term
M — C (labor, raw materials, machinery) ... P ... C´ (finished commodities) — M´ |
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Definition
During Phase 2, capital which is being thrown into circulation along with purchasing labor-power exploits itself in value which is described as: |
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Term
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Definition
| The capitalist uses the money at the beginning of the day to purchase labor, along with raw materials, and machinery at the going ___________. |
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Term
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Definition
| In market exchange for labor, the capitalist forms a ________ with the worker that they will pay them a certain amount (salary or wages) in exchange for a contracted amount of work time. |
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Term
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Definition
| The capitalist consumes the commodities he purchased and puts them to use where labor uses machinery to transform the raw materials into finished commodities; thus making the market value of the finished commodities _______ than the market value of the original commodity. |
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Term
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Definition
| __________ is uniquely capable of producing additional value |
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Term
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Definition
| The amount of time a worker takes to produce commodities whose market value is equal to their wages is termed ___________. This is also when the workers produce the value necessary for the capitalist to break even. |
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Term
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Definition
| When workers continue to work until (X) hours producing commodities whose market value is now over and above the value of their wages, plus raw material and machinery used, this is termed ______________ |
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Term
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Definition
| Typically, during suplus labor time, workers would be working that portion of the day without ____________. |
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Term
| Surplus Value; Necessary Value |
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Definition
| At the end of the day workers produce surplus value and finished commodities (C') which contains ________ and __________. |
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Term
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Definition
True or False:
In capitalism the capitalist takes the finished commodities and do what he wants with them while the workers go home with only their contracted paycheck. |
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Term
| The going market rate and takes the value embodied in them, thus completing the cycle of valorizing his capital. |
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Definition
| Unlike the merchant capitalist, capitalist sell commodities at ____________. |
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Term
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Definition
| When the surplus labor is performed by the worker but the produced surplus value is taken by the capitalist, it is termed ____________. |
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Term
| All stakeholders; capitalists |
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Definition
| Political economist feel that the value produced during the surplus labor time portion of the day should be taken by ______________ in the production process; and not just the ____________. |
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Term
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Definition
| Surplus labor time during which the workers produce surplus value yields ___________. |
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Term
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Definition
| In ______________, the concept of surplus value is viewed differently and calculated largely by realizing the value is derived through the labor. |
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Term
| Fundamental Class Process |
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Definition
| At the end of the process, the market value of the finished commoditites is greater than the original commodities because labor is uniquely capable of producing additional value beyond its own worth. |
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Term
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Definition
| _______________ is defined as a situation where one group or class does the work but does not get the surplus and the other group or class gets the surplus without doing the work. |
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Term
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Definition
| The workers are being exploited because they are producing surplus labor (above and beyond what is needed to break even), but the produced surplus value is appropriated by the __________, rather than being appropriated by all stakeholders in the production process. |
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Term
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Definition
From a political economy perspective, _______ and _______ are situated within the economy. |
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Term
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Definition
| What are defined by their relation to surplus value. |
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Term
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Definition
The ________ class is made up of people who produce surplus value but do not appropriate it. |
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Term
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Definition
The _________ class appropriates but does not produce. The power and the resources accrue to the _________. |
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Term
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Definition
Who argues exploitation is unjust because the working class produces the wealth but does not accrue any of the power or wealth that they produce. |
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Term
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Definition
In a capitalist production system, the _______ has to be put back into circulation and is allocated by the capitalist |
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Term
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Definition
In Sweezy's article, he noted, you can have ____________, but how this allocation occurs (and whether or not it is exploitive) depends upon the system in which it is in. |
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Term
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Definition
| Who take profits out of circulation and secure the conditions for future rounds of exploitative activity. |
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Term
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Definition
| The appropriation of surplus product is through the logic of the ________________. |
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Term
| Capitalist loses their position |
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Definition
Profits can be used on luxury or consumption items, but it must also secure the conditions for future rounds of exploitative activity. If this does not occur, the ___________________. |
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Term
tax payments; dividend payments, profit sharing or benefit packages to workers; purchasing new rounds of labor; raw materials and machinery; hiring managers to ensure work is done properly; hiring marketing personnel to market finished products; investing in new equipment and machinery; research and development; funding schools to educate students that capitalism is a good thing and not teaching them political economy; philanthropic endeavors, and so on. |
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Definition
| Some of the distributions of surplus are used to secure the conditions of future rounds which include making: |
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Term
| Political Economy Perspective |
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Definition
From the __________________, the starting point of the theory is not one of individual human nature, but it is based upon presumptions about social relationships and contexts, which shape what human beings are and do.
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Term
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Definition
| _________ is one economic relationship within society. |
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Term
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Definition
What are the two different types of class processes? |
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Term
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Definition
| Classes in capitalism become distinguished and definable through ____________.. |
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Term
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Definition
| Those who produce the wealth are the __________. |
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Term
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Definition
| Those who receive the wealth are the _________. |
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Term
| strikes, labor unrest, and collective bargaining. |
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Definition
| The working class does have power of their own in the form of ________________________. |
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Term
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Definition
Classes are defined in capitalism by their relation to ________________. |
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Term
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Definition
The __________ class is those who produce surplus value, but don’t appropriate it. |
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Term
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Definition
| The __________ class is made of those who appropriate surplus value but don’t produce it. |
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Term
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Definition
The working class can create a “____________” to try and regain a share of the appropriated surplus by requesting higher pay, better benefits, better working conditions, and so on. |
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Term
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Definition
The Political Economy Theory, like the neoclassical theory, is an analysis of: |
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Term
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Definition
Roughly, how many workers that actually produce surplus value is part of the capitalist working class? |
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