Quiz 1 question - HIS 1005 (Cristofer Perez)

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Baruch College, CUNY *

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1005

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Economics

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Jan 9, 2024

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docx

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1. According to McCormick’s theory, what have societies looked like since the late 15th Century? How have they been organized? - According to McCormick's theory, since the end of the 15th century societies have been organized in three distinct types of environments: the capitalist world-system, external empires, and subsistence communities. The capitalist world system has been dominant and expanded at the other two's expense. 2. What are Capitalism’s inherent tendencies and under what circumstances does it best thrive? - The inherent tendencies of capitalism include the pursuit of long-distance trade, profit maximization, and the expansion of markets. It thrives best when a broad and fluid environment exists for capital, goods, services, and people to move freely. 3. What is overproduction? Why does it happen? And How does it get resolved? - Overproduction occurs when production exceeds demand for goods and services, resulting in a surplus. It occurs due to the contradictory instincts of entrepreneurs to maintain high production and, at the same time, low wage costs. It can be resolved through the expansion of new markets. 4. Describe the dynamics of the “Long Depression” of the 1890s. - The "Long Depression" of the 1890s was a period of economic recession characterized by low economic growth, unemployment, and financial crises. 5. How is this connected to McCormick’s theory of capitalism’s re-current crises of over production? - This is connected to McCormick's theory of recurrent overproduction crises of capitalism because the Long Depression was the result of overproduction and exemplifies how such crises can occur within capitalism. 6. How would this crisis normally be resolved? Clue: think about what McCormick says are the basic features and tendencies of capitalism. Why did Britain fail to resolve the crisis and push toward a more economically integrated world? - Normally, such a crisis would be resolved through the expansion of new markets, but Britain failed to resolve it and drive economic integration due to factors such as protectionist policies and competition from other emerging powers. 7. Why has Capitalism become a system? And What is that system? - Capitalism has become a system due to its inherent expansionist nature and the emergence of a global division of labor. The system is characterized by the capitalist world-system, with a dominant center and specialized zones.

8. How does McCormick characterize the “World System” and its constants? What are the three constants and what are their functions? - McCormick characterizes the "World-System" by pointing out three constants: geographical boundaries, a central metropolis, and three successive zones (core, semi- periphery, periphery) with specialized functions. 9. In his section on Hegemony what does McCormick say about the nation-state in relation to capitalism? - In his section on Hegemony, McCormick analyzes the role of the nation-state in relation to capitalism, highlighting how nation-states both foster and inhibit the capitalist world economy. 10. What are the contradictions of the nation state within capitalism? In other words, what contradictory role does the nation-state play under capitalism? - The contradictions of the nation-state within capitalism involve its role in promoting economic growth and development while interfering with the free movement of capital, goods, and labor across national borders. 11. According to McCormick, why does hegemony exist? (be specific. Note his discussion on the contradictions of the nation state under capitalism) - According to McCormick, hegemony exists because a dominant power can soften the contradiction between the internationalist imperatives of capitalism and the nationalist biases of nation-states by promoting economic internationalism. 12. What is hegemony? Upon what constants or sources of power is it erected? - Hegemony is a state of dominant influence in economic power, military power, and ideological leadership. It is erected on economic supremacy, military superiority, and ideological hegemony. 13. What is the relationship between Hegemony and Balance of Power? - The relationship between Hegemony and Balance of Power is that they represent opposing approaches to managing the contradiction between economic internationalism and national autarky.

14. What kind of system does hegemony espouse? - Hegemony advocates a system of economic internationalism that promotes free trade, open markets, and a specialized division of labor. 15. What kind does Balance of Power espouse? - Balance of Power advocates a system in which the alignment of forces and, if necessary, war, are used to prevent a single power from achieving dominance. 16. What is the goal and purpose of each? - The goal of hegemony is to establish a world order based on economic internationalism, while the balance of power seeks to prevent a single power from dominating the international system. 17. When has Hegemony triumphed and why? - Hegemony has succeeded only twice in history, when a single dominant power, such as Great Britain and the United States, achieved preeminence, leading to periods of relative global stability and economic interdependence.

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