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GSTL 1000 - Week 3

by: Keyanna Alexander

GSTL 1000 - Week 3 GLST 1000

Keyanna Alexander
GPA 3.6

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About this Document

Discussion was based upon the Polanyi article found on the blog for class.* *There weren't any notes to take for week 2, based off of the snow day and the movies we watched in class.
Global Experience
Dr. Joshua Nadel
Class Notes
global, market, economy, global experience
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This 2 page Class Notes was uploaded by Keyanna Alexander on Sunday February 7, 2016. The Class Notes belongs to GLST 1000 at North Carolina Central University taught by Dr. Joshua Nadel in Spring 2016. Since its upload, it has received 18 views. For similar materials see Global Experience in History at North Carolina Central University.


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Date Created: 02/07/16
GSTL 1000 – Week2 Commerce → Markets → Marketplace Market – meeting place with the purpose of barter, buying and selling Free Market Economy - trade and sell without limitations or regulation from the government - Designed by European and American economies - Neo­Liberalism → Adam Smith “Wealth of Nations” o Defines capitalism as Supplies and Demands o Invisible hand of the marketplace - Society is subordinate - Commodity Concept o Everything is for sale – Commodification  o Ie. Entertainment, Communication, Education o Basic Commodities – Products, Labor, Land, Money  Money – generates interest, make money off money - Regulation (to avoid monopolies) → Self­ Regulation (no regulation of prices, supplies, or demands) Precursor of Market Economy - Precursor: suggest that Market economies are superior and markets  evolve - Earlier forms of exchange o Redistributive – government collects and distributes supplies o Reciprocal – barter and trade o House holding – subsistence living, not for sale o All can exist at the same time in the same society  - Universality – all have markets  - Divides tradition and modern markets o Traditional: inferior, underdeveloped o Modern: rational economical decisions, maximum resource  usage Origin of Trade  - The hunt, exploration, war, piracy - External trading – limited to carrying - Internal trading – limited to available resources Ports - Developed at transshipments - No local trade, due to lack of subsistence resources - Reciprocity – focused on distance trading, limiting sociology factors Towns & Urban Civilization  - Most significant outcome of modern markets - Protects markets, and slowed their spreading to rural areas - Marked the end of feudalism 3 Early Markets - Local: informal gatherings, little variations in different societies, little  development - Internal: aka. National, competitive, developed through the state  invention - External: long distance trading, merchants controlled pricing (not  gov’t)  Nation­State - Nation: group of related people (religion, culture, language) - State: governing body - Ie. Germans: share a culture, right to its own governing body in 1871 - Identity, Government regulations, State entity → Long distance trading Mercantilism: the formation of unions, as a result of the lack of regulations on external trading 


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