Question 1

What is meant by the term political economy? Discuss how the work of Adam Smith, David Ricardo, and other classical economists relates to the definition you provide.

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Question 2

Examine the historical and philosophical roots of the development of capitalism, including its global spread.

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Question 3

In what ways did culture and capitalism shape each other? What has been the end result of this interaction?

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Question 4

What was mercantilism and how did it function? How and why did capitalist market understandings come to replace it? What philosophies and philosophers were important in this process?

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Question 5

What contributions did Adam Smith, David Ricardo, and Karl Marx make to classical political economy? In what aspects did they agree and disagree?

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Question 6

Examine and assess the globalization of capitalism from the early days of imperialism to the present.

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Question 7

What are the components of Gross National Product (GNP)? How does it understate aggregate production in Third World countries where substantial economic production may be consumed directly and thus not reach markets where it can be measured? Finally, is per capita income (PCI) a good measure of level of living people enjoy or are the data skewed, given substantial differences in the distribution of income especially in Third World countries?

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Question 8

What is the North-South divide? What are the varying explanations of its causes? What have been its consequences? What does the South want from the North and what will the future likely hold for the South? Why?

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Question 9

Adam Smith in The Wealth of Nations states: ʺWealth does not consist in money, or in gold and silver; but in what money purchases, and is valuable only for purchasing.ʺ Ask author - What is the question here?

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Question 10

Which do you consider to be the more important contribution to the security of a state -its economy or its military? How are the two related?

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Quiz 11: Global Economy: Politics and Capitalism