GEOG1200 1nd Edition Lecture 8 Outline of Last Lecture I. Capitalism and MarxII. ContradictionsIII. How to Resolve the Crisis?Outline of Current LectureI. Spatiotemporal FixesII. Smith and MarxIII. Dependency TheoryCurrent LectureSpatiotemporal fixes- Also exploits colonized nations- Regional elites exploit working class- Class exploitation still occurs - Working class pays taxes to King then engages in the surplus value from commanding countrySmith and Marx on Capitalism - Smith believed capitalism is individual, generates wealth and operates on an equilibrium - Marx believed capitalism is in groups/ class labor, generates wealth only through exploitation, and operates under crisis. Dependency Theory- Borrowed from Marx 1950’s to 1970’s - Even when modern world dawned and no colonization dependence between first world and third world - Metropolitan core: first world, global north o Britain, France, Germany, Japan, USThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- Periphery: third world, global southo Africa, Asia, both colonized by metropolitan core o Relationship between two developed the core and is predicated on the peripherynations by the metropolitan
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