Answer the following questions. You have until Midnight on Sunday, October 17th to submit
your answers via email as an attached document. A better answer will be thorough but
focused. Please limit your responses to two pages maximum per question.
1. Choose one of the following questions.
a. Describe the main characteristics of capitalism as it differs from previous
types of economic organization and the historical use of markets. Note: You
should not use a theorist’s lens. You should just state the important facts.
b. Describe the development of capitalism using Marx’s Historical Materialism.
Note: If you choose to answer this question then you cannot choose to
answer question 2.B.
2. Choose one of the following questions.
a. Describe Adam Smith’s theory of history. Be sure to include his theory of
human behavior and how it relates to his theory of history.
b. Describe Karl Marx’s theory of history. Be sure to include his theory of
human behavior and how it relates to his theory of history.
c. Describe Thorstein Veblen’s theory of history. Be sure to include his theory
of human behavior and how it relates to his theory of history.
3. Describe Polanyi’s theory of Embeddedness as it relates to the development of
markets as the major system of economic organization.
4. Describe the adverse path dependency effects that colonialism instilled into the
economies of the colonies.
5. Choose one of the following questions.
a. Describe the system of economic reproduction.
b. Describe the determination of income and employment in a macroeconomy.
6. Choose one of the following questions.
a. Prebisch did not believe the less developed economies would develop
manufacturing on their own. Why not? Explain.
b. What is Import Substitution Industrialization? It’s purpose, goals, and
obstacles.
