SOC 302 Chapter Notes - Chapter 14: Wage Labour, Microelectronics, Knowledge Economy
Document Summary
Current research on work and economic life. Since turn of 20th, modern capitalist economies have been more and more influenced by the rise of large business corporations, particularly banks, stock brokerages, and investment funds. Power of the financial services sector was seen in the financial collapse of 2007-2008, when large financial institutions paid the price for making risky loans in housing and other sectors. When one or a handful of firms dominate in a given industry, they often cooperate in setting prices rather than feely competing with one another. Monopoly - domination by a single firm in a given industry. Oligopoly - domination by a small number of firms in a given industry. A number of factors have contributed to the trend of companies merging and acquiring. They have lowered global transportation and communications cost. Relaxation of regulation of corporate business activities.
