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Capitalism and Class Divisions T1 L2.docx

2 Pages

Labour Studies
Course Code
Larry Savage

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Production for profit Private businesses produce goods and provide sevices in an effort to make a profit Wage labour Workers are hired by private business to work in return for a wage or salary Trends or patters in capitalist economies - Competition between businesses (mcdicks and burger king) - Innovation as a means of beating or withstanding the competition - Pro-growth mentality based on the search for greater profits - Economic inequality between the rich and the rest of us - Class conflict between business and labour - Economic cycles with periods of growth followed by periods of stagnation or recession (or in some cases depression) Evolution of 20 century capitalism Welfare capitalism - Dominate form of capitalism existed from late 1800 – 1920 - Paternalistic employer centered social welfare system where theres no govt benefits but employer provides them - Designed to give them more control over employment relationship - No union - Do this to keep organized labour forces away and state away Keynesian post- war compromise - Dominant from 1945-mid 1970s - “golden age of capitalism” - State is playing important role in development of Canadian state during warm time - Argument is state should keep playing role in internal economic affairs - Best serve interest of greatest number of Canadians - Greater govt relation of economy, and labour relations which allowed workers and employers to prosper as part of post war economic boom - Gave employers economic stability from labour Neoliberalism - Dominant from mid 1970s to present - Govt is seen as retreating from player central role
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