SOCI 1F90 Lecture 7: Lecture 7 work and economy.docx

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23 Apr 2012
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Part 1: a brief history of capitalism: what is unique about capitalism, creating a market system, the industrial revolution. There is nothing natural" about the market economy (capitalism: nothing normal, capitalist economy seen as common sense in canada. What made these societies (pharrohs, etc. ) non-capitalist was what they lacked in common: Recognize wealth, but none legally recorded the land ownership. Individuals did not have rights in any sense we had today. All had typical markets where food, pottery, etc. was available. No organized market to buy or sell land, buy labour, lend money. Tradition and command were its iron structure. Economic freedom was held to little regard (workers belong to employers, peasants to family hired by) Economic life was stable, no pursuit of profit to motivate our economic lives. Little material progress took place over a long period of time. Capitalism: a volcanic disruption to time honoured routines. Tradition and command were hardest to overcome.

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