SOCI 312 Lecture Notes - Lecture 8: David Korten, Profit Motive, Profit Maximization
9 Mar 2018
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Lecture 8 work and the industrial revolution. Capitalism- free labor and land: market economy driven by self interest and self regulation, agriculture displaced to welcome capitalism. Profit motive main goal acquiring wealth and possessions. Finding lands and rich associates to get access to money. Capitalism led to the creation of classes in society- bourgeoisie and proletariat. This established the base for market economy and an industrialized society: work life changed from farm to factory and customs to machinery, downside: less pay, no health or social protection, no laws against child labor. Capitalists interested in monopoly, profit maximization and economic growth: unequal treatment of laborers. Fight against capitalism revolution that will overthrow class society. Movement and support by political parties (communists, socialists), trade unions, social reforms (health regulation , equal pay) Industrial revolution was a great turning period in history, during which manufacturing and industrial activity became primary forms of social production.
