LABRST 1C03 Lecture Notes - Lecture 2: Indentured Servant, Equal Exchange, Wage Labour

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An introduction to capitalism and work under capitalism. Key concepts: capitalism; a recent type of economic system. This is the system we live in today. It"s not something that is natural - it"s human-made when we decided to organize our economic system this way. It hasn"t always existed and is also a very recent type of economic system (i. e. 2 minutes on a 24-hour clock of time) Other systems have been: socialism, feudalism (agriculture-based system where peasants do majority of work), hunter-and-gathering societies. A characteristic is that work is performed by people who don"t own the company or the good/services that are produced by the company: economic system; the way we organize production and distribution of goods in a society. It affects every aspect of human life; from what we produce and consume to how we relate to each other: profit/surplus value: extra money owners make from selling their products after deducting expenses.

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