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SOC 103 (199)

Lecture#5 – Living in Capitalist Societies

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SOC 103
Kelly Train

Lecture#5 – Living in Capitalist Societies July 9, 2012 Continuation of last week’s lecture, and then new lecture - The first stock exchange company in Canada was the Hudson’s Bay Company - Oldest company in Canada – 1650 - Was underdeveloped because of colonization, colonies were set up in a way that the everyone depended on the land for everything - We were known for 4 things – fur, lumber, fish, minerals 1. The growth of corporate concentration - Talking about 1880 – present - Until the 1880s, there were no anti-monopoly laws o Started with the gas and oil sector o Company was called Standard Oil (in the US context) – John Rockefeller o At the turn of the century, he was depicted as the devil in every political cartoon o Canadian – ESSO o He owned the oil refineries too, and the oil wells. He made money at every level of production, monopolized the supply, the manufacturing, and the retail aspects. - Same thing happened with groceries/produce o Used to be called United Fruit Company o Dole, Delmonte, Chickita - This is what the market looks like today – all monopolies - Mergers o Horizontal – purchase other companies that do what you do, buy out the competition.  Target-Zellers  Victoria Secret-La Senza  Facebook-Instagram  TD-Canada Trust  Future shop-Best Buy  Jaguar-Chrysler  Scotiabank-ScotiaTrust  CIBC-Wood Gundy-Merrill Lynch o Vertical –  McDonald’s  All franchises o Conglomerate – also known as transnational or multinational corporation  Companies that monopolize the marketplace, not only a particular sector  Procter and Gamble  GE 2. Transnational/multinational corporations 3. The contradiction between private ownership and social production - Most people nowadays don’t know who they work with - We live in highly complex divisions of labour - Production is the most social and socialized it has ever been – you need everybody to do their job - Except profit is completely private – who most of the time don’t participate in the production process 4. Trickle down theory - This is what Ronald Reagen got elected on in the 1890s? - This is an economic policy that argues that is you c
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