SOCI 100 Lecture Notes - Welfare Capitalism, Information Revolution, Invisible Hand

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Published on 17 Apr 2013
School
UBC
Department
Sociology
Course
SOCI 100
In Class (58) Notes 02-25-2013
Economics and Politics
Economy
Social institution
Organizes production, distribution and consumption of goods and services
Historical Overview: Economy
Agricultural Revolution
o 5000 years ago harness animals to ploughs
o Generate surplus
o Economy as distinct social institution
Agricultural technology
Permanent settlements
Trade
Specialized work
Industrial Revolution
o New sources of energy 1765 steam engine
o Work centralized in factories
o Manufacturing and mass production
Information Revolution and Postindustrial Society
o 1950 begins in Canada
o Based on service work and high technology
o Automated machinery + robotics + computer
How has work changed in Canada?
From tangible products to ideas
o Industrial era: production of goods
o Postindustrial era: manipulation of symbols
Shift from mechanical to literacy skills
Centralization of factories decentralization of work afforded by computers
Sectors of the Economy
Primary draws raw material from natural environment
Secondary transforms raw materials into manufactured goods
Tertiary involves services rather than goods
Global Economy
5 Main Consequences:
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Global division of labour
Products pass through more than 1 nation
National governments no longer controlling economic activity within borders
o Cant regulate value of currencies
o Currencies traded in financial markets
Small number of businesses control large amount of world’s economic activity
Well being of workers worldwide threatened
Economic Systems: Paths to Justice
Every society’s economy makes a statement about justice since it
determines who gets what
Capitalism and Socialism: Two ends of continuum
Capitalism
o Private ownership of property
o Pursuit of personal profit
o In purest state: Free Market System
No government interference
Laissez-faire economy
Adam Smith: economy regulated by laws of supply and demand
“invisible hand”
See Controversy and Debate Box p. 316
Socialism
o Collective ownership of property
o Pursuit of collective goals
o Government control of the economy
“Justice” in any of these systems
Capitalism market freedom to produce, buy and invest according to self-
interest
Socialism freedom of basic want meeting everyone’s basic needs in more-
or-less equal manner
Economic Form Along Continuum
Welfare capitalism ex. Canada + several European countries
o Mostly market-based economy plus extensive social welfare programs
o Government owns some of the largest industries and services
o Extensive government regulation
Present: Economic Globalization Neoliberal Ideology
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Document Summary

Organizes production, distribution and consumption of goods and services. Agricultural revolution: 5000 years ago harness animals to ploughs, generate surplus, economy as distinct social institution. Industrial revolution: new sources of energy 1765 steam engine, work centralized in factories, manufacturing and mass production. Information revolution and postindustrial society: 1950 begins in canada, based on service work and high technology, automated machinery + robotics + computer. From tangible products to ideas: industrial era: production of goods, postindustrial era: manipulation of symbols. Centralization of factories decentralization of work afforded by computers. Primary draws raw material from natural environment. Secondary transforms raw materials into manufactured goods. Tertiary involves services rather than goods. Products pass through more than 1 nation. National governments no longer controlling economic activity within borders: cant regulate value of currencies, currencies traded in financial markets. Small number of businesses control large amount of world"s economic activity. Every society"s economy makes a statement about justice since it determines who gets what.

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