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SOC100H5 Lecture Notes - World Economy, Information Revolution, Wage Labour

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Suzanne Casimiro

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November 2nd
The Economy, Politics & Government
social institution: a major sphere of social life, or societal subsystem, organized to meet
human needs
The Economy: Historical Overview
-the social institution that organizes the production, distribution, and consumption of
goods and services
-goods are commodities ranging from necessities to luxury items
-services are activities that benefit others
-the distribution of goods and services shapes the lives of everyone in basic ways
-modern economies are the result of centuries of social change
Agricultural Revolution
-hunters/gathers had technologically simple societies with no distinct economy
-agricultural revolution began about 5000 years ago with new technology that brought:
ojob specialization
opermanent settlements
Industrial Revolution
-began in mid 1700s, first in England and then in North America
-industrialization changed the economy in 5 fundamental ways:
onew sources of energy
ocentralization of work in factories
omanufacturing and mass production
owage labour
Information Revolution and Post-Industrial Society
-a productive system based on service work and information technology
-this revolution began in 1950s and changed the character of work:
ofrom tangible products to ideas
ofrom mechanical skills to literacy skills
ofrom factories to almost anywhere
Sectors of the Economy
-primary: part of the economy that draws raw materials from the natural environment
-secondary: part of the economy that transforms raw materials into manufactured
-tertiary: part of the economy that involves services rather than goods
The Global Economy
-expands economic activity that crosses national borders
oglobal division of labour
oproducts pass through several nations
onational governments have less control
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