SOC227H5 Lecture Notes - Lecture 1: Petite Bourgeoisie, Wage Labour, Bourgeoisie
Document Summary
Industrialization: refers to the technical aspects of the accumulation and processing of a society"s resources. Capitalism: term used to describe key aspects of the economic and social organization of the productive enterprise. In an industrial society, inanimate sources of energy (coal, electricity) fuel a production system that uses technology to process raw materials. Labeling industrial does not tell us relationship among individuals involved in the productive process. In a capitalist system of production, a small number of individuals own and control the means for creating goods & services, while majority do not have ownership in the economy & are paid wages to work. Emergence of capitalism consisted of 2 periods: mercantile or commercial capitalism. Feudal europe was predominantly a pre-market economy in which the producer was also the consumer. It was also a pre-capitalist economy b/c wage labor was rare & a business class had not yet become dominant.
