Class Notes (806,560)
Canada (492,313)
Sociology (2,411)
SOCA01H3 (591)

socio work and th eeconomy.rtf

4 Pages
Unlock Document

University of Toronto Scarborough
Ivanka Knezevic

Work and the economy Capitalism • Based on private ownership of the means of production (land, raw materials, factories, machines). • Capitalists and workers are involved in relationships of unequal, legally free but economically coercive exchange (capitalists control the means of production, workers have no choice but to sell their labor). • Workers are paid as little as possible and capitalists try to extract the most amount of work possible in a working-day. • Do capitalists buy and workers sell contractually specified labor or labor power (a worker’s total capacity for labor) • Dominant ideology denies that employees care about their work (only owner’s care). • Goal of production: maximizing profits (surplus value), not producing use value. • Domination of market and money as means of distribution Industrialization • Dominant form of production in capitalism • Use of new forms of energy: water, steam, internal combustion, nuclear (manufactory production uses only human and animal energy). • Machine technology • Large-scale (mass) production. • Increasingly detailed division of labor, therefore increasing use of unqualified, cheap labor: women and children. • Increasing productivity of labor: the amount of goods a worker produces in a unit of time. Early capitalism • Sugiman: family capitalism • Naiman: free enterprise/ laissez-faire capitalism (state intervention limits the activity of enterprises only minimally) • A large number of small to medium firms compete in a market • No buyer or seller can significantly influence prices by withdrawing from the market. • “Honesty is the best policy” only true in early capitalism and only true in small markets, since there will be constant communication, good reputation for many generations. You can’t fool/ lie to anyone since the people know everything about you anyways. • Attempts to maximize profit cause anarchy of production, which causes periodic crisis of hyper production. • Free enterprise capitalism inevitably leads to concentration of ownership (monopolization). Corporate capitalism • Naiman: monopoly capitalism • A corporation is a legal entity (Naiman: legal fiction) distinct from the people who own or control it. Invented for protection of owners from poor economic performance. • Concentration of ownership continues: increased size and decreased number of enterprises. Financialisation. • Monopoly: a sole seller of a commodity in a market • Oligopoly: several sellers of a commodity • Monopsony: a sole buyer of a commodity • Oligopsony: several buyers of a commodity • Monopoly rent: increase in price an enterprise can charge because of its monopolistic position. • Transnational corporations (TNCs) force a “race to the bottom” in a globalized economy. Sectors of the economy 1. Primary: resource industry • Unusually high proportion of the p
More Less

Related notes for SOCA01H3

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.