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SOCA01H3 (591)
Lecture

Capitalism.docx

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Department
Sociology
Course
SOCA01H3
Professor
Ivanka Knezevic
Semester
Fall

Description
November 8 , 2012 Lecture Capitalism -Based on private ownership of the means of production (land, raw materials, factories, machines) -Capitalists can 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 labour) -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 labour or labour power (a worker’s total capacity for labour)? -Dominant ideology denies that employees care about their work (only owners 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 labour, therefore increasing use of unqualified, cheap labour: women and children -Increasing productivity of labour: 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 fro the market -“Honesty is the best policy” -Attempts to maximize profit cause anarchy or production, which causes periodic crises of hyper production -Free enterprise capitalism inevitable 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: sole seller of a commodity in a market -Oligopoly: several sellers of a commodity -Monopsony: sole buyer of a commodity -Oligopsony: several buyers of a commodity -Monopoly rent: increase in price an enterprise can change 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 primary sector in Canada. Advantages & disadvantages?  A: not tied to ___ , thus stable  D: mining of metals, etc, limited number of companies who buy large quantities of these, so can raise prices but problem when market flooded with cheaply priced materials
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