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SOCA01H3 (591)
Lecture 8

SOCA01 Lecture 8.docx

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Ivanka Knezevic

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Work and the economy Capitalism based on private ownership of the means of production land raw materials factories machinesCapitalists 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 laborWorkers are paid as little as possible and capitalists try to extract the most amount of work possible in a working dayDo capitalists buy and workers sell contractually specified labour or labour powera workers total capacity for labourDominant ideology denies that employees care about their work only owners careGoal of production maximizing profits surplus value not producing use valueDomination of market and money as means of distributionIndustrializationDominant form of production in capitalismUse of new forms of energy water steam internal combustion
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