Class Notes (806,683)
Canada (492,403)
Sociology (2,411)
SOCA02H3 (393)


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University of Toronto Scarborough
Sheldon Ungar

Captialism - 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 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 profit (surplus value) not cproducing use value - Domination of market and money as means of distribution Industrialisation - 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 - Sugimann: 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 princes by withdrawing from the market - “honesty is the best policy” - Attempts to maximize profit cause anarchy of production which causes periodic crises of hyperproduction - Free enterprise capitalism inevitably leads to concentration of ownership (monopolisation) Corporate Capitalism - Naimann: 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 onopolistic position - Transnational corporations (TNCs) force a “race to the bottom” in a globalized economy Sectors of the economy 1. Primary: resource industry o Unusually high proportion of the primary sector in Canada o Advantage: Canadian economy is not overdependent on the financial sector since we can produce our own things!!! o Disadvantage: primary sector of economy particularly mining is limited in buyers/!!!?!?
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