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Lecture

SOCA02 - Week 7 - February 28, 2013

6 Pages
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Department
Sociology
Course Code
SOCA02H3
Professor
Sheldon Ungar

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SOCA02 – Week 7 – February 28, 2013 Economies – An Historical View What institution is most affecting our lives? - (Global) free market - Won a total victory o Virtually unchallenged  End of communism  Socialism? (State) o Era of “globalization”  States under poverty are forced to go into structural development programs  Fight climate change/ pollution Positive Effects of Free Market - Most productivity and wealth ever - Wealthy is better o Better for health, family, society - Market linked to democracy Costs of the Market - Must be controlled or runs amok and destroys society - Globalization brings “savage” capitalism o Or roulette capitalism Communism - Never produced enough to have a “crash” o Gave free education, and medical attention o Never had “Harvards” or hospitals compared to Western Societies Pre-Market Societies – Hence Market not Universal - Exchanged based on “moral economies” o Sharing o Potlatch, Gift giving o Fair Price - Key Motivator o Status in the group Types of Exchange - Sharing o Small- scale  No one owns anything, relatively poor, everything is shared o By virtue of membership in community  Public Goods  Ex. Healthcare, University (Germany),  The ‘Commons”  The things we have to share o The ocean, air, - Gift- Giving (Potlatch) o Give to attain status  May or may not imply reciprocity  Hard to get back more than you give o Ex. Charity, Engagement Rings (2-3 months salary) , Pot Luck Party o Destroy goods  Destroying crops, animals  Bankers Potlatch  Rockstars – Destroying guitars - “Fair price” Exchange o Fixed Prices  Tradition  Magistrates  Food riots if violate exchange expectations Economy Embedded in Social Life - Social life determines economy What is the Market? - Exchange controlled by market forces o “invisible hand”  Competition of supply and demand - Enter freely and equally into exchanges - Everything is treated as a commodity o Land o Labour Market Theory - Possessive Individualism o Are inherently greedy  Seek to accumulate as much as possible - Inevitable, universal and rational Dance of Commodities Creates an Ecological Catastrophe - Peasants (etc.) fight to keep markets at arms length o Restrict and Limit it o Low status of merchants  Merchants in Ancient China were expropriated, they weren’t like o Food Riots Look at Social Consequences of The Free Market - Runs amok - Need to control it (not easy) o Ex. Depression (1929) Social Life Embedded in Economy - Economy  Society Contradictions: Labour as Commodity - Is
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