Class Notes (806,928)
Canada (492,530)
Sociology (2,411)
SOCA02H3 (393)
Lecture 7

SOCA03H3 - Lecture 7.docx

5 Pages
Unlock Document

University of Toronto Scarborough
Sheldon Ungar

27/02/2014 Sociology Lecture Note Economics What institution is most affecting our lives? - (global) free market - Won a total victory o Virtually unchallenged  end of communism  socialism? o Era of “globalization” Positive Effects of Free Market - Most productivity and wealth ever - Wealthy is better o i.e. California cleaned up its air, whereas Beijing is smoggy - 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 and US Market Crash – 2008 - no communist society produced anything in surplus - hence, never enough product to have a “crash” Pre-Market Societies - Hence market not universal! - Much poorer and less democratic - Exchange based on “moral economies” o Sharing o Potlatch, gift giving o Fair price - Key motivation o Status in group Types of Exchange - Sharing o Small scale o By virtue of membership in community - Examples of this today? o Public goods  Water o The “commons” Gift-giving (potlatch) - Give to attain status o May or may not imply reciprocity  Hard to get back more than you give - Destroy goods - Current examples “Fair Price” exchange - Fixed prices o Tradition o Magistrates  Food riots if violate exchange expectation What is the Market? - Exchange controlled by market forces o “invisible hand” - Enter freely and equally into exchanges - Everything treated as commodity o Land o Labour Market Theory - Possessive individualism o Are inherently greedy  Seek to accumulate as much as
More Less

Related notes for SOCA02H3

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.