SY101 Lecture Notes - Lecture 4: Bourgeoisie, Invisible Hand, Feudalism
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Capitalism: private ownership of the means of production (capitalism, capitalist: you are making money, income or wealth producing. When what you own starts making profit for you. It encourages the pursuit of personal profit heart of a market system (invisible hand: free competition. (no government intervention, invisible hand) Socialism: opposite of capitalism, public (government) ownership of means of production, government involved in every level, pursuit of collective goals, centralized decision making. Social theories cover a large range: some seek to explain universal features of all societies (macro analysis, others are more focused on a specific time and place (micro analysis, offers both micro and macro analysis. Auguste comte (1798 1857: social order and progress, positivism, observe and classify social behavior to uncover social laws, he invented the term sociology, he believed someone stole his original idea renamed it to sociology. Suicide (1897: how do social forces/facts influence suicide, he would look at religion, location, age, family, friends,
