SOSC 1140 Lecture 5: lecture 5.docx

• School: York University
• Department: Social Science
• Course: SOSC 1140
• Professor: Cameron Johnston

Document Summary

Capitalism - an economic system in which employers hire workers to produce goods and services that will be marketed with the intention of making a profit. Capitalism has existed for less than 1% of the time humans have been in existence. During this period, the world has changed more quickly, constantly, and more profoundly than during any other time period in human history. Wherever capitalism has taken root, it has left no aspect of society unchanged. Capitalism started in europe (england, belgium, netherlands, and italy) Continuous, rapid, systematic change would not become an ordinary part of life until the emergence of capitalism (during most of human history) Before capitalism epoch, living conditions improved or deteriorated based on weather, epidemics and other natural phenomenon. Problems the material abundance that comes with capitalism is not evenly distributed. Huge gap between bottom 60% and top 10% of the world and still increasing.