SOSC 1140 Lecture Notes - Lecture 8: Wage Labour, The Yes Album
19 Jan 2016
School
Department
Course
Professor
Document Summary
Capitalism is an economic system in which employers, using privately owned capital goods, hire wage labor to produce commodities for the purpose of making a profit. Communism was not simply a form of government, it was also an economic system based on centralized direction of economic decisions. Communist nation passed from one economic system to another, from communism to capitalism. Capitalism helped raise standards of consumption, health, and education in most of the world. It also led to fundamental realignments of power and redistribution of wealth, the abolition of slavery and other archaic forms of bondage, and radical changes in family life, ideals and beliefs. A the power of capitalism grew it helped revolutionize the world. Capitalism"s development and the social changes accompanying it occurred at different times in different places, and its impact was highly uneven. Capitalism is only now replacing other economic systems.
