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Lecture 8

SOSC 1140 Lecture Notes - Lecture 8: Wage Labour, The Yes Album


Department
Social Science
Course Code
SOSC 1140
Professor
Cameron Johnston
Lecture
8

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Capitalism Shakes the World (Kit # 8)
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
pro!t.
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 di'erent times in di'erent places, and its impact was highly uneven.
Capitalism is only now replacing other economic systems
During most of human history, people lived in societies that had not
changed much since the time of their parents, grandparents, or earlier
ancestors. For generation after generation, sons made their livings in much
the same ways as had their fathers before them and daughters also
followed in their mothers’ footsteps.
The Permanent Technological Revolution:
It is hard to know which came !rst, capitalism or the great spurt of technical
change that came along with it
Power machinery consisted of such devices as the water wheel that turned a
miller’s grinding stone
The most important increases in labor productivity were those that occurred
in the agriculture sector
Land transport was revolutionized
The Enrichment of Material Life:
The technological changes of the past !ve centuries have been accompanied
by signi!cant increases in people’s consumption standards
But wherever and whenever capitalism took hold, people’s incomes and
consumption levels began to rise in a sustained way
Britain was the !rst capitalist country
Growing Inequality:
The material abundance that has come with capitalism is not evenly
distributed
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