SOSC 1340 Lecture Notes - Lecture 9: Work Ethic, Social Reproduction, Financialization

• School: York University
• Department: Social Science
• Course: SOSC 1340
• Professor: John Simoulidis

Document Summary

Mcnally: capitalism is based on unfreedom of workers: alienation and exploitation. Friedman: an economic system of exchange: private enterprise system based on voluntary exchange. Mcnally: a system of social relations: not just about exchange and production, but also about politics and ideas. Friedman: yes, sellers have many buyers to choose from (and vice versa) Mcnally: no, capitalism thrives on it (capitalism and racism are interconnected) A classic neoliberal ( libertarian") statement of the pure market theory of liberalism (pro- market interpretation of smith) Capitalism= private enterprise + voluntary exchange (market co-ordinates and allocates) Attention is restricted to the pure market ignoring larger social relations. Argument is that competitive capitalism is both a direct component of freedom, and a necessary though not a sufficient condition of political freedom, the latter defined as. Radical 60s new left movements for civil rights, gender and economic equality a threat to business as usual".