Class Notes (1,100,000)
CA (620,000)
York (40,000)
SOSC (3,000)
Lecture

SOSC 1710 Lecture Notes - Interbank Lending Market, Limited Liability Company, Subsistence Economy


Department
Social Science
Course Code
SOSC 1710
Professor
Charles Battershill

This preview shows pages 1-2. to view the full 8 pages of the document.
Monday 21, 2011-11-21
Work and the economy
Pragmatic: means practical
Everyone is being practical , managing the economy
Know fiscal and monetary
Cant hurt if you quantities easing , you cant tell what it means from the
letters, it really means economic hides more than it reveals. Profession
creates a gap between the non professional. To an extend, professional
economics is like many aspects real profession. This term really means print
money, put more money in the systems. It should costs less to rent it.
Quantitative easing : describes a form of monetary policy used by central
banks to increase the supply of money in an economy when the bank interest
rate, discount rate and/or interbank interest rate are either at, or close to,
zero.
Chapter 16 points out , there is no pure type of specialist in the economy and
there in reality the government has a role in managing the economy and the
society. Also, chapter 16 points out how big is the government’s role in the
economy
The Nature of work
Work remains central to our existence it is necessary for survival of most
people. Work is activity to provide for food, clothing, shelter, other needs
Economy= work to produce what we need
Work is a social product= historical the way in which work is presently
organized is not inevitable. It can be questioned and transformed
People seek meaning in their work quality and not quantity

Only pages 1-2 are available for preview. Some parts have been intentionally blurred.

Hunting and gathering societies
Subsistence economy of immediate consumption
No accumulation of surplus, therefore minim cal exchange
Agriculture societies
Increase in productive power
Accumulated of surplus therefore establishment of market exchange
Family economy household as place of work and residence, today work
is becoming more de- bureaucratize , entrepreneurial
Capitalism
Base on: private ownership over means of production
Exchange relationship between owners and workers
Economy driven by profit motive
Competitive market relations
Profit motive demands specific organization of production: maximum
efficiency, minimum wages, these days: “doing more with less”, extraction of
maximum labour within working day
Industrialization
Factory system of production facilitated capitalist production, shaping the
way people worked and lived movement of work from homes and
workshops to factories, time discipline, more specialized.
Corporate ( or monopoly) capitalism
Legal separation of enterprise from people who own and control it= LLC
protects owners and executives from personal liability. BUT raises question of
accountability? This is run by people who don’t have really a owner state, so
it is accountable to the environment and the society and to the workers.
Second and third phase of IR: note change in ownership from individuals and
families to corporations. YET PRIVATE OWNERSHIP
LLC = limited liability corporation
Monopoly : exclusive control of the market by one corporation legally
restricted , as it restricts consumers “ choice”. Single provider
Oligopoly: control by an industry by several corporations = price setting and
poor quality
Oligopoly assures profits at the expense of industrial development and
development. Prevent competition, put some out of business
Welfare capitalism
You're Reading a Preview

Unlock to view full version

Only pages 1-2 are available for preview. Some parts have been intentionally blurred.

Economy is market based , but government intervenes ( regulations, control
—some in the interest of corporations)
State sponsored programs ( health care , education ) address needs of
different groups.. Keynesian history know it
Means of production are owned both by private individuals and by the state
= Mixed economy
Socialism
Socialized economy: Public ownership of the factors of production under
communism, the division of labour would be radically different
Command economy of the USSR was unable to adapt to changes in global
economy former socialist countries now pursue capitalist economy
Also, Socialist- Marxian critics of capitalism have long argued that capitalism
carries costs : Inequality, crime, suicide, alcoholism, War, environmental
degradation .
Global economy
Transitional corporations pursue cheap labour, low cost infrastructure ,
absence of labour regulation= offshore-ing
Labour in developing countries: legally unprotected and non- unionized
Negative consequences of globalization: homogenization of culture : global
monoculture, intensification of divisions of labour ( by region , class, sex, and
race)Why? Lower costs of production, your employer needs you less than
ever than before, if you not valuable then you are replaceable. Unions are
expensive labours
Consequences for workers in Canada: weakening of the political power of
workers and unions.
Four Major Economic Sectors
Primary resource industry: extraction of natural resources from the
environment, the largest growth area in Canada in the 18th and the 19th
centuries.
Manufacturing: processing of raw materials to usable goods and services
it declines in Canada since the 1950s is caused by : technological change,
and the relocation of production to low wage areas.
Service sector linked to : information based economy, strong consumer
culture. The polarization of work : a few highly skilled and well paid jobs,
many low skilled and poorly paid jobs
Low end service work is characterized by low trust between workers and
bosses( close direction and surveillance ) = pink collar workers
Social reproduction: socially necessary labour that is not done in exchange
for money usually done in family household by women, not officially
recorded as a part of the economy, capitalist system benefits from unpaid
labour, GDP misses much of workers social reality.
Informal economy vs. The formal economy : economic activity not reported to
government, may be legal or illegal: eg barter to escape HST, the informal
You're Reading a Preview

Unlock to view full version