SOC 101 Lecture Notes - Lecture 3: Stock Market, Pharmaceutical Industry, Robert Reich

• School: Syracuse University
• Department: Sociology
• Course: SOC 101
• Professor: Wilmoth

Document Summary

Soc 101 - week 3 - globalization & inequality. Ex: a good example of cultural changes - hip-hop. Music changes fast, references are different, artist followings are different, etc. Globalization is primarily a consequence of the information technologies. Computer networking developed in the defense industry throughout the. 1970s: large corporations began using computers and offshoring facilities to get cheaper labor in asia. Bain capital: corporations arose in the 1980s whose only goal was to break up us companies in order to sell off the parts, leading to more and more us manufacturing going abroad. This is interesting, because mitt romney was largely responsible for offshoring jobs in his own corporations, but then ran on a campaign of bringing jobs back to america. Private industry unionization has been great for the american economy, but public industry unionization has been very controversial. 1990s: when many businesses began to offshore, the unemployment rate in the us was severely affected.