LABR 1F90 Lecture Notes - Wage Labour, Welfare Capitalism, Paternalism

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Private businesses produce goods and provide sevices in an effort to make a profit. Workers are hired by private business to work in return for a wage or salary. Innovation as a means of beating or withstanding the competition. Competition between businesses (mcdicks and burger king) Pro-growth mentality based on the search for greater profits. Economic inequality between the rich and the rest of us. Economic cycles with periods of growth followed by periods of stagnation or recession (or in some cases depression) Dominate form of capitalism existed from late 1800 1920. Paternalistic employer centered social welfare system where theres no govt benefits but employer provides them. Designed to give them more control over employment relationship. Do this to keep organized labour forces away and state away. State is playing important role in development of canadian state during warm. Argument is state should keep playing role in internal economic affairs. Best serve interest of greatest number of canadians.

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