SOSC 1510 Study Guide - Midterm Guide: Capitalism, Krahn People, Precarious Work
23 Apr 2015
School
Department
Course
Professor
Document Summary
Wrote the wealth of nations 1776, during early industrial rev in england, emphasizing the wealth-producing benefits of capitalism. His ideas are frequently used to call for less gov"t intervention in the economy, the argument being that the unseen hand of market is best left alone. Understood poor working conditions and even proposed higher wages as helping resolve problem. Key to capitalism is competition among individuals & enterprises, each trying to improve their own position. A state of reduced spending and increased frugality in the financial sector. Austerity measures refers to measures taken by governments to reduce expenditures to decrease their increasing budget deficits. In macroeconomics, reducing government deficits generally increases unemployment in the short run. Generally unpopular measure because it tends to lower the quantity and quality of benefits provided by the government. Precarious: 1) low pay 2) part-time or highly variable hours 3) no benefits or pensions. Setting the agenda for canadian politics since 1976.
