SOC 134 Study Guide - Quiz Guide: Negative Liberty, Market Failure, Individualism

• School: Iowa State University
• Department: Sociology
• Course: SOC 134
• Professor: Krier Daniel

Document Summary

Defi(cid:374)itio(cid:374): a(cid:374) e(cid:272)o(cid:374)o(cid:373)y (cid:449)ith (cid:862)free (cid:373)arkets(cid:863) for: la(cid:271)or, capital, a(cid:374)d (cid:272)o(cid:373)(cid:373)odities. The united states is a capitalist society. Peasants are tied to the land and cannot leave: slavery. Slaves are private property of slave owners: subsistence economies. Means of production owned in common by producers. Direct/personal consumption of goods: simple market economy. Same as subsistence, except production is also for market: state bureaucratic socialism. State owns all important means of production. State makes decisions about investment, production, technology ect: capitalism. Means of production are privately owned and investment is privately controlled. Workers are hired on a labor market to work in firms. Individual freedom is the paramount social value, where freedom is mainly understood as negative freedom (freedom of coercion) Pragmatic argument for capitalism: coordination: how to effectively connect the activities of widely dispersed people to make their effects work well together. Large corporations have a hierarchy leading managers to issue orders to subordinates to get the job done.