SOCI 1001 Study Guide - Final Guide: Agnosticism, Secular Humanism, Religious Pluralism
Document Summary
An economic system in which natural resources and the means of producing goods and services are privately owned. Justice in a capitalist system amounts to marketplace freedom. Three distinct features: private ownership of property, pursuit of personal profit, competition and consumer choice. An economic system in which natural resources and the means of producing goods and services are collectively owned. Justice in a socialist context means meeting everyone"s basic needs in a roughly equal manner. Three distinct features: collective ownership of property, pursuit of collective goals, government control of the economy. Libraries: represents a clear example of capitalist vs. non-capitalist forms of economic organization. Bookstores (capitalist) are organized on the principle: to each according to his/her ability to pay . Libraries (non-capitalist) are organized on the principle: to each according to his/her needs . Dual labor market: referenced in discussion about work in the postindustrial economy. Primary labor market: jobs that provide high income, benefits, and job security to workers.
