SCP Chapter 15
• 3 key points on work and the economy:
1. Work is central to our existence
2. Work is a social product
3. People seek meaning in their work
• Capitalism is based on the private ownership of the means of production
• Karl marx observed a gradual but dramatic transition from a feudal agricultural society to
an industrialized, capitalist economy.
• Family capitalism: when small families controlled most of the country’s wealth and
passed within families from generation to generation.
• Corporate/monopoly capitalism: the subsequent phase of economic development.
• A corporation is defined as a legal entity distinct from the people who own and control it.
• Under corporate capitalism there has been a growing concentration of economic power
• One way for capitalists to have more economic power is through merging. This way large
corporations have been able to create situations of monopoly
• The manufacturing sector in Canada has experienced a slower decline than primary
• Social reproduction: labor when people spend many hours each day doing work that is
not officially recorded as part of the economy.
• Informal economy: a wide range of activities that are not officially reported to the
government eg: babysitting, cleaning homes, sewing, gambling, dealing drugs and