Textbook Notes (368,125)
Canada (161,663)
Sociology (1,053)
SOCA01H3 (480)

SCP Chp 15.doc

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Ivanka Knezevic

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 industry • 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 play
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