Sociology 2140 Chapter Notes - Chapter 11: Job Satisfaction, Underemployment, Child Prostitution
28 Feb 2017
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Document Summary
Global economy: an interconnected network of economic activity that transcends national borders. Economic institution: the structure and means by which a society produces, distributes, and consumes goods and services. Capitalism: an economic system in which private individuals or groups invest capital to produce goods and services, for a profit, in a competitive market: also characterized by the absence of governmental intervention in the economy. In canada, this also refers to public or state investment in sectors of the economy that could be private. Socialism: an economic ideology that emphasizes public rather than private ownership theoretically, goods and services are equitably distributed according to the needs of the citizens. Both capitalist and socialist countries have been unable to fulfill their promises. Convergence hypothesis: the argument that capitalist countries will adopt elements of socialism and socialist countries will adopt elements of capitalism that is, they will converge.
