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York University (12,867)
SOSC 1510 (43)


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Social Science
SOSC 1510
David Langille

What is capitalism? Trace how it evolved. 1. “Capitalism” is a term used to describe key aspects of the economic and social organization of the productive enterprise OR “capitalism” is an economic and political system that emerged in the early 1700’s in which a country’s industry and trade are controlled by private owners for profit 2. Some of the problems we face as a result of capitalism are • Growth of precarious employment (unstable or low paid jobs) • Rising income inequality and poverty o Between men and women o Recent immigrants and other Canadians o Transfers, services, and security that has been cut • Families have increased their income by working more 3. A capitalist society has • Private property • Wage labour • A few own the means of production • Most are paid a wage to work for the owners 4. Huge contradiction in capitalism: • Business needs labour to make a profit, and labour needs business to make a living HOWEVER the more business pays labour the lower the profit 5. The struggle between capital and labour include: • Business and labour struggle over who will control the workplace • The struggle between these two classes influences our politics, institutions, and the very lives of working people 6. Globalization: • Canada has an open economy with a long history of dependence on foreign markets and investment (globalization is NOT new) • Exported goods= fish, wheat, fur, timber, flour (pre-industrial Canada) 7. Impact of industrialization (after 1850) • Resulted craft workers to be outsourced • Work shifted from home to factories 8. Agriculture • Portion of the labour force employed in Agriculture declined (after industrialization which was in the 1850s) • Farming replaced by factory jobs which were then replaced by knowledge jobs 9. Putting out system • Merchants distributed work to peasant households which brought many women into the paid labour force since they could still do their household duties 10. The rise of capitalism • Capitalism class emerged, owning factories • Workers needed wages
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