SYG-2010 Chapter Notes - Chapter 10: Robert A. Dahl, State Capitalism, Welfare Capitalism
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Politi(cid:272)s: the so(cid:272)ial i(cid:374)stitutio(cid:374) that guides a so(cid:272)iety"s de(cid:272)isio(cid:374) (cid:373)aki(cid:374)g a(cid:271)out ho(cid:449) to li(cid:448)e. Economy: the social institution that organizes the production, distribution, and consumption of goods and services. Determines who gets what (cid:858)(cid:449)hat is fair(cid:859) Capitalism: economy system in which natural resources and the means of producing goods and services are privately owned. Everyone should behave according to their own self-interest. System of market competition people buy and sell goods/services at prices set by (cid:858)for(cid:272)es of supply a(cid:374)d de(cid:373)a(cid:374)d(cid:859: free market environment (laissez-faire) Businesses that offer high value (price and quality) = do well: high-quality goods and services available to consumers at low prices. Most efficient market = little gov interference. Economic efficiency for producers can be damaging for workers/members of community. Government: formal organization that directs the political life of a society. Socialism: economic system in which natural resources and the means of producing goods and services are collectively owned.
