SOCI 1090 Chapter 14: Ch 14: The Economy and Work

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6 Feb 2017
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Chapter 14: The Economy and Work
14.1: Capitalism and Socialism
Capitalism
Private ownership of property: individuals encouraged to own private possessions and
capital to produce and distribute goods and services
Personal profit: positive consequence on society
Competition: supply/demand ensures goods are wanted by public in high quality at
lowest price
Gov’t policy of laissez-faire: in order for marketplace to operate unhindered
Critics: object is profit = no social justice
U.S. Gov’t interferes w/ food, drugs, public works, environment, health/safety
regulations, taxes, subsiding businesses, overseeing industries, and interest rates
Adam Smith: needs of marketplace and competition will hold together a society based on
personal gain and keep products high quality
Socialism
Democratism: representatives responsive to needs of public (almost all socialist nations
skip this fact and are ruled by a single party)
Egalitarianism: equality of opportunity for all rather than hierarchical
Cooperation/collective belonging: provide for common good not competition/conflict
Public ownership: the people own industries, companies, etc
Planning: social activities in order to meet common goals
Critics: minimizes individual freedom and choice, reduces motivation to succeed limits
creativity and growth
14.2: Mega Economic Trends
Globalization
Interconnection of the world means if one country suffers economically then the other
countries will feel backlash
Diseases becomes pandemic, starting in one country and spreading worldwide
Migration flows
Global trade grew substantially after WWII
NAFTA and GATT increased flow of goods among national boundaries
Decisions based on maximizing profits not serving the common man
Private businesses control dynamics
The Transformation of the Economy: From Manufacturing to Services
Industrial Revolution created a shift from rural to urban life
Structural transformation of economy from agriculture to manufacturing
NEW SHIFT: from manufacturing to occupation of information = manufacturing jobs cut
and working class forced to find low paying, if any, jobs
Offshoring: sending corps overseas to third world countries at a fraction of the cost
Outsourcing: sending a specific task overseas to save money
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