SOCI 1090 Chapter 14: Ch 14: The Economy and Work
Document Summary
Private ownership of property: individuals encouraged to own private possessions and capital to produce and distribute goods and services. 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. 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.
