Eitzen - Ch 13 Notes.docx

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University of California - Irvine
Chuck O' Connell

Ch 13 - The Economy Walmart = Evil, “the dark side of the New Economy” capitalism - 1. private ownership of the means of production 2. personal profit 3. competition 4. laissez-faire - let the people do as they please socialism - economic system in which means of production are owned by people for their collective benefit. 1. democratization - democratic 2. egalitarianism - equality of opportunity for the self fulfillment of all 3. community - sense of collective, high taxes provide for common good - universal healthcare, paid maternity leave, subsidized child care, universal preschool programs, generous retirement program 4. public ownership of the means of production - goal is to serve public and not to make profit. people own industries 5. Planning - society plans the best conditions to meet material needs of its citizens. achieves societal goals such as protecting the environment, saving natural resources, developing technologies critics of democratic socialism: minimizes individual freedom and choice high taxes being taken care of by social programs doesn’t make people want to succeed US economy is now dominated by huge corporations that control demand rather than respond to demands of the market Monopolistic Capitalism capitalism is doomed by inevitably of monopolies some firms become bigger and bigger, and monopolize the market shared monopoly - when 4 or less firms supply 50% of the market mergers make giant corporations become larger reduces competition raises prices increases power of huge corporations over workers, unions, and governments interlocking directorates - linkage between corporations. There are two types direct interlock - when an individual serves on the board of directors of two companies indirect interlock - when two companies each have a director on the board of a third company Transnational corporations - corporations grow so large that their influence goes outside of the US, and they meddle in other nations’internal affairs to protect their own interests Capitalism and Inequality concentration of corporate wealth Bank ofAmerica and Wal-Mart and Exxon Mobil are very, very rich. capitalism generates inequality by concentrating wealth in certain individuals and families Work in US Society work has a dark side alienates people dehumanizes people problems of work scientific management/Taylorization - breaks down works into specialized tasks, standardizes tools and procedures, and speeds up repetitive work increase efficiency and therefore profits workers had limited range of skills workers susceptible to automation and got easily replaced repetition, boredom, and meaningless of work Bureaucracy - hierarchy of authority people don’t question authority Technology monitors workers alienation - separation of human beings from each other, from themselves, and from the products they create worker alienation linked with unfulfilled personal satisfaction applies to white collar workers Dangerous working conditions minorities have highest work related deaths dangerous from invisible contaminants due to chemical
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