Week 5 Lecture notes: work and the economy
Week 5 Lecture notes: work and the economy SOC-S100
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This 6 page Class Notes was uploaded by Maddie Franciskovich on Saturday February 14, 2015. The Class Notes belongs to SOC-S100 at Indiana University taught by Peter Lista in Spring2015. Since its upload, it has received 139 views. For similar materials see SOC-S100 in Sociology at Indiana University.
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Date Created: 02/14/15
21415 1242 PM I WORK AND THE ECONOMY A the activity by which people produce from the natural world and so ensure their survivalquot Giddens 2014 1 a Any form of paid employment in which an individual regularly works a job or profession 2 Is childrearing work Is homemaker an occupation How do we differentially value in America B The Economy 101 1 the system of production and exchange that provides for the material needs of individuals in society a The modern economy is not local but global We are fundamentally interdependent on the work of others i WORK MONEY ECONOMY 2 What is money a any item that acts as a medium of exchange a unit of account and a store of value b Money is Socially Constructed i What counts as money has changed over time and between social contexts ii There are practical and symbolic differences between different types of money 3 Domestic Economy a An economic system based on the private ownership of wealth which is invested and reinvested in order to produce profit 4 types i 39 o Capitalistic enterprise owned and administrated by entrepreneurial families 0 corporationsenterprises are managed by managerial executives instead of the owners themselves o Corporations are in charge of welfare insurance 0 Capitalistic enterprise organized on the basis of Institutional share holding b Henry Ford and Frederick Taylor i Scientific Managementquot ii Characterized by systems of mass production and highly structured hyperefficient work c PostFordism i The period characterized by the transition from mass industrial production to more flexible forms of production favoring innovation 0 Not all the same 9 different colors of cars different product design C PostFordism Economy 1 Lowtrust 9 Hightrust Work a people are allowed little responsibility for or control over the work task i Example people on assembly line b people are permitted a great deal of autonomy and control over the work task i Example professor 2 Outsourcing a The process by which specific work processes are allocated to external providers often abroad b America s domestic economy and its woekersare increasingly dependent on the global economy 3 Flexible Production a A manufacturing system in which there is some amount of flexibility hat allows the system to react in case of changes whether predicted or unpredictedquot Wiki D The Great Recession 1 2008 Financial Crisis a Global financial crisis beginning December 2007 Dow continued to drop until March 2009 US GDP did grow again until 2010 b Major Causes In US subprime and predatory lending practices the housing bubble burst and systemic deregulation Globally deregulation and poor lending practices as well as increased public debt eg Greece c 200820 1 2 Unemployment rose to a peak of 10 Avg home income decreased Avg home value fell 30 through 2013 iv Failure of US banks Bear Stearns Fannie Mae Freddie Mac Lehman Brothers Citi bank etc 2 The Response a Emergency Economic act of 2008 iv Signed into low by GW Bush on Oct 3rd 2008 700 billion Troubled Asset Relief Program TARP aka Wall Street Bailoutquot 9 was paid baack Authorized Treasury to purchase mortgage backed securities and increased interest on deposts Established additional oversight FINANCIAL sTABILITY Oversight Board b American Recovery and Reinvestment Act 2009 Signed into law by Barack Obama on Feb 17 2009 831 billion dollar over the next decade 2009 2019 payroll tax credit 2009 amp 2010 400 per individual for those making under 75000 anuaHy 39 1511 billion healthcare 1053 Billion infrastructure 100 billion Put money back into circulation and stimulate economy more jobs II Articles A Timothy Geither 1 U President Warburg Pincus 2014 US Secretary of the Treasury 20092013 President FRB NY 20032009 Macro How did Geither justify his response to the recession What theory best represents his views a Functionalism b Strengthen the banks so that they can continue to be a part of the functional system into the economy B Warren 1 2 3 Senior Senator DMA 2013present Law Professor 1970519905 Consumer financial protection bureau and the congressional oversight Panel TARP Should we have bailed out bank who give money out to What was justification Why did they do it What did they claim Micro Does Warren agree with Geithers response to the recession What theory best represents her views a No b Micro conflict theory Lecture 2 21415 1242 PM Inequality matters occupations are stratified Economy most macro view of inequalities have unemployment I ARTICLE DISCUSSION why what huh A The articles focus on two questions 1 What caused the 2007 financial crisis a 2 How should we use policy to fix a failing economy B They suggest two answers 1 Timothy Geither 2 Elizabeth Warren C Which of the sociological theories covered in this class can help explain the 2007 financial crisis 1 Functionalism all parts come together to function as a whole if one part fails the whole system fails 2 Rationalization 3 Conflict D Which of the sociological theories covered in this class can help the justification for policy maker s actions 1 Conflict theory 2 functionalism 21415 1242 PM
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