Popular in Social Problems (GT-SS3)
Popular in Sociology
This 4 page Class Notes was uploaded by Anna Lueth on Friday August 28, 2015. The Class Notes belongs to SOC 105 at Colorado State University taught by Joshua Adam Sbicca in Fall 2015. Since its upload, it has received 39 views. For similar materials see Social Problems (GT-SS3) in Sociology at Colorado State University.
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Date Created: 08/28/15
9115 I Social Problems of Capitalism and Corporate Power A Focusing Questions 1 How sympathetic are you to the notion that the business of America is business 2 How much lobbying is covered under the category of free speech First Amendment B Basic Components of Capitalism 1 Private Ownership a Individuals are encouraged to own not only private possessions but the capital to buy more possessions 2 Profit Maximization 1 Seeking personal gain is morally and socially appropriate 3 Free Competition 2 In a competitive society if one agent raises prices too high then others will step in to sell goods more cheaply 4 Laissezfaire Government b A government that does not intervene in the economy II Macro Economic Trends A Globalization Neoliberalism 1 Interconnected capitalism NAFTA CAFTA 2 Transnational investment flows B Ex Freetrade agreement C From Manufacturing to Services 1 Offshoring and outsourcing a Offshoring moving production from a home base to overseas b Outsourcing taking what a company used to do in house and having someone else do itcommonly in other countries 2 The Changing Nature of Jobs a More office jobs fewercontingent employees automation temp work work from home D Decline of Unions and Shared Prosperity 1 As union membership increased and stabilized through the 19603 labor force was able to have more of the profits 2 The overall number of public jobs have declined in the economy III US Economy Wealth and Income Concentration A Private Wealth 9115 1 In USA combined net worth of 400 richest in 2011 was more than total wealth of bottom 185 million B Concentration of Income 1 In 2010 the share of the national income of the richest 20 of households was 502 while the bottom 20 received only 33 C Corporate Wealth Concentration 1 Less than 1 of all corporations account for over 80 of the total output of the private sectoronly a few corporations produce most of the goods in the US D Do We Live in a Monopolistic form of Capitalism 1 Monopolies are the acceptation a not the way that an ideal capitalism should work 2 Monopolistic Capitalism a Inherent contradiction found within capitalism is the inevitability of monopolies b This economic dominance by huge corporations is contrary to classical economic theory 1 Corporations control demand rather than respond to the demands of the market place E Shared Monopoly 1 When four or fewer firms supply 50 or more of a particular market a shared monopoly results a Ex aluminum beef beer cigarettes trucks ect F Megamergers 1 10 largest mergers in US history were in last 15 years a Time INC and AOL joined w Time Warner b Disney joined w Capital Cities ABC c Exxon and Mobil Oil d Nation39s Banks and Bank of America 2 Problems a Increase centralization of capital reducing competition for consumers b Increase power of large corporations over workersunions and politiciansgovernments c Eliminates Jobs 1 Take over existing facilities and do not create new jobs or build new plants VI 9115 d Increase the wealth of CEOs bankers and lawyers who handle the transactions G US ECONOMY Financial Centralization 1 Of the 15000 commercial US banks largest 50 x 7 Qp psi 13quotquot V rm Associated t 94 6 Bitish Foods pt N w Em u quot Ilmssu 4 a mum hold more than 13 of all assets Corporate Profit Margins Hit AllTime High in 2014 Top Marginal Tax Rates Over Time A Battles over taxes are the front lines of solving social economic problems US Corporate Tax Rates A Combined the corporate profits in 2011 197 trillion B Paid 182 billion in federal taxes 9 and 40 billion in state taxes2total tax 11 C Poorest 20 of American citizens pay 174 in federal amp state Who Gains Most from Tax Breaks A the top 20 of America Wealth Power and Democracy A What is the relationship between income wealth corporate power and political power American Views on Campaign Contribution Laws A Half support publicly financed federal campaigns VII VIII 9115 B Vast majority support limiting campaign spending and contributions Citizens United vs Federal Election A Struck down a provision of the McCainFeingold Act that prohibited all corporations and unions from broadcasting electioneering communications Who Owns Congress A Senate B Lawyers C Drugs D Money Economic Elite Domination A 2014 study Testing Theories of American Politics Elites Interest Groups and Average Citizens 1 Analyzes relative influence of political actors on policy making 2 Based research on database of voters and interest groups positions on 1779 issues between 1981 and 2002average citizens preferences didn t matter