Chapter 14: Capitalism and the Economy
Chapter 14: Capitalism and the Economy SOC 100
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Date Created: 12/01/15
Chapter 14 Lecture Notes Economic systems 0 Capitalism 0 Economic system in which property and goods are primarily privately owned investments are determined by private decisions and prices production and the distribution of goods are determined primarily by competition in an unfettered market 0 Socialism Economic system in which most or all of the needs or the population are met through nonmarket methods of distribution 0 Adam smith 0 Wrote the wealth of nations 1176 o Specialization and division of labor increase productivity and innovann 0 Using money rather than bartering makes trading more ef cient o Gives workers more liberty Smith Government39s Role 0 National defense 0 Protection of private property 0 Public works education infrastructure 0 Break up monopolies Karl Marx o Argues that capitalism led to better conditions for elites the bourgeoisie but not for workers the proletariat 0 Workers sell themselves on the labor market do the work for production but don39t share in the pro ts exploitation 0 Workers experience alienation Marx Alienation o A condition in which people are dominated by forces of their own creation the confront them as alien powers c From the products we produce c From the labor process Marx What39s up with communism 0 Class con ict in capitalism gt worker revolution 0 For marx the revolution would create a socialist system government organized economy until a communist system could be implemented classless system where means of production are shared and rewards are tied to need 0 Recent sociological research on capitalism 0 Role of consumption in identity formation 0 We purchase products as a means of expressing ourselves or even de ning ourselves 0 Dif culty of being an informed consumer in the modern market We don39t know enough to evaluate products and services often Textbook pg 536547 0 Capitalism property and goods are privately owned investments are determined by private decisions and prices production and the distribution of goods are determined primarily by competition in an unfettered marketplace Feudalism precapitalist economic system characterized by presence of lords vassal serfs and efs Agricultural revolution period around 1700 marked by the intro of new farming technologies that increased food production and output from farms 0 Early colonial globalization and spice route along with selective breeding and new tools Corporation legal entity unto itself that has a legal personhood distinct from that of its members namely its owners and shareholders 0 Limit liability of investors Adam smith fathered liberal economics 0 Individual interest environment kept societies together 0 Competition where rules constraining the gam are followed Con ict no holds are present Alienation condition in which people are dominated by forces of their own creations that then confront them as alien powers according to Karl Marx the basic state of being in a capitalism society Socialism economic system in which some or all of the need of the population are met through nonmarket methods of distribution Communism political ideology of a classless society in which no means of production are shared through state ownership and in which rewards are tied no to productivity but to need