Chapter 11 - Work & The Economy Flashcards
Why is work a social product?
The organization and structure of work is an outcome of social relationships
How is work situated in the economy?
It’s a social institution in which people carry out the production, distribution and consumption of goods and services
Are economic systems fixed?
No
How are economic systems not fixed?
They are structured, contested and reshaped by people
Are economic inequalities connected with social inequalities?
Yes
What is an economic system based on private ownership and an exchange relationship between owners and workers?
Capitalism
What is an economy driven by pursuit of profit?
Capitalism
What was Marx’s view of capitalism?
System with 2 classes:
1) capitalist class - own means of production (bourgeoisie)
2) working class - sell labor to capitalist employers in exchange for wages (proletariat)
What is an economic system based on free-market relations?
Capitalism
Which economic system has a laissez-faire attitude?
Capitalism
What is a specific process that has consequences for the nature and organization of work as well as for the division of labor?
Industrialization?
What brought new forms of energy, machine technologies, and transportation?
Industrialization
When did the early stages of industrial capitalism, defined as family capitalism happen?
Mid to late 19th century
When did the movement of ownership from individuals/families to corporations and shareholders take place?
Late 19th to mid 20th century
What phase of capitalism did the movement of ownership from individuals/families to corporations and shareholders happen in?
Corporate or monopoly capitalism
What are different situations created by mergers?
1) Monopoly
2) Oligopoly
What is a monopoly?
One corporation controls an entire market
What is an oligopoly?
Several companies control an entire industry
What context do transnational or multinational companies operate in?
Global
What is the term for people around the world consuming the same cultural products?
Cultural homogenization
What are the 4 major economic sectors?
1) primary and resource industries
2) manufacturing
3) service sector
4) social reproduction