Chapter 18 Flashcards
automation
workers being replaced by technology
bartering
a process where people exchange one form of goods or services for another
capitalism
an economic system in which there is private ownership (as opposed to state ownership) and where there is an impetus to produce profit, and thereby wealth
career inheritance
a practice where children tend to enter the same or similar occupation as their parents
convergence theory
a sociological theory to explain how and why societies move toward similarity over time as their economies develop
depression
a sustained recession across several economic sectors
economy
the social institution through which a society’s resources (goods and services) are managed
global assembly lines
a practice where products are assembled over the course of several international transactions
global commodity chains
internationally integrated economic links that connect workers and corporations for the purpose of manufacture and marketing
market socialism
a subtype of socialism that adopts certain traits of capitalism, like allowing limited private ownership or consulting market demand
mechanical solidarity
a form of social cohesion that comes from sharing similar work, education, and religion, as might be found in simpler societies
mercantilism
an economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries through taxes and customs charges
money
an object that a society agrees to assign a value to so it can be exchanged as payment
mutualism
a form of socialism under which individuals and cooperative groups exchange products with one another on the basis of mutually satisfactory contracts
organic solidarity
a form of social cohesion that arises out of the mutual interdependence created by the specialization of work
