Chapter 18 - Work and the Economy Flashcards
the different types of economic systems and how they have functioned in various societies
refers to the social institution through which a society’s resources are exchanged and managed
economy
solidarity that is simpler and social cohesion comes from sharing similar work, education, and religion
mechanical solidarity
solidarity that arises out of the mutual interdependence created by the specialization of work
ex: teacher relies on farmer and farmer relies on teacher
organic solidarity
exchanging one form of good or service for another when both people have something the other needs
bartering
refers to an object that a society agrees to assign value to so it can be exchanged as a payment. a physical loan
money
an economy policy based on accumulating silver and gold by controlling colonial and foreign markets through taxes and other charges
mercantilism
a farming practice where people only produced enough to feed themselves and pay their taxes
subsistence farming
an economic system in which there is private ownership (opposed to state) and where there is an impetus to produce profit, and thereby wealth
ex: United States
capitalism
an economic system in which there is government ownership (‘state run’) of goods and their production, with an impetus to share work and wealth equally among members of a society
socialism
a subtype of socialism that adopts certain traits of capitalism, like allowing limited private ownership or consulting market demands
market socialism
Proudhon’s principle where individuals and cooperative groups would exchange products with one another on the basis of mutually satisfactory contracts
mutualism
theory that explains that as a country’s economy grows, its societal organization changes to become more like that of an industrialized society
convergence theory
which perspective views work and the economy as a well-oiled machine that is designed for maximum efficiency
functionalist
occurs when there are two or more consecutive quarters of economic decline
recession
a sustained recession across several economic sectors
depression
which perspective believes the economy reflects and reproduces economic inequality. believes wealth is concentrated in the hands of those who are undeserving
conflict
a concept where children tend to enter the same or similar occupation as their parents
career inheritance
which perspective is interested in how workers experience job satisfaction and how people communicate through shared symbols
symbolic interactions
the process of integrating government, cultures, and financial markets through international trade into a single world market
globalization
when products are assembled over the course of several international transactions
global assembly lines
when internationally integrated economic links connect workers and corporations for the purpose of manufacture and marketing
global commodity chains
an illogical fear and even hatred of foreigners and foreign goods
xenophobia
contracting a job or set of jobs to an outside source
outsourcing
replacing workers with technology
automation
