Chapter 7 Flashcards
What is laissez-faire economics
the idea that governments shouldn’t interfere in the free-market
What did Adam Smith think about laser-faire economics
he believed that it was good and would raise the standards of living for everyone, and that there will always be poor people
What did Thomas Malthus predict
He predicted that dramatic population growth would lead to food shortages and other resources.
Did Karl Marx believe poverty was inevitable like Adam Smith
no he didn’t, he was prepared to make a change
Who was Marx’s co-author
Friedrich Engels
What is “class”
your status in the means of production
worker, owner, etc
What is “means of production”
the resources needed to produce goods (wealth, money, etc)
What is capital
money used to buy something and then selling it again for profit
what are Capitalists
owners of the means of production
Also referred to the “bourgeoise”
What are the two possible relationships to the means of production (Marx)
Either you owned them or worked for those who did
What are Aristocrats and peasants
Aristocrats are the owners and peasants worked for them
What is “labour flexibility”
Corporate and Political strategies that included downsizing and outsourcing
What is Downsizing
laying off workers
What us Outsourcing
recruiting labourers abroad to work
Who were the Lumpenproletariats
small-time criminals, beggars, and the unemployed
What was the Factory Act and why did mill owners not like it
The factory act limited the amount of hours an employee could work (5:30-8:30) , which the mill owners did not like because it would ruin them financially
What is corporate identity
The belief that there is a shared sense of purpose among members of each class
What us the difference between class consciousness and false consciousness
Class consciousness is having awareness of what’s best for members of a class, false consciousness is thinking you know what’s best but you actually being wrong
Did Max Weber agree with Marx’ theories
No he thought they were to simple and that there was more to social inequality than just owning businesses (included looks, material possessions, fame, etc)
What were Max Webers 3 elements that contribute to social inequality
Wealth, prestige, and power
What does the “gig economy” mean
it describes a person who gets by with a minimum wage job and has other commitments like music, or school
What is the dominant capitalist class
those who control or own large-scale production (CEO’s0
What is the middle class
Mixed category of small-scale business people (in between dominant and working class)
What is the working class
people who lack resources and have the lowest income (service workers)
