Week 9 Flashcards
1909: First labour strike. Women led. Protest for better pay and working conditions.
Apparel Industry
Apparel industry is the largest employer in the world
Apparel Industry
Incredible income disparity (ex. Lebron James)
Apparel Industry
Largely female workforce (Protests have been women-led)
Apparel Industry
A system in which we have the organization and regulation of resources, production, distribution and consumption of goods and services.
Economy
System is organized based on supply and demand.
Market Economy
No controls. Prices aren’t artificially lowered or raised by a controlling agency (ie. Government). Regulated by consumer demand (capitalism).
Free/Open Market:
Also ‘command economy’. Planning and commanding of economy is done by government (socialism/communism).
Planned Economy
Segments of the economy are market-based, some are planned (ex. Canada).
Mixed Economy
Natural resources
Ex. Nepal
Post-Industrial Economy:
Primary Sector
Manufacturing
Industry
Post-Industrial Economy:
Secondary Sector
Service industries
Ex. USA
Post-Industrial Economy:
Tertiary Sector
Global division of labour
Supply chains are multinational
Global economy
Progress is beneficial to society.
Modernization Theory of Economic Development
Progress moves in only one direction
Modernization Theory of Economic Development
Modernization = progress
Modernization Theory of Economic Development
Loss of distinction
Modernization Theory of Economic Development
Pre-Modernization: traditional society. Resource-based economy. Limited trade. Face-to-face business. Familiarity, family relationships. No scientific knowledge of the world. (stage 1)
Modernization Theory of Economic Development:
Stages