Work, Economy, and Economic System -Lecture week 7 Flashcards
What is an economic system or economy ?
the social institution that helps a society organize what it produces, distributes, and consumes
An economy deals not only with money but also with the production, distribution, and consumption of goods and services within a society. This is a major link between individuals (micro) and society (macro
What with hunting-gathering societies or horticultural societies ?
re-sixteenth-century Native American societies were either mobile, based on the domestication of animals, farming, and generating a surplus of resources
What is the Agricultural revolution ?
included social and economic changes, population increases, and increased efficiency of food production
Population increases followed from the domestication of plants and animals and the gradually increasing efficiency of food production. Better farming and ranching techniques allowed larger groups to thrive and remain in one location for longer periods of time.
In the United States, the agricultural economy encouraged a stratified labor force. The southern agricultural economy depended on enslaved peoples’ labor to grow cotton and tobacco.
What is the industrial revolution ?
rapidly transformed social life through technological and economic developments, including the assembly line, steam power, and urbanization
With the shift to a manufacturing economy, vast numbers of people migrated to cities in search of work.
This is much different from what we see now. Although many people still travel into cities for work, the rise of access to transportation allows people to commute. We now see industrial districts as less desirable places to live, which in turn has created our modern suburbs and suburban sprawl.
What is the information revolution ?
refers to the recent social revolution made possible by the development of the microchip in the 1970s, which brought about vast improvements in the ability to manage information
other ex, the internet, computer networking, and all types of digital media and communications
knowledge work- primarily deals with information; producing value in the economy through ideas, judgments, analyses, designs, or innovations
What is capitalism ? What are the 3 core components. What are the critics?
an economic system in which individuals can own the means of production as well as the services that others may need
Private ownership of property
Profit motivation
Competition
critics of capitalism argue that this systematically privileges certain groups while disadvantaging others. For instance, in order to maximize profit at a business, one strategy is lowering employee wages. Therefore, the business owners (or stockholders) earn more while the workers struggle to get by.
promotes inequality, promotes social problems because the object focus is profit and not in enhancing human condition
What is demand and supply?
Economists refer to demand or the desire for a good or service and supply which is the amount of a good or service available.
What is socialism? What are the basic components ?
the economic system by which resources and the means of production are owned collectively by the citizens. Karl Marx was the most important theorist of socialism, which he believed was a perfect society.
Collective ownership
Irrelevance of profit
Planned economy that emphasizes collective values
often mistaken for communism but socialism is an economic system (communism is a political system). In fact, socialism can, and often does, exist within democratic systems.
What is democratic socialism? What are the criticisms?
the economic system that advocates running government democratically for the good of most people, both individuals and the government own property. tax rates are higher and the government provides more services to every citizen. Governments protect workers’ rights. Labor unions have more power than in the US. These nations are more generous in welfare state benefits than the US.
Criticism of Socialism include: minimizes individual freedom and choice, “Cradle to grave” governmental involvement, high taxes
What is convergence theory?
the tendency for capitalism and socialism to converge
ex. China allows market forces to determine what goods and services are created. The US passed antitrust law to limit the size and scope of corporations reach
What is communism ? What are the criticisms ?
a system of government that eliminates private property and is the most extreme form of socialism because all citizens work for the government and there are no class distinctions
critics argue that communism discourages specialized professions. For instance, why would a person want to become a brain surgeon if the reward for doing so is no different from becoming a janitor
other argue all occupations serve different, yet valuable, services to a society
What is Karl Marx argue on the nature of work? What were the 4 ways workers were alienated ?
argued that when people lose control over their production and the conditions of production, they become alienated and view work as a means to survive rather than a rewarding activity
1.from the product of their labor
2.from their own productive activity
3.from their fellow workers
4.from human nature
What is the difference between service work and knowledge work ?
service work- in a postindustrial economy , involves direct contact with clients, customers, patients, or students.
knowledge work- in a postindustrial economy, involves working with information
What are resistance strategies ?
Individuals and groups cope with their working conditions in a variety of ways that workers express discontent with their working conditions and try to reclaim control of the conditions of their labor.
individ. resistance- using work time to surf the Web, sabotaging an assembly line, and personalizing a workspace with photos
What is a union?
Collective resistance can include membership in a union (an association of workers who bargain collectively for increased wages and benefits and better working conditions).
