Sociology Chapter 13

multinational corporation

A corporation with headquarters in one nation but with factories and other operations in many other nations.

corporation

A formal organization that has a legal existence, including the right to sign contracts, that is separate from that of its members.

democratic socialism

An economic system in which the government owns several important industries, but much property remains in private hands, and political freedom is widespread.

socialism

An economic system in which the means of production are collectively owned, usually by the government. Whereas the United States has several airlines that are owned by airline corporations, a socialist society might have one government-owned airline. "Marxism."

capitalism

An economic system in which the means of production are privately owned. By means of production, we mean everything—land, tools, technology, and so forth—that is needed to produce goods and services. Other words that describe this: free-market; free-enterprise system. Adam Smith, considered the father of modern capitalism.

miltarism

An overemphasis on military policy and spending, which he thought was costing the nation far too much money.

professional fraud

Attorneys may bill their clients for work that was never done, and physicians may bill Medicare or private insurance for patients they never saw or for procedures that were never performed. We call this type of theft by this term.

civilian labor force

Consists of all non-institutionalized civilians 16 years of age or older who work for pay or are looking for work.

laiseez faire

French for "leave alone"; refers to capitalism's need to function without government intervention.

pilferage

Involves the stealing of goods.

embezzlement

Involves the stealing of money in its various dimensions (cash, electronic transactions, etc.).

employee theft

One of the many types of crime that occur in the United States and elsewhere. Employee theft takes two forms, pilferage and embezzlement.

military industrial complex

The close relationships between military leaders, government officials, and defense contractors.

capital flight

The movement in the 1980's of many different manufacturing companies from U.S. cities to developing countries, such as Asia.

tertiary sector

The part of the economy that provides services rather than products; its activities include clerical work, health care, teaching, and information technology services.

primary sector

The part of the economy that takes and uses raw materials directly from the natural environment. Ex: fishing, agriculture, forestry, and mining.

secondary sector

The part of the economy that transforms raw materials into finished products and is essentially the manufacturing industry.

economy

The social institution that organizes the production, distribution, and consumption of a society's goods and services.

division of labor

The specialization of work, such that individuals perform specific aspects of a task or project.

outsourcing

Where U.S. companies hire workers overseas for customer care, billing services, and other jobs that Americans used to do.