Chapter 11
What do All nations' economies have?
All nations' economies have both capitalist and socialist aspects. For example, the capitalist United States has some socialist economic features, including business subsidies, market regulations, and public aid programs.
Why Study Economy or Work?
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 happen Before the Industrial Revolution?
Before the Industrial Revolution, economic production took place in the household—but the birth of the factory led to the workplace and raised new, work-related issues.
What is Capitalism in an economic system?
Capitalism is an economic system based on the laws of free market competition, privatization of the means of production, and production for a profit, with an emphasis on supply and demand as a means to set price. Encourages efficiency: New technology Expansion of markets Cost cutting
What are some Collective Resistance Strategies?
Collective resistance can include membership in a union (an association of workers who bargain collectively for increased wages and benefits and better working conditions).
What is Communism?
Communism is 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.
What do Companies' search for?
Companies' searches for the cheapest way to produce goods often involves outsourcing ("contracting out" or transferring to another country the labor that a company might otherwise have employed its own staff to perform) or the use of a sweatshop (a workplace where workers are subject to below-standard wages, long hours, and poor working conditions).
What is Globalization?
Globalization refers to the cultural and economic changes resulting from dramatically increased international trade and exchange in the late twentieth and early twenty-first centuries.
What is a postindustrial economy?
In a postindustrial economy, many workers do service work, which often involves direct contact with clients, customers, patients, or students. Other workers in the postindustrial economy are involved in knowledge work, which involves working with information.
What are some Historical and Economic Changes?
In the United States, the economy has changed over time. New technologies have also changed the nature of our work. Earliest American economy: Pre-sixteenth-century Native American societies were either mobile hunting and gathering societies or horticultural societies (which were based on the domestication of animals, farming, and generating a surplus of resources).
What are some Individual Resistance Strategies?
Individual resistance can include using work time to surf the Web, sabotaging an assembly line, and personalizing a work space with photos.
Resistance Strategies: How do Workers Cope?
Individuals and groups cope with their working conditions in a variety of ways called resistance strategies (ways that workers express discontent with their working conditions and try to reclaim control of the conditions of their labor).
What did Karl Marx argue?
Karl Marx 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.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.
What did Marx believe in?
Marx believed workers were alienated in four ways: from the product of their labor from their own productive activity from their fellow workers from human nature
What is Socialism in an economic system?
Socialism is an economic system based on the collective ownership of the means of production, collective distribution of goods and services, and government regulation of the economy.
What are some Historical and Economic Changes The Agricultural Revolution?
The Agricultural Revolution included social and economic changes, population increases, and increased efficiency of food production.
What are some Historical and Economic Changes in The Industrial Revolution?
The Industrial Revolution rapidly transformed social life through technological and economic developments including the assembly line, steam power, and urbanization. With this shift to a manufacturing economy, vast numbers of people migrated into cities in search of work.
What are some Historical and Economic Changes in The Information Revolution?
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.
What are some Alternative Ways of Working?
The modern economy is characterized by more diverse and specialized jobs, and more temps and freelancers. In a capitalist society, we increasingly rely on the independent, or third, sector, which is made up of nonprofit organizations that take care of necessary but unprofitable social needs.
What are Transnational corporations?
Transnational corporations are another part of the global economy that transcend national borders so that their products can be manufactured, distributed, marketed, and sold from bases all over the world.
