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Economics

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the social institution that organizes a society's production, distribution, and consumption of goods and services The way in which an economy is organized is connected to its political organization and the way of life of its societal members

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Agricultural revolution-

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the development of agriculture allowed for the development of an economy as agricultural technology led to increasingly specialized work, permanent settlement (a precursor to the modern nation-state) and trade allowed for place- based production and distribution

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Industrial revolution

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-New sources of energy changed "manual" labor to machine based production -Centralization of work in factories- work moved from home/farms to factories -Manufacturing and mass production - before this most people produced their needs at home Specialization- Wage labor-

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Specialization-

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repeating single task over and over in factories

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Wage labor

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selling labor for a wage was new

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Post industrial economy-

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a productive system based on service work and high technology From tangible products to ideas- symbolic production rather than the productions of tangible goods From mechanical skills on literacy skills- highest rewarding jobs now predicated on literacy and computer skills From factories to almost anywhere- increasing telecommunication rather than place- based jobs

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Global economy

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economic activity that crosses national borders

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(consequences of a global economy

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-Global division of labor that reproduces global stratification -Increasing number of products pass through more than one nation -National governments no longer have exclusive control of goods and resources -Small number of businesses globally control a vast portion of the world's wealth -Raises concerns about the rights of workers when businesses can move freely yet people are bound by the confines of nation-states

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Ideal types:

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a sociological category that describes how things would be if they were functioning exactly as we expect them to (Weber)

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Capitalism

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an economic system in which natural resources and the means of producing goods and services are privately owned

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Private ownership of property

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wealth production is private

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Pursuit of personal profit

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the profit motive as a motivator for people to take new jobs, open new business, or try to improve products and this ingenuity will benefits society as a whole

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Competition consumer choice-

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laissez faire economy (minimal government interference in the pursuit of profit)

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General guideline- self interest will produce

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"the greatest good for the greatest number of people"

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Socialism

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an economic system in which natural resources and the means of producing goods and services are collectively owned (which now means government owned)

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Socialism

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-Government ownership of the means of production- a socialist economy limits the right to private property and makes goods and housing available to all, not just those with the means to afford them -Pursuit of collective goals- the individualist pursuit of profit goes against the collective orientation of socialism. Individuals produce for the collective good of all -Government control of the economy- centrally controlled, command economy that accrues wealth into collective offers

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GDP-

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the total value of all goods and services produced within the nation's border each year. Capitalist markets out-produced socialist ones

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Economic Equality

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Distribution of goods and resources, including wealth. Greater distribution of wealth but with lower living standards

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Personal Freedom

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Capitalism emphasizes the freedom to pursue self interest but is limited in that pursuit given the vast inequality it produces. Socialist countries have a history of political repression

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Work in the US economy

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- Changing workplace- concentration of work in the service sector that has kept wages fairly stagnant - Labor unions- the decline of labor union- organizations that seek to improve wages and working conditions for its members -Professions- a prestigious white collar occupation that requires extensive formal education; often a graduate degree -Self-employment- freelance workers, small business owners and manual laborers -High unemployment and underemployment Increasing diversity in the workforce

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Corporations-

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an organization with legal existence, including rights and liabilities, separate from that of its members

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Oligopoly

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the domination of a market by a few producers

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Oligarchy-

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a form of power structure in which power effectively rests with a small number of people

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Politics-

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the social institution that distributes power, sets a society's agenda and makes decisions

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Power-

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the ability to achieve desired ends despite resistance from others

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Government

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a formal organization that directs the political life of a society

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Authority-

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the power that people perceive as legitimate rather than coercive

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Theoretical analysis of power

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- Pluralism is closely associated with structural functionalism and is an analysis of politics that sees power as dispersed among various interests and interest groups - Politics is an arena of negotiation and often has many sources that compete for their perspective to be heard - Assumes that veto groups work to realize some of their own goals but often keep opponents from achieving their goals. (keeps any social group from having too much power)

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C Wright Mills Power elite model-

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united states does not have a true democracy because of the fact that power is concentrated among the rich Disputes the pluralist model in that some voices are inordinately loud

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Three groups control the agenda

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- Super rich - High ranking military (military industrial complex) - Government (people move from one sector to another and interact to control the social agenda)

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Marxist Model

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Capitalism itself is the problem person

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Growth imperative

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its need to ever expand means it must, necessarily value profit over general well-being

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Alienation-

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the fact that people must do any and everything to survive under this system meant that people were increasingly alienated from their species being. Was in awe of capitalism for its capacity to free people from toil but it seems unable to free people from misery

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Super structural control-

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like the power elite model, Marx and Engles calls the government the executive committee of the bourgeoisie

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