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SOC 105
Textbook Chapter 2
| Term | Definition |
|---|---|
| Capitalism | an economic system characterized by private ownership of the means of production, personal profit, and competition |
| Three conditions for pure capitalism | private ownership of the means of production, personal profit, and competition |
| How is the present U.S. economy controlled? | by huge corporations that control demand |
| What did Karl Marx predict about capitalism? | that it will result in an economy dominated by monopolies |
| What did Karl Marx that every society was built on? | an economic base |
| What are the contradictions inherent in capitalism? | the inevitability of monopolies, the lack of centralized planning, demands for labor-saving machinery, and control of the state by the wealthy |
| How does Karl Marx argue that monopolies oppose the free market system? | monopolies determine the price and quality of the product, not supply and demand |
| Shared monopoly | when 4 or fewer firms supply 50% or more of a particular market |
| Oligopoly | when a small number of large firms dominate a particular industry |
| Large and ever-growing concentration of U.S. industries has accelerated due to... | mergers and interlocking directorates |
| What are the consequences of the trend toward megamergers of companies? | increase centralization of capital which reduces competition and raises prices for consumers, increased power of huge companies over workers, unions, politicians, and governments, reduced number of jobs, increased corporate debt, and nonproductivity |
| Who do mergers create profits for? | chief executive officers, lawyers, accountants, brokers, bankers, and big investors |
| Interlocking directorates | the linkage between corporations that results when an individual serves on the board of directors of 2 companies or when 2 companies each have a director on the board of a third company |
| Direct interlock | the linkage between corporations that results when an individual serves on the board of directors of 2 companies |
| Indirect interlock | when 2 companies each have a director on the board of a third com |
| How do interlocked companies benefit? | they reduce competition through shared information and coordination of policies; compromises capitalism |
| The process of economic concentration in monopolies provides... | the largest companies with enormous economic and political power |
| Why are more U.S. corporations shifting more of their total assets outside the U.S.? | it increases profits through lowered wages, cheaper manufacturing, and less safety and environmental laws |
| What is the result of U.S. corporations shifting more of their total assets outside the U.S.? | loss of tax revenue in the U.S., lower wages for workers, and reduction of unskilled and semi-unskilled jobs in the U.S. |
| Oligarchy | a political system that is ruled by few; decisions that shape our consciousness and affect our lives are made by a very small and powerful group of people |
| Plutocracy | a government by or in the interest of the rich |
| Democracy | a political system that is of, by, and for the people; will of majority prevails, equality before the law, decisions maximize the common good |
| Democratic principles | fair and open elections, access by the people to accurate information, accountability of the governors to the governed, political equality among all citizens, and due process of law |
| Gerrymandering | when the party in power shapes voting districts as a means to keep itself in power |
| Undemocratic things in the U.S. | electoral college and two-party system |
| Power elite | people who occupy the power roles in society- either wealthy or represent the wealthy |
| Interests of the powerful and wealthy are served through society's structure in what ways? | elite's influence over elected and appointed government officials at all levels, structure of the system, and ideological control of the masses |
| Systemic imperatives | the economic and social constraints on political decision makers that promote the status quo |
| Interests of powerful and elite are served through government defense by providing... | profit to corporations and the ideological control of the masses |
| When information and entertainment are under an increasing monopolized control... | our understanding of reality is polarized, diverse opinions are rarely heard, reporting may be compromised by conflict of interest, a media giant may push a political stance, messages in media focus on problem individuals rather than structural problems |
| How does government benefit the business community? | large subsidies, tax breaks, paid advertising, research, and training costs, and incentives to pursue overseas production and sales |
| Trickle-down economics | the theory that economic benefits for the wealthy will indirectly trickle down to benefit everyone |
| Increased money in elections causes... | difficulty solving social problems, interests of the have-nots are not served, money chase creating part-time legislators and full-time fundraisers, money diminishing gap between parties(same donors), discourages voting and participation, and bias in laws |
| The trend toward ever-greater concentration among the largest U.S. businesses has accelerated because of __________. | mergers |
| Which corporate boards are exempt from the law that makes it illegal for a person to serve simultaneously on boards of two companies that are in direct competition with each other? | financial institutions |
| There is an argument that when subsidies occur, money that could be spent on real economic development opportunities instead flows into __________, and the bill is passed along to __________. | the pockets of executives; small taxpayers |
| By lobbying, many large corporations have blocked bills that, if passed, would've required foods made with GMOs to be labeled for the consumer. Over 80% of the public supports this legislation. This situation exemplifies what sociological concept? | oligarchy |
| How did the 2010 Supreme Court decision in Citizens United v. Federal Election Commission affect political contributions? | it made it possible for corporations and other entities to spend unlimited sums to help elect or defeat political candidates |
| A(n) __________ is a political system that is of, by, and for the people. | democracy |
| Which of the following best exemplifies the powerless bearing the burdens of domestic policies? | When the government institutes a military draft, it is the poor who make up the majority of the drafted. |
| __________ is/are made up of individuals who might include the CEO of a media corporation and the president of the United States. | the power elite |
| Rick Samuelson has been a board member of Travelcor Financial for five years. He recently accepted the position of board member for Systemics Banking Group. Rick is part of a(n) __________ that would be termed a(n) __________. | interlocking directorate; direct interlock |
| A senator is against legislation that would regulate companies who practice mountaintop removal mining, despite the great support this legislation has from other states. How can she legally subvert the will of the people and stop the democratic process? | She can filibuster the legislation. |
| Bill is on the boards of the Coca-Cola Company and Citigroup Financial. Weekly, he plays golf with his friend, who is also a Citigroup Financial board member and a member of the board of PepsiCo. Their friendship & professional relationship exemplifies... | interlocking directorates |
| Billions are spent on each federal election campaign. The consequence of this flood of money in elections is __________. | it sabotages democracy |
| In recent decades, the Senate has seen an increase in the use of __________. | filibusters |
| To block laws from being voted on and passed in the Senate, legislators use __________ and __________. | clotures; filibusters |
| The process by which political candidates are nominated is closely related to the financing of campaigns because __________. | having access to wealth is essential for a successful political campaign |
| The major discrepancy between the ideal system of capitalism and the real one is that the U.S. economy is __________. | no longer based on competition among more or less equal private capitalists |
| The government benefits the __________ with __________. | business community; subsidies |
| The few thousand people who form the power elite tend to come from backgrounds that reflect ___________. | privilege and wealth |
Created by:
kkade
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