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SOC 105
Textbook Chapter 13
| Term | Definition |
|---|---|
| How do industrialized societies organize their economic activities? | capitalism or socialism |
| Capitalism | economic system based on private ownership of the means of property, guided by the seeking of maximum profits, competition, and a government policy of laissez-faire |
| Laissez-faire | marketplace free from government intervention |
| What did Adam Smith say about the laws of the marketplace? | they hold society together when everyone is pursing their own interests |
| What did Adam Smith say about competition? | it prevents entrepreneurs from taking advantage of consumers |
| Adam Smith | godfather of laissez-faire capitalism |
| Socialism | economic system in which the means of production are owned by the people for their collective benefit |
| 5 principles of socialism | democratization, egalitarianism, community, public ownership of the means of production, planning |
| Democratization | representatives of a socialist state must be answerable and responsive to the wishes of the public |
| Tolitarian | controlling the people of a country in a very strict way with complete power that cannot be opposed |
| Egalitarianism | equal opportunity for the self-fulfillment of all, equality rather than hierarchy in decision making, and equality in sharing the benefits of society |
| Shared monopoly/oligopoly | when 4 or fewer firms supply 50% or more of a particular market |
| 3 trends that affect our jobs, incomes, and our futures | globalization, structural transformation of the economy, and the great recession |
| Globalization | the process by which Earth's peoples are increasingly interconnected economically, politically, culturally, and environmentally |
| Capital flight | investment choices that involve the movement of corporate monies from one investment to another (investment overseas, plant relocation, and mergers) |
| Structural transformation of the economy | fundamental change in the economy resulting from several powerful contemporary forces: technological breakthroughs in microelections, globalization of the economy, capital flight, &the shift of manufacturing economy to one based on information & services |
| Offshoring | when a company moves its production to another country, producing the same products, but with cheaper labor, lower taxes, and lower benefits to workers |
| Outsourcing | the process of transferring a specific task (such as accounting or transcribing) to a foreign firm to save money and reintegrating that work back into the overall operations |
| Result of outsourcing on U.S. workers | job loss, lower wages, weakened workers unions |
| Contingent employment | employment arrangement whereby employees work as temporaries or independent contractors, freeing employees from paying fringe benefits |
| Subprime loans | loans sold to people with questionable credit records |
| Lasting consequences of the Great Recession | federal, state, and local governments lost tax revenues causing cuts to federal programs &state cuts, reduction of worker benefits, lack of "American dream", couples marrying later &having fewer children, divorce more expensive, less trust in government |
| How are societies organized? | to allocate work, to produce goods and services needed by society and its members for sustenance, clothing, shelter, and security |
| What does work provide individuals and their families with? | their social identity, economic resources, and social location |
| What strategies do factories use to counteract lower productivity and worker unrest? | scientific management, hierarchical control, technical control, and extortion |
| Scientific management | efforts to increase worker efficiency by breaking down work into very specialized tasks, the standardization of tools and procedures, and the speeding up of repetitive work |
| What does scientific management result in? | workers developing a very limited range of skills and having little knowledge which puts them at risk to being replaced by automation or cheaper workers |
| Hierarchical control | bureaucracy controls workers- each position in the chain of command gives orders to those below, taking responsibility for their actions and following orders above |
| Technical control | use of technology to monitor workers |
| Alienation | the separation of human beings from each other, from themselves, and from the products they create |
| What does Karl Mark say about alienation? | it occurs because workers do not have any control over their labor, because managers manipulate them, because they tend to work in large, impersonal settings, and because they work at specialized tasks |
| In capitalism, what do workers represent? | a cost to profit-seeking corporation |
| Sweatshop | substandard working environment where labor laws are violated; workers are paid less than minimum wage, receive no benefits, and work in crowded, unsafe, and stifling conditions |
| Reasons for decline in union membership | direct assault against unions by former presidents unsympathetic attitudes w/strikes &the use of federal leverage to weaken unions,unions can be undemocratic,scandalous&too zealous in demands, blocking of unions, less manufacturing jobs, nonunion states |
| Discouraged workers | people who have not actively sought work for four weeks; not counted as unemployed by the Bureau of Labor Statistics |
| What might corporations do to reduce benefits? | declare bankruptcy or set up a two-tiered system with unions |
| Two-tiered system of unions | 1st tier- maintains benefits of those already hired, 2nd tier: receive lower wages than 1st tier and less benefits |
Created by:
kkade
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