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Soc Unit 3
Chapter 14
| Term | Definition |
|---|---|
| capitalism | an economic system in which property and goods are primarily privately owned; private decisions determine most investments; and competition in a relatively unfettered marketplace determines pieces, production, and the distribution of goods |
| feudalism | a precapitalist economic system characterized by the presence of lords, vassals, serfs, and fiefs |
| lord | nobleman who owned land and granted land to a vassal |
| Vassal | provided military protection to lord |
| fief | property of lord and vassal reaped the harvests from it |
| serfs | peasant origin and bound to land and required to give lord a portion of their production |
| agricultural revolution | the period around 1700 marked by the introduction of new farming technologies that increased food output in farm production like drill, selective breeding, crop rotation |
| corporation | legal entity unto itself that has a legal personhood distinct from that of its members- namely its owners and shareholders |
| limited liability | form of ownership that creates a division between the individual and the business entity. Legal way to protect investors from personal responsibility for any liabilities beyond the value of the company itself |
| Smith and Simmel | liked capitalism |
| Smith | wrote wealth of nations |
| Smith | cycle of division of labor, innovation, and trade results in the production of goods that society desires, in the proportions it desires, and at the price it is willing to pay |
| Smith | money was good, stores value, and is social |
| Simmel | Money gives more freedom to the worker than in-kind payment which giving someone what they need |
| Piecework payment | when you buy things like in a piece or unit. Relies on quality of raw materials and for ti to be done right; Simmel |
| Wage labor | does not rely on the quality of the raw materials, accidents, or other exigencies in the production process. People sell their labor and the responsibility falls onto the employer; Simmel |
| salary system | workers paid not for a direct service but for the sum total of their services; Simmel |
| Simmel | discourages mixing business with pleasure |
| Marx and Weber | no like capitalism |
| alienation | condition where people are dominated by forces of their own creation that then confront them as alien powers. You are essentially disconnected from what your supposed to be connected to; Marx |
| Marx | workers don't have a full grasp of what they are producing, no more masters of products. Products has masters the worker |
| Marx | people become alienated from each other because our relationship become conditioned by the ethic of capitalism |
| Marx | work is external to the worker. It is not part of his creative nature; consequently, he does not fulfill himself in his work but denies himslef |
| Socialism | an economic system in which most or all of the needs of the population are met through nonmarket methods of distribution |
| Communism | a classless society in which the means of production are shared through state ownership and in which rewards are not tied to productivity but to need |
| Weber | Ideas, not just tech, generate social change |
| Weber | people looked at money as a sign from God that they were lucky |
| Weber | said capitalism ate the soul. What you have will never be enough. Modern industry and its associated bureaucracy and rationally creates an iron cage |
| Family wage | a wage paid to male workers sufficient to support a dependent wife and children |
| service sector | section of the economy that provides intangible services rather than material products |
| globalization | new markets, new means of exchange, new players, and new rules. Reduces poverty and inequality on worldwide scale |
| Monopoly | occurs when one seller of a good or service dominates the market to the exclusion of others, potentially leading to zero competition |
| oligopy | only a handful of sellers dominate |
| productivity-enhancing | economic activities that increase the total economic value available to society |
| rent-seeking | economic activities that aim to move value from one person or company to another without increasing value |
| offshoring | moving all or part of a companies operations abroad to developing nations with lower pay scales and lenient labor laws |
| union | an organization of workers designed to facilitate collective bargaining with an employer |
| union busting | a companies assault on its workers union with the hope of dissolving it |
Created by:
omckenna52