Soc-1: You May Ask Yourself 8th Edition Chapter 14

Intro to Soc: (Terms are paraphrased)

Capitalism

an economic system that promotes private property ownership and individual economic status

Feudalism

a precapitalist economic system, characterized by medieval terms, serfs, lords, vassals, and fiefs

Agricultural Revolution

a turning point within the 1700s that involved the advancement of new farming technology, that boosted production

Corporation

a legal entity that has a distinct personhood compared to that of its members, namely its owners or shareholders

Adam Smith

promotes capitalism; father of liberal economics; created The Wealth of Nations; “money is inherently social, it facilitates social relations between humans”

Georg Simmel

promotes capitalism; believes money isn’t a social agent but rather part of a historical evolution; salary > wage labor > payment per unit

Salary (Simmel

Workers are not paid for their direct services, but the sum of them

Wage Labor (Simmel)

a socioeconomic system where a worker provides labor in exchange for money

Honorarium (Simmel)

a “thank you” gift rather than an agreed upon bonus

Karl Marx

promotes Communism, despises capitalism; wants no more private property nor no economic inequality

Communism

a political system that makes everyone turn to economic equality, a classless society

Socialism

a political system in which there is shared ownership and rewards aren’t tied to productivity, but need

Max Weber

technology and ideas generate a social change; doesn’t like capitalism and believes it eats at the soul in a different way compared to Marx’s views.

Family Wage

a wage paid to male workers to help support their dependent wife and children

Service Sector

the section of the economy that provides intangible services, such as restaurant work, providing advice, or healthcare

Globalization

the interconnectedness of various cultures, populations, economies

Monopoly

One business/person dominates a certain market

Oligopoly

Multiple businesses/people have control of the market

Offshoring

the decision to move all/parts of a company overseas to minimize costs

Union

a collective group of workers that band together to go against their employer

Union Busting

the company’s assault to get rid of the union, in hopes of dissolving it

Horndal Effect

a phenomenon where older labor increases productivity, without any investments going into it