Chapter 14: Capitalism and the Economy

Flashcards covering key terms and concepts from Chapter 14 on Capitalism and the Economy, useful for review and exam preparation.

Capitalism

An economic system where property and goods are primarily owned privately, and prices, production, and distribution are determined by competition in a marketplace.

Feudalism

A precapitalist economic system characterized by lords, vassals, serfs, and fiefs.

Enclosure Movement

The historical process by which common lands were privatized, forcing small holders to seek work in cities.

Agricultural Revolution

A period around 1700 when new farming technologies increased food output and contributed to population growth.

Industrial Revolution

A historical period characterized by the rise of large-scale factory production and the displacement of agricultural workers to urban areas.

Corporation

A legal entity that has a distinct legal personhood from its members; can sue or be sued and limits the liability of its owners.

Adam Smith

An economist who proposed that competition and specialization improve productivity and that using money rather than barter increases trading efficiency.

Alienation

A condition in which people are dominated by forces of their own creation, leading to feelings of disconnection in capitalist societies, as described by Karl Marx.

Class Consciousness

The awareness of one's social class and the recognition of social inequalities, prompting revolutionary action among the oppressed.

Socialism

An economic system where most or all of the needs of the population are met through nonmarket methods of distribution.

Globalization

A multidimensional set of social processes that creates, multiplies, and intensifies global social exchanges and interdependencies.

Union Busting

A company's effort to undermine or eliminate labor unions to prevent collective bargaining.

Iron Cage

Max Weber's concept describing modern life constrained by bureaucratic structures that limit individual freedom.

Service Sector

A subsection of the economy that involves providing services rather than goods, often characterized by emotional labor.

False Consciousness

The denial of the truth by the oppressed when they fail to recognize that the interests of the ruling class are embedded in the dominant ideology.

Monopoly

A market condition where a single seller dominates the market, potentially leading to zero competition.