Class 6, 8 and 9 - Capitalism and Management in the 20th/21st Century

A comprehensive set of flashcards covering key concepts and definitions related to capitalism and management throughout the 20th and 21st centuries.

Capitalism

An economic system characterized by private ownership of the means of production and the operation of markets.

Technological Breakthroughs

Major innovations that significantly alter the economic landscape and productivity.

Mass Production

The manufacture of goods in large quantities using standardized processes.

Bureaucracy

A system of management characterized by hierarchical structures and defined rules.

Scientific Management

A theory of management that analyzes workflows to improve economic efficiency, primarily through time and motion studies.

Division of Labor

The separation of tasks in any economic system so that participants may specialize.

Great Depression

A severe worldwide economic downturn that lasted from 1929 to the late 1930s.

New Deal

A series of programs, public work projects, and financial reforms enacted in the United States during the 1930s.

Globalization

The process of increased interconnectedness and interdependence among nations, particularly in economics.

Neoliberalism

A political and economic ideology that emphasizes free-market capitalism, deregulation, and reduction in government spending.

The Roaring Twenties

A period of economic prosperity and cultural change in the United States during the 1920s.

Stock Market Crash of 1929

The most devastating stock market crash in US history, which signaled the beginning of the Great Depression.

Wagner Act

A 1935 law that established the legal right for private sector employees to organize into trade unions.

Keynesian Economics

An economic theory that advocates for government intervention to manage economic cycles.

Post-World War II Boom

A period characterized by economic growth and expansion in the US and Canada following World War II.

Fiscal Policy

Government policies regarding taxation and spending to influence the economy.

Human Era

A management era focused on interpersonal relationships and the human aspects of work during the 1930s to 1950s.

The Golden Age of Capitalism

An economic period from 1945 to 1973 characterized by high growth, rising wages, and economic expansion.

OPEC

The Organization of the Petroleum Exporting Countries, which coordinates petroleum policies among member nations.

Income Inequality

The unequal distribution of wealth and income within a population.

Hawthorne Effect

The alteration of behavior by study participants due to their awareness of being observed.

The Gig Economy

A labor market characterized by short-term contracts and freelance work instead of permanent jobs.

COVID-19 Impact

The significant changes and challenges posed by the Coronavirus pandemic on global economies and societies.

Financialization

The increasing dominance of financial motives, financial markets, financial actors, and financial institutions in the operation of domestic and international economies.

Bloody Saturday

A day during the Winnipeg General Strike of 1919 where law enforcement clashed with strikers, resulting in fatalities.

Stock Market Speculation

The practice of engaging in risky financial transactions in an attempt to profit from fluctuations in the market.

Public Sector

The part of the economy controlled by the government, including services and businesses.

Management Science

A discipline that uses mathematical and scientific methods to analyze and solve management problems.

Corporate Monopolies

The domination of a market by a single firm, generally leading to reduced competition and higher prices.

Antitrust Legislation

Laws designed to promote competition and prevent monopolies in the marketplace.

Labor Unions

Organizations formed by workers to protect their rights and interests.

Inflation

A general increase in prices and fall in the purchasing value of money.

Consumer Culture

A social and economic order that encourages the acquisition of goods and services in ever-increasing amounts.

Technological Efficiency

The ability to maximize output from a given set of inputs through advances in technology.

Interdependence

A mutual reliance between two or more groups, especially regarding economics and market conditions.

Global Trade Flows

The movement of goods and services across international borders.

Authority Hierarchy

The organization of individuals in a corporation based on levels of authority.

Frederick W. Taylor

An American mechanical engineer who is known as the father of scientific management.

Max Weber

A German sociologist who contributed to the development of bureaucracy theory.

Economic Recovery

The process of overcoming a recession or depression and achieving economic stability.

Labor Market

The supply and demand for labor, where employees provide the supply and employers provide the demand.

Outsourcing

The practice of obtaining goods or services from an outside supplier.

BRICS

An acronym for Brazil, Russia, India, China, and South Africa, which are major emerging economies.

The Great Recession

A severe global economic downturn that occurred from late 2007 to mid-2009.

Mortgage-Backed Securities

Investment products secured by mortgages, which can collapse during financial crises.

Leverage

The use of borrowed capital to increase the potential return of an investment.

Bretton Woods System

The system of monetary management established in 1944, which set up rules for commercial and financial relations among developed countries.

National Recovery Act

A key part of the New Deal aimed at stabilizing industry and raising wages.

Taxation and Expenditure

Government actions involving the collection of taxes and spending on public services.

Economic Growth

An increase in the production of goods and services in an economy over time.

Consumer Choice

The decision-making processes of consumers regarding the purchase of goods and services.

Productivity

The measure of outputs produced per unit of input used in production.

Technocratic Approach

A governance model where decision-makers are selected based on technical skills and expertise.

Long-Term Trends

Persistent patterns or changes observed over an extended period.

Unionization

The formation of unions to represent the interests of workers.

Micro Approach

Management strategies that focus on individual task design and job efficiency.

Macro Approach

Management strategies that look at the overall structure and functioning of organizations.

Innovation

The introduction of new ideas, methods, or products to improve efficiency and effectiveness.

Global Cheap Labor

Workforce available at lower wages due to globalization and international labor markets.

Social Movements

Organized group efforts advocating for societal change.

Financial Institutions

Organizations such as banks and investment firms that provide financial services.

Evolving Capitalism

The continuous transformation of capitalism in response to technological, social, and political changes.

Technological Disruption

Significant changes in industries caused by technological innovations.

Private Ownership

The ownership of property or businesses by individuals or non-governmental organizations.

Interpersonal Management

Management focused on relationships and collaboration between individuals.