SOCIO2001 - Work and economy

ch 13-16

the economy as a social institution

mechanism by which goods and services are distributed by society

• also a powerful agent of socialization

• major source of norms and values, and social solidarity

major influence on social stratification and life changes

capitalism

dominant form of economic organization

• relies on market vs other means of production and distribution

• relies on private ownership of the means of production and distribution

what is the main incentive of the capitalism

profit

socialism

relies on social ownership of the means of production and distribution

• greater influence on redistribution and the welfare state

can take market and non market state forms

state socialism

where government owns - United States Postal Service

cooperative socialism

where workers owned - work owned grocery store

globalization

process of increasing interdependence of national economies

increasing transitional flows of people, goods, service, capital and culture

profound impact on work and culture around the globe

globalization - functionalist perspective

globalization of capitalism is functional for the world system

a system that connects the world so everything works better together

result is more efficient - ex: apple inc. sources materials from different countries

globalization - conflict perspective

expanding domination of a global corporate elite

a system where the powerful benefit at the expense of the less powerful

“Race to the Bottom” - ex: nike produces to companies in vietnam where labor is cheaper

economic restructuring

major changes in how an economy is organized — especially in jobs, industries, and production

shift to one type of economy to another usually to try and stay competitive

• deindutrialzation

• rise in contingent employment relations

deindustrialization

shift from goods producing to service based economy

ex: many factories from the U.S moved to countries like China to save money; people in the U.S lost factory jobs

In 2020 what percent of manufacturing and what percent of services?

8%, 80%

The contingent workforce

rise in outsourcing, subcontracting and temporary work contracts

• companies are hiring more short term workers instead of full time

more flexibility for employers and workers

• easier to hire/fire, more flexible schedules

temp workers: usually make less and dont get benefits

many want stable jobs

decline in unionization

historically a institutional mechanism for advancing the collective interests of workers

steady decline in union density

high union density

unions have more bargaining power - better eages, working conditons

low union density

unions have less influence

in 2020, 11% of U.S workers belonged to

unions

35%

coverage

30%

density

what does narrowing of the opputnrutot sturcutre mean

less opputnurnity for less educated people to get good jobs or move up

life expectancy with bachelors degree

83.3

life expectancy without bachelors degree

74.8

implications of globalizaion and economic restructuring

uncertainty

changes create both displacement and new opportunities

much depends on how people respond to shape economic change