6 Economy, Society, and Cultural Change
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The economy is the foundation of social life
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Karl Marx stated that the economic structure of society determines the legal, political, and social consciousness of individuals
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The consciousness of individuals is determined by their social being, not the other way around
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The economic production of a society shapes its entire life, beliefs, and activities
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In a feudal society, hierarchical social relations are produced due to the inequality between landlords and landless peasants
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The cultural lifestyle of the poor differs from that of the middle class and the super-rich
The lower class is drawn more to popular culture and affordable products
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Marx classified people into different classes based on their shared class interests in relation to the means of production
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The system of social stratification leads to inequalities in society
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Max Weber defined class as a category of individuals who have economic interests in the possession of goods and opportunities for income
Ownership of property is crucial to the definition of class
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Weber distinguished status from class
Status refers to the differentiation of groups in terms of social honor and standing
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Caste system is a closed system where membership is ascribed rather than achieved
Social contact between castes is heavily constrained and ritualized
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Class system allows for social mobility, where individuals can move from a lower class to a higher class based on their access to the means of production and contribution to productive labor
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Pierre Bourdieu argued that capital includes not only economic assets but also cultural, symbolic, and social capital
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Cultural capital refers to the forms of knowledge, values, attitudes, and artistic taste acquired from family background
Middle-class families provide higher cultural capital to their children compared to lower-class families
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Social capital refers to resources based on group membership, relationships, and networks of influence and support
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Symbolic capital is about the acquisition of a reputation for competence and an image of respectability and honorability
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Forms of capital constitute the resources of a person's habitus, which is shaped by family background and engagement with the social world
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Globalization is the progressive growth of economic activities that transcends geographical borders
Globalization involves the movement of goods, services, and human resources through trade and investments among nations
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Free trade agreements, such as the European Union, NAFTA, APEC, ASEAN, and MERCOSUR, are important ingredients of globalization
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Transnational corporations (TNCs) have persuaded people in developing countries to adopt their products, leading to the neglect of traditional and nutritious foods
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The Coca-Cola company has been accused of abusing workers' rights, assassinations, water privatization, and worker discrimination in Colombia
Page 36: World Capitalist System, Neoliberalism, and Inequality
Immanuel Wallerstein developed World Systems Theory and its three-level hierarchy: core, periphery, and semi-periphery
Core countries are dominant capitalist countries that exploit peripheral countries for labor and raw materials.
Semi-peripheral countries share characteristics of both core and peripheral countries.
Peripheral countries are dependent on core countries for capital and have underdeveloped industry.
Page 38: Neoliberal practices led to inequality: IMF
Instead of delivering growth, some neoliberal policies have increased inequality and have not delivered as expected, according to a recent report from the International Monetary Fund (IMF).
Neoliberalism rests on two main planks:
Increased competition achieved through deregulation and the opening up of domestic markets.
Privatization and limits on the ability of government to run fiscal deficits and accumulate debt.
Page 39: Forbes Reveals Top 50 Philippines’ Richest List 2014
The top 10 richest individuals in the Philippines in 2014 were:
Henry Sy & Family with a net worth of $12.7B, originating from diversified wealth.
Lucio Tan & Family with a net worth of $6.1B, originating from diversified wealth.
Enrique Razon, Jr. with a net worth of $5.2B, originating from ports.
Andrew Tan with a net worth of $5.1B, originating from diversified wealth.
John Gokongwei, Jr. with a net worth of $4.9B, originating from diversified wealth.
David Consunji with a net worth of $3.9B, originating from construction.
George Ty & family with a net worth of $3.7B, originating from banking.
Family Aboitiz with a net worth of $3.6B, originating from diversified wealth.
Jaime Zobel de Ayala & Family with a net worth of $3.4B, originating from diversified wealth.
Tony Tan Caktiong & Family with a net worth of $2B, originating from fast food.
This shows how the Philippines has been integrated into the circuit of global capitalism.
Page 40: The Rise of Ukay-Ukay or Wag-Wagan Market
Second-hand clothing, known locally as "ukay-ukay" (flea market of used imported clothes), symbolizes the relative positions of the developed and developing world in the global political economy.
The disposed garments are used either by the lowest income groups in developed nations or back in developing countries.
The second-hand clothing market undermines local industries in developing countries, hindering their progress in the world economy.
Page 41: My Best Budget Menu
Students are asked to prepare a lunch menu for two families with different budgets.
Family A has a budget of 100 pesos.
Family B has a budget of 500 pesos.
The menu should include rice, one viand, and a dessert if possible.
Students should present the breakdown of expenses and