chapter 14: the economy copyright © allyn & bacon 20051 sociology: a down-to-earth approach 7/e...

Copyright © Allyn & Bacon 2005 1

Chapter 14: The EconomyChapter 14: The Economy

Sociology: A Down-to-EarthSociology: A Down-to-EarthApproach 7/eApproach 7/e

Sociology: A Down-to-EarthSociology: A Down-to-EarthApproach 7/eApproach 7/e

James M. HenslinJames M. HenslinChapter Fourteen: The EconomyChapter Fourteen: The Economy

James M. HenslinJames M. HenslinChapter Fourteen: The EconomyChapter Fourteen: The Economy

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Preindustrial Societies: Birth of Inequality Hunting and Gathering Societies

Pastoral and Horticultural Societies

Agricultural Societies

Increasing Social and Economic

Inequalities

The Transformation of Economic The Transformation of Economic SystemsSystemsThe Transformation of Economic The Transformation of Economic SystemsSystems



Industrial Societies: Birth of the Machine

Brought Previously Unseen Surpluses

Factories Exploited Labor

More Efficient Machines Led to

Conspicuous Consumption

The Transformation of The Transformation of Economic SystemsEconomic SystemsThe Transformation of The Transformation of Economic SystemsEconomic Systems



Postindustrial Societies: Birth of Information Age Service Sector Vast Surplus of Goods Extensive Trade Among Nations Wider Variety and Quantity of Goods Information Explosion Global Village




Bioeconomic Societies: Merger of

Biology and Economics

We May Be On the Verge of New Type

of Society

Likely to Lead to Even Greater

Inequalities




Earliest Mediums of Exchange Medium of Exchange in Agricultural

Societies Medium of Exchange in Industrial

Societies Paper Currency Fiat Money Gross Domestic Product

The Transformation of the The Transformation of the Medium of ExchangeMedium of ExchangeThe Transformation of the The Transformation of the Medium of ExchangeMedium of Exchange



Earliest Mediums of Exchange Medium of Exchange in

Agricultural Societies Medium of Exchange in Industrial

Societies Medium of Exchange in

Postindustrial Societies

The Transformation of the The Transformation of the Medium of ExchangeMedium of ExchangeThe Transformation of the The Transformation of the Medium of ExchangeMedium of Exchange



Capitalism

Private Ownership of Means of Production

Market Competition

Pursuit of Profit

Laissez-Faire Capitalism

Welfare or State Capitalism

World Economic SystemsWorld Economic SystemsWorld Economic SystemsWorld Economic Systems



Socialism

Public Ownership of Means of Production

Central Planning

Distribution of Goods Without Profit Motive

Democratic Socialism

World Economic SystemsWorld Economic SystemsWorld Economic SystemsWorld Economic Systems



Capitalists

Market Prices Should Determine Products

and Prices

Greed is Good

Ideologies of Capitalism Ideologies of Capitalism and Socialismand SocialismIdeologies of Capitalism Ideologies of Capitalism and Socialismand Socialism



Socialists

Profit is Immoral

Item’s Value Based on the Work that

Went Into It

Government Protects Workers from

Exploitation

Ideologies of Capitalism Ideologies of Capitalism and Socialismand SocialismIdeologies of Capitalism Ideologies of Capitalism and Socialismand Socialism



Capitalism

Leads to Social Inequality

Tiny Top Layer Exploits Vast Bottom Layer

Few Who Own the Means of Production Reap Huge

Profits

Criticisms of Capitalism Criticisms of Capitalism and Socialismand SocialismCriticisms of Capitalism Criticisms of Capitalism and Socialismand Socialism



Socialism

Does Not Respect Individual Rights

Others Control People’s Lives

Give Everyone an Equal Chance to be Poor

Criticisms of Capitalism Criticisms of Capitalism and Socialismand SocialismCriticisms of Capitalism Criticisms of Capitalism and Socialismand Socialism



Convergence Theory

Hybrid or Mixed Economy

Changes in China and Russia

Changes in America

Convergence of Capitalism Convergence of Capitalism and Socialismand SocialismConvergence of Capitalism Convergence of Capitalism and Socialismand Socialism



New Global Division of Labor

Mechanical vs. Organic Solidarity

Now We Depend on Workers Around the Globe

Functionalist View of the Functionalist View of the Globalization of CapitalismGlobalization of CapitalismFunctionalist View of the Functionalist View of the Globalization of CapitalismGlobalization of Capitalism



Corporate Capitalism

Separation of Ownership and Management

Stockholders’ Revolt

Ownership and Management Ownership and Management of Corporationsof CorporationsOwnership and Management Ownership and Management of Corporationsof Corporations



Three Major Trading Blocks

North and South America

Europe

Asia

Benefits Multinational Giants and Citizens

Functions on a Global ScaleFunctions on a Global ScaleFunctions on a Global ScaleFunctions on a Global Scale



Inner Circle of Corporate Capitalism

Multinational Corporations

Interlocking Directorates

Global Investing

Conflict View of Globalization of Conflict View of Globalization of CapitalismCapitalismConflict View of Globalization of Conflict View of Globalization of CapitalismCapitalism



Decline of Agriculture and Transition to

Postindustrial Society

Women and Work

Underground Economy

Stagnant and Shrinking Paychecks

Work in U.S. SocietyWork in U.S. SocietyWork in U.S. SocietyWork in U.S. Society



Patterns of Work and Leisure

Effects of Industrialization

Trends in Leisure

Telecommuting (Teleworking)

Work in U.S. SocietyWork in U.S. SocietyWork in U.S. SocietyWork in U.S. Society



Global Trade: Inequalities and Conflict

New Technologies and Downsizing

Facing the FutureFacing the FutureFacing the FutureFacing the Future

chapter 14: the economy copyright © allyn & bacon 20051 sociology: a down-to-earth approach 7/e...

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