Chapter 14: The Economy
Sociology: A Down-to-Earth
Approach 7/e
James M. Henslin
Chapter Fourteen: The Economy
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Copyright © Allyn & Bacon 2005
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Chapter 14: The Economy
The Transformation of Economic
Systems


Preindustrial Societies: Birth of Inequality

Hunting and Gathering Societies

Pastoral and Horticultural Societies

Agricultural Societies
Increasing Social and Economic
Inequalities
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Chapter 14: The Economy
The Transformation of
Economic Systems

Industrial Societies: Birth of the Machine

Brought Previously Unseen Surpluses

Factories Exploited Labor

More Efficient Machines Led to Conspicuous
Consumption
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Chapter 14: The Economy
The Transformation of
Economic 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
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Chapter 14: The Economy
The Transformation of
Economic Systems

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
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Chapter 14: The Economy
The Transformation of the
Medium of Exchange

Earliest Mediums of Exchange

Medium of Exchange in Agricultural
Societies

Medium of Exchange in Industrial
Societies

Paper Currency

Fiat Money

Gross Domestic Product
Copyright © Allyn & Bacon 2005
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Chapter 14: The Economy
The Transformation of the
Medium of Exchange

Earliest Mediums of Exchange

Medium of Exchange in
Agricultural Societies

Medium of Exchange in Industrial
Societies

Medium of Exchange in
Postindustrial Societies
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Chapter 14: The Economy
World Economic Systems

Capitalism

Private Ownership of Means of Production

Market Competition

Pursuit of Profit

Laissez-Faire Capitalism

Welfare or State Capitalism
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Chapter 14: The Economy
World Economic Systems


Socialism

Public Ownership of Means of Production

Central Planning

Distribution of Goods Without Profit Motive
Democratic Socialism
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Chapter 14: The Economy
Ideologies of Capitalism
and Socialism

Capitalists

Market Prices Should Determine Products
and Prices

Greed is Good
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Chapter 14: The Economy
Ideologies of Capitalism
and Socialism

Socialists

Profit is Immoral

Item’s Value Based on the Work that
Went Into It

Government Protects Workers from
Exploitation
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Chapter 14: The Economy
Criticisms of Capitalism
and Socialism

Capitalism

Leads to Social Inequality

Tiny Top Layer Exploits Vast Bottom Layer

Few Who Own the Means of Production Reap Huge
Profits
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Chapter 14: The Economy
Criticisms of Capitalism
and Socialism

Socialism

Does Not Respect Individual Rights

Others Control People’s Lives

Give Everyone an Equal Chance to be Poor
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Chapter 14: The Economy
Convergence of Capitalism
and Socialism

Convergence Theory

Hybrid or Mixed Economy

Changes in China and Russia

Changes in America
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Chapter 14: The Economy
Functionalist View of the
Globalization of Capitalism

New Global Division of Labor


Mechanical vs. Organic Solidarity
Now We Depend on Workers Around the Globe
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Chapter 14: The Economy
Ownership and Management
of Corporations

Corporate Capitalism

Separation of Ownership and Management

Stockholders’ Revolt
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Chapter 14: The Economy
Functions on a Global Scale


Three Major Trading Blocks

North and South America

Europe

Asia
Benefits Multinational Giants and Citizens
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Chapter 14: The Economy
Conflict View of Globalization of
Capitalism

Inner Circle of Corporate Capitalism

Multinational Corporations

Interlocking Directorates

Global Investing
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Chapter 14: The Economy
Work in U.S. Society

Decline of Agriculture and Transition to
Postindustrial Society

Women and Work

Underground Economy

Stagnant and Shrinking Paychecks
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Chapter 14: The Economy
Work in U.S. Society

Patterns of Work and Leisure

Effects of Industrialization

Trends in Leisure

Telecommuting (Teleworking)
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Chapter 14: The Economy
Facing the Future

Global Trade: Inequalities and Conflict

New Technologies and Downsizing
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