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Capitalism
- 1. Capitalism and the EconomyCapitalism and the Economy
- 2. An economic system in which 1.Property and goods are privately owned. 2.Investments are determined by private decisions. 3.Prices, production and distribution of goods are determined primarily by competition in an unfettered marketplace.
- 6. Workers are more productive than ever, yet job insecurity is high. As a result, many people are workingmany people are working longer hourslonger hours, especially people at higher income levels, in order to prove loyalty or achieve marginal benefits.
- 7. Adam Smith was an economist who believed that: ◦ Competition helps maintain a cohesive society. ◦ Specialization increases productivity and innovation. ◦ Using money, rather than barter, makes trading more efficient.
- 8. Karl Marx ◦ stated that capitalism created alienation in workers—including alienation from the products they produced, from the production process, from other workers, and from themselves and their creative tendencies ◦ predicted both that capitalism would ultimately destroy itself and that the working class would rise against the capitalist class, leading to a period first of socialism and then of communism
- 10. Max Weber ◦ linked the rise of capitalism to technology, ideas, and beliefs, as well as the Protestant Reformation ◦ expressed concerns about capitalism because he thought people became obsessed with working and making money that they could never enjoy
- 11. In society today, people actually earn less money (relative to the cost of living) compared to the early 1900s. This is because: ◦ Only men were “supposed to” work. ◦ Men were paid enough to provide for the whole family. ◦ Unfortunately, the higher wage was at the cost of women’s freedom and autonomy.
- 12. Compared to other industrialized countries and some developing countries, Americans work longer hours and have fewer vacation benefits and less generous family leave policies. Even when generous benefits are available, workers often do not take advantage of them, which suggests that work is central in the lives of Americans.work is central in the lives of Americans.
- 13. Figure 14.3 Annual Vacation Days and Holidays Worldwide You May Ask Yourself, 2nd Edition Copyright © 2011 W.W. Norton & Company
- 14. Globalization refers to the processes that create and intensify worldwide social exchanges and interdependencies. ◦ creates an increase in trade and economic exchanges ◦ magnifies the division between the world’s rich and poor
- 15. Figure 14.4 Champagne-Glass Distribution You May Ask Yourself, 2nd Edition Copyright © 2011 W.W. Norton & Company
- 16. A corporation is a juristic person — an entity that has all the legal rights, duties, and responsibilities of a person, although their primary goal is generally pursuit of profit.
- 17. This model raises concerns about ◦ corporate ethics ◦ environmental responsibility ◦ fair wages ◦ offshoring of labor (taking jobs overseas)
- 18. To fight for workers’ rights, workers sometimes form a union - a collective organization that unites for the purpose of collective bargaining.
Hinweis der Redaktion
- Poll: Have you worked in a job that made you f... Press F5 or use the tool bar to enter presentation mode in order to see the poll. http://www.polleverywhere.com/multiple_choice_polls/TMUIEGmyF0Ss0NM If you like, you can use this slide as a template for your own voting slides. You might use a slide like this if you feel your audience would benefit from the picture showing a text message on a phone. In an emergency during your presentation, if the poll isn't showing, navigate to this link in your web browser:
- Poll: How many hours per week do you work righ... Press F5 or use the tool bar to enter presentation mode in order to see the poll. http://www.polleverywhere.com/multiple_choice_polls/tF36PhgaS9XsYTu If you like, you can use this slide as a template for your own voting slides. You might use a slide like this if you feel your audience would benefit from the picture showing a text message on a phone. In an emergency during your presentation, if the poll isn't showing, navigate to this link in your web browser:
- Poll: If you feel alienated, what kind of alie... Press F5 or use the tool bar to enter presentation mode in order to see the poll. http://www.polleverywhere.com/multiple_choice_polls/LWskmWI4ejavf5R If you like, you can use this slide as a template for your own voting slides. You might use a slide like this if you feel your audience would benefit from the picture showing a text message on a phone. In an emergency during your presentation, if the poll isn't showing, navigate to this link in your web browser:
- In recent American history, especially as the economy has declined in previous years, the landscape of the workforce has changed. For instance, there are fewer jobs available than historically, which gives employers the opportunity to select workers, and also to tell them that if their performance is not the best there “are other people lined up and waiting to take the job.” This has contemporary workers working harder, and trying to make sure they are able to keep their jobs. Less emphasis is placed loyalty to employees because priority is placed on profit, and employees are a big expense! These considerations are changing work in America.
- These are the basic tenets of capitalism.
- Marx was concerned about the results of all of this. He believed that the switch to currency, the switch to salary, and the specialization of professions leads to alienation in the workplace. In other words, people become separated from each other, from their work, and from the creative process. Marx suggested that alienation leads to discontent and anomie, a sense of normlessness in society.
- Weber linked the rise of capitalism to technology as much as ideas, specifically ideas and beliefs connected to the Protestant Reformation. He saw capitalism in a negative light, not because he thought it caused alienation, as Marx did, but because he thought people became obsessed with working and making money that they could never enjoy. For example, people who work in the Ford factory could not afford to own a Ford, or if they could afford one they might not have the free time to enjoy it.
- The Ford Motor Company’s idea of the family wage was based on a very limited definition of family: It favored married men with children over single men or married men without children, and it reinforced the notion that women should not work. The fact that women have often been paid less than men has served to deter them from seeing work as a lifelong choice. The wage structure was one factor that made women see marriage as the only way to have financial security.
- While more American companies are offering family-friendly policies such as flextime and “flexspace,” employees are not necessarily taking advantage of them in great numbers. Arlie Hochschild suggests that there has been a reversal of sacred and profane – that people would rather be at work than at home, because at least work is less chaotic. Studies show that working mothers are less depressed and have higher self-esteem than mothers who do not work, yet they are also more likely to feel tired and anxious and they have higher divorce rates.
- Figure 14.3 Annual Vacation Days and Holidays Worldwide
- While globalization is not a new phenomenon, the current period of globalization has a number of new elements, and it has clearly demarcated the division between the world’s rich and poor. The question is whether globalization can truly be a force to close that gap or if it serves only to widen it.
- Figure 14.4 Champagne-Glass Distribution
- Corporations have many of the same rights as people. They can buy and sell property, sue and be sued in court, and so on. However, corporations aren’t people. Are there problems with giving corporations rights when they inherently don’t have morals or ethics?
- The overriding objective of corporations is to make profits for their shareholders, and in order to do this they must find ways to beat the competition. Sometimes these efforts lead corporations to cross the line of legality, or at least to come close. There is constant tension for corporations in terms of pressures to be environmentally responsible, which can add to overall costs, and pressures to be profitable.
- Unions became more important as the pursuit of profit became more important for corporations. Unions traditionally helped to ensure that workers were treated fairly and that the working conditions were safe. When a company refuses to negotiate or renew a contract, this is called union busting. For an interesting discussion, ask students if unions are still necessary today. Are they helpful or hurtful to employees and employers?