(12) Economics and politics

(12) Economics and politics - 5/7/09 Click to edit Master...

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Unformatted text preview: 5/7/09 Click to edit Master subtitle style Economics and politics (12) (M Spencer) Economics and politics are both social institutions Major sphere of social life or subsystem designed to meet human needs 5/7/09 The Economy  Historical Overview Economy is the social institution that organizes a societys production, distribution and consumption of goods and services  Does so in a generally predictable manner  Goods commodities ranging from necessities to luxuries  Services activities that benefit others (priests, teachers, doctors, computer techs) The Agricultural Revolution  Resulting surplus meant that not everyone had to produce food  Ppl took on specialized work (tool making, raising animals, etc)  Agricultural technology, specialized work, permanent settlements and trade made the economy a distinct social institution The Industrial Revolution  Brought even greater change than the agricultural revolution 1. New sources of energy muscle power gives way to steam engine/ heavy machinery 2. Centralization of work in factories use of machinery moved work from homes to factories 3. Manufacturing and mass producing instead of growing or gathering raw materials, turn raw materials into finished products 4. Specialization move from an artisan making a product start to end, repeats a single task over and over The Information Revolution and  Around 1950, nature of production is changing again  Postindustrial economy productive system based on service work and high technology  Service industries currently employ most working ppl  Shifts from industrial work to service work  3 general changes: Sectors of the Economy  The 3 revolutions described reflect a shift between 3 sectors of the economy 1. Primary sector draw raw materials from the natural environment Agriculture, fishing, ranching, forestry, mining 2% of high income countries labor force 2. Secondary sector transforms raw material into manufactured goods Turning metals into cars The Global Economy  New information technology draws nations closer together and creates a global economy  Expanding economic activity with little regard for national borders Global division of labor different regions of the world specialize Increasing # of products pass through more than one nation National govts no longer control the economic activity 5/7/09 Economic Systems  Paths to Justice Every societys economy makes a statement about justice by determining who gets what  Two general models: Capitalism Som  Two ends of the spectrum Capitalism...
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This note was uploaded on 06/25/2008 for the course SOCI 102 taught by Professor Spencer during the Spring '08 term at Bridgewater State University.

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(12) Economics and politics - 5/7/09 Click to edit Master...

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