Poverty - Chapter 2: Wealth and Power: This Bias System of...

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Chapter 2: Wealth and Power: This Bias System of Poverty Chapter 7: Poverty The System is Biased Whether or not this is good or bad depends on your viewpoint/place in the social structure Areas in Society where Bias has been identified: Wealth Gender Employment Race Political Affiliation Education Religion Sexual Orientation Physical Appearance/Ability Heritage/Background Disabilities Adam Smith (1723-1790) Scottish Economist Considered the father of modern capitalism The laws of the marketplace regulate prices and product-quality The laws of the marketplace regulate prices and product-quality The concept of competition summarizes the basis of the laws of the marketplace Capitalism US Capitalism depends on four conditions: 1. The private ownership of property
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2. The pursuit of maximum profit 3. Competition based on the economic principles of supply and demand 4. Lack of government intervention Laissez-faire A government policy of allowing the marketplace to operate unhindered
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Poverty - Chapter 2: Wealth and Power: This Bias System of...

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