Lectures 5-7 - Lecture 5 3/30/2008 3:13:00 PM Economic...

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Lecture 5 30/03/2008 14:13:00 Economic institutions = social organization of production, distribution, and  consumption of goods and services in a society Production of goods (where it is produced) Distribution                                       Consumption (produced based on what consumer will consume needs of rich/ old/poor) ^^^ all interdependent of one another ^^^^ change in economy   everything in society changes Economic Systems of the World Capitalism Welfarism o Based on model of capitalism o Individual owns mean of production o Think state is responsible for producing basic needs; ex., Denmark,  Norway, Netherlands, and Finland  Socialism o Means of production owned by state; i.e., factories, buildings, land,  capital) nobody owns it and everybody owns it o Production for use not profit Work with a cooperate group of ppl to make no more or less  than what you need (SHARING!) o No social stratification Everyone same social class, nobody owns anything to be better  or worse than anyone
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o State is responsible for basic needs; food, health, housing, etc. - Globalization refers to economic and political interdependence of nations  around the globe - we spend more $ on health care per person over anyone in the world - 45 million do not have health care - struggle even if you do have health care w/ bureaucracy  - switched from manufacturing economy to a service economy 3 Vultures (make it so we can’t have universal health care) health care o takes money from you, state, and federal gov’t o share holders make millions/billions pharmaceutical companies o complete exploration  o a pill costs 5 cents in India and $34 in U.S. American medical association  o Beneficiaries  Socioeconomic consequence of Capitalism Environmental degradation Economic insecurity
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o Hired and fired without any look at your life (part of the system) Social Inequality o Ascribed economic inequality; inheritance of property and occupations o Politics of inequality   dominated by rich ppl (the capitalists) o Education and economic inequality   costs lots of $$ o Legal systems and economic inequality   dominated by rich ppl and  powerful, create rules and laws that help their class out Advertising and Consumerism Create perceived desire or needs for products that aren’t necessary o Forced to buy things; happy meal toys, cool clothes, tobacco  companies  Planned artificial obsolescence o Make things to fall apart o Older things looked at as bad (10 yr old car) Influence on the contents of mass media
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Lectures 5-7 - Lecture 5 3/30/2008 3:13:00 PM Economic...

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