Post Exam 2

Post Exam 2 - Post Exam 2 Low income Countries poverty is...

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Post Exam 2 Low income Countries - poverty is more absolute, life threating, and widespread o 15% of world (about 1 billion people) suffer from chronic hunger o Half of Africans are malnourished o At least 100 million homeless street children Beg, steal, sell sex, work for drug gangs Half live in latin America - often have more extreme gender inequality, women are servile dependent, powerless Large differences in GDP (PPP) per capita by country On average people less impoverished China India But progress is uneven Why does inequality matter? Economy – Social institution responsible for organizing the production, distribution, and consumption of goods and services Western economic institutions transformed by technological revolutions: Agricultural – domestication of plants and animals
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- Increased productivity - Permanent settlements - Expanded travel and trade - Work begins to separate from family - Cottage industries evolved to produce market goods Industrial – 1750 - Changed western societies ( started in England and moved west) o Centralization of work o Wage labor o Division of labor and specialization o Manufacturing and mass production - Changed nonwestern socities o Increased involvement in global trade o Colonization of Americas, asia, africa o Economic interdependence around globe o Global stratification of socieites Information – 1950 - Post industrial economy - Transition from producing tangible goods to intangible ideas - Transition from physical work to literacy skills - Decentralization of work Nonwestern societies also affected Types of economic systems: Capitalism: - Private ownership of property - Pursuit of personal profit - Free market competition
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o “Laissez faire” = no government interference o Guided by the “invisible hand” of supply, demand, and price - Less economic equality - More Economic productivity o Almost 3 times higher - Higher material standard of living - Personal Freedoms o Entreprenuers encouraged o Wealth accumulation encouraged o Freedom of speech o Freedom of movement Socialism: - Collective ownership o Limits private property o Ideal is a classless society - Pursue Collective goals o Freedom from want o Profit is a potential conflict of interest - Government control of economy o Centrally controlled economy - More economic equality - Less economic productivity - Lower material standard of living - Personal freedoms o Basic needs met o Control of economy o Control of media/information o Control of personal mobility Blended systems - Welfare capitalism = democratic socialism
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o Market- Based Economy o Govt. owns some of the largest industries and services o High taxes for extensive social welfare programs o EX: Sweden, Italy - State capitalism o Privately owned companies cooperate with government o Government protects them with import controls and financial assistance o EX: Japan, south Korea, Singapore Comparison of capitalism and socialism Sectors of the economy: Primary – Grow stuff, mine stuff, get raw materials
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This note was uploaded on 04/03/2008 for the course SOC 101 taught by Professor Sullivan during the Spring '08 term at ASU.

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Post Exam 2 - Post Exam 2 Low income Countries poverty is...

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