Social Institutions

Social Institutions - Social Institutions Economy The...

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Social Institutions Economy The economy is the social institution responsible for the production and distribution of goods. The two dominant economic systems in the world are capitalism , under which resources and means of production are privately owned, and socialism , a system under which those resources are owned by the society as a whole. Welfare capitalism and state capitalism are hybrids of capitalism and socialism. Welfare capitalism features a market-based economy coupled with an extensive social welfare system. Under state capitalism , the government closely monitors and regulates the resources and means of production, which are privately owned. According to Karl Marx , capitalism brings workers and employers into conflict. The only way to resolve the conflict is workers’ revolution to replace capitalism with communism . The economy is a quickly changing social institution. Economic trends include globalization , demand for educated professionals , self-employment
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Social Institutions - Social Institutions Economy The...

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