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Capitalism worlds predominant economic system the

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Unformatted text preview: rom the study of capitalist market economies have limited applicability to economic systems in societies where people do not produce and exchange goods for private profit. Capitalism • world’s predominant economic system • the means of production are privately owned and the operation of markets guides production and income distribution • Purpose of production is to create wealth • people work for wages, can use to buy goods • Began in northern Europe, North America and Japan and developed into a complex, integrated international economy • BUT, remember that production, distribution and consumption are influenced by CULTURE Marxist View of Capitalism • labor becomes a commodity and workers would only work enough to make money to buy necessary food to survive (subsistence salaries), BUT capitalists may force workers to spend more time on the job, thereby creating profit for the capitalist. In Marx’s view the capitalist and the worker exist in an antagonistic relationship. Next Time • Will will discuss capitalism more and go over the Bourgois article • May introduce religion...
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