The Economy The economy is the social system involved in the production and

The economy the economy is the social system involved

This preview shows page 14 - 16 out of 16 pages.

The Economy The economy is the social system involved in the production and distribution of goods and services. Sociology of the Economy Sociologists are concerned with individuals but focus more on and the national and global economy as a whole, its basic components and the ways they interrelate. Interest lies in the linkages between economy and non-economic macro- phenomena. The US Economy: Industrialization The Industrial Revolution The key development in the emergence of the modern economy Introduced the factory system of production where goods were mass produced Industrialism is characterized by an elaborate division of labor Goods and services became mass produced, which is best categorized as the manufacturing of large numbers of standardized products From Fordism to Post-Fordism Fordism includes the development of the modern mass-production system, primarily through the creation of the automobile assembly line. For mass market of homogeneous products based on economy of scale and standardized processes. Post-Fordism is associated with smaller production runs of more specialized products. For high style and quality with more flexibility using higher skilled labor. Capitalism, Socialism, and Communism Socialism An effort by society to plan and organize production consciously and rationally so that all members of society benefit Communism An economic system oriented to the collective, rather than the private ownership of the means of production Capitalism, Socialism, and Communism Welfare States Societies with socialistic elements and strong social welfare programs. Threats to, and declines in, social welfare programs have spread throughout Europe due to economic strains. Welfare states have been threatened by the realities of the global economy
Capitalism, Socialism, and Communism Capitalism Competitive capitalism – small number dominate a market Monopoly capitalism – domination of economic markets by large corporations. Transnational capitalism – capitalism crossing traditional national boundaries with multinational corporations competing The center of capitalism can be argued to now lie in consumption rather than production. The US Economy: Deindustrialization Deindustrialization The decline of manufacturing as well as a corresponding increase in various types of services Factors in Deindustrialization Aging technology Expansion of globalization The rise of the consumer society Rise of the service sector The US Economy: Deindustrialization The Decline of American Labor Unions – Many reasons including: A decline in blue collar jobs where people have historically participated in unions.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture