A Down-to-Earth Approach 8/e SOCIOLOGY A Down-to-Earth Approach 8/e James M. Henslin Chapter Fourteen: The Economy This multimedia product and its contents are protected under copyright law. The following are prohibited by law: any public performance or display, including transmission of any image over a network; preparation of any derivative work, including the extraction, in whole or in part, of any images; any rental, lease, or lending of the program.

The Transformation of Economic Systems Preindustrial Societies: Birth of Inequality Hunting and Gathering Societies Pastoral and Horticultural Societies Agricultural Societies Increasing Social and Economic Inequalities Copyright © Allyn & Bacon 2007

The Transformation of Economic Systems Industrial Societies: Birth of the Machine Brought Previously Unseen Surpluses Factories Exploited Labor More Efficient Machines Led to Conspicuous Consumption Copyright © Allyn & Bacon 2007

The Transformation of Economic Systems Postindustrial Societies: Birth of Information Age Service Sector Vast Surplus of Goods Extensive Trade Among Nations Wider Variety and Quantity of Goods Information Explosion Global Village Copyright © Allyn & Bacon 2007

The Transformation of Economic Systems Bioeconomic Societies: Merger of Biology and Economics We May Be On the Verge of New Type of Society Likely to Lead to Even Greater Inequalities Copyright © Allyn & Bacon 2007

The Transformation of the Medium of Exchange Earliest Mediums of Exchange Medium of Exchange in Agricultural Societies Medium of Exchange in Industrial Societies Paper Currency Fiat Money Gross Domestic Product Copyright © Allyn & Bacon 2007

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The Transformation of the Medium of Exchange Earliest Mediums of Exchange Medium of Exchange in Agricultural Societies Medium of Exchange in Industrial Societies Medium of Exchange in Postindustrial Societies Copyright © Allyn & Bacon 2007

World Economic Systems Capitalism Private Ownership of Means of Production Market Competition Pursuit of Profit Laissez-Faire Capitalism Welfare or State Capitalism Copyright © Allyn & Bacon 2007

World Economic Systems Socialism Public Ownership of Means of Production Central Planning Distribution of Goods Without Profit Motive Democratic Socialism Copyright © Allyn & Bacon 2007

Ideologies of Capitalism and Socialism Capitalists Market Prices Should Determine Products and Prices Profit is Good Copyright © Allyn & Bacon 2007

Ideologies of Capitalism and Socialism Socialists Profit is Immoral Item’s Value Based on the Work that Went Into It Government Protects Workers from Exploitation Copyright © Allyn & Bacon 2007

Criticisms of Capitalism and Socialism Leads to Social Inequality Tiny Top Layer Exploits Vast Bottom Layer Few Who Own the Means of Production Reap Huge Profits Copyright © Allyn & Bacon 2007

Criticisms of Capitalism and Socialism Does Not Respect Individual Rights Others Control People’s Lives Give Everyone an Equal Chance to be Poor Copyright © Allyn & Bacon 2007

Convergence of Capitalism and Socialism Convergence Theory Hybrid or Mixed Economy Changes in China and Russia Changes in America Copyright © Allyn & Bacon 2007

Functionalist View of the Globalization of Capitalism New Global Division of Labor Mechanical Solidarity Organic Solidarity Now We Depend on Workers Around the Globe Copyright © Allyn & Bacon 2007

Ownership and Management of Corporations Corporate Capitalism Separation of Ownership and Management Stockholders’ Revolt Copyright © Allyn & Bacon 2007

Functions on a Global Scale Three Major Trading Blocks North and South America Europe Asia Greater Productivity and Standard of Living Copyright © Allyn & Bacon 2007

Dysfunctions on a Global Scale Loss of Jobs in Industrialized Nations Rust Belts in U.S. Challenges to Small Towns Copyright © Allyn & Bacon 2007

Conflict View of Globalization of Capitalism Inner Circle of Corporate Capitalism Multinational Corporations Interlocking Directorates Global Investing Copyright © Allyn & Bacon 2007

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Work in U.S. Society Transition to Postindustrial Society Copyright © Allyn & Bacon 2007

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Work in U.S. Society Transition to Postindustrial Society Women and Work Copyright © Allyn & Bacon 2007

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Work in U.S. Society Transition to Postindustrial Society Women and Work Underground Economy Stagnant and Shrinking Paychecks Copyright © Allyn & Bacon 2007

Work in U.S. Society Patterns of Work and Leisure Effects of Industrialization Trends in Leisure Copyright © Allyn & Bacon 2007

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Work in U.S. Society Patterns of Work and Leisure Effects of Industrialization Trends in Leisure Telecommuting (Teleworking) Copyright © Allyn & Bacon 2007

Facing the Future Global Trade: Inequalities and Conflict New Technologies and Downsizing Copyright © Allyn & Bacon 2007

Copyright © Allyn & Bacon 2007