1. The Economy: Money & Work Chapter 11

2. Copyright © 2007 Pearson Education Canada 11-2 The Transformation of Economic Systems The “Market” The mechanism by which we establish value in order to exchange goods and services The “Economy” The particular dynamics of the market

3. Copyright © 2007 Pearson Education Canada 11-3 Pre-Industrial & Industrial Societies Preindustrial Societies Subsistence Economy Gathering resources; following the available food supply Industrial Societies Machine-powered by fuels Emergence of a surplus “Conspicuous Consumption”

4. Copyright © 2007 Pearson Education Canada 11-4 Postindustrial Societies Service Sector Growth Huge Surplus of Goods Extensive Trade Between Nations Wider Variety of Goods Available Information “Explosion” Global “Village” (Communication Technologies)

5. Copyright © 2007 Pearson Education Canada 11-5 The Transformation of the Medium of Exchange Mediums of Exchange Barter Money Currency Stored value & The gold standard Fiat Money Gross National Product (GNP) & Inflation Credit Card Debit Card

6. Copyright © 2007 Pearson Education Canada 11-6 World Economic Systems Capitalism Private ownership of the means of production The pursuit of profit Market competition Welfare (State) Capitalism vs. Laissez-Faire Capitalism Market Restraints

7. Copyright © 2007 Pearson Education Canada 11-7 World Economic Systems Socialism Public ownership of the means of production Central planning Distribution of goods without a profit motive Democratic Socialism “Underemployment”

8. Copyright © 2007 Pearson Education Canada 11-8 Changes to Capitalism and Socialism Capitalism Increased “socialist” policies Socialism Increased “market” (capitalist) policies Convergence Theory Adopting policies of each type of economy

9. Copyright © 2007 Pearson Education Canada 11-9 Neoliberalism & Social Conservatism Neoliberalism Social Conservatism

10. Copyright © 2007 Pearson Education Canada 11-10 Capitalism in a Global Economy Corporate Capitalism Corporation: a business that is treated in law as a person Separation of ownership and management Oligopolies Several large corporations that dominate a single industry Interlocking Directorates Multinational Corporations

11. Copyright © 2007 Pearson Education Canada 11-11 Applying Sociological Theories Symbolic Interactionism Work as a status symbol Functionalist Perspective Mechanical Solidarity Organic Solidarity The Global Division of Work Conflict Perspective Technology: Who Benefits? Inner “Circle of Power”

12. Copyright © 2007 Pearson Education Canada 11-12 Applying Sociological Theories (cont.) Feminist Perspectives First-wave: voting Second-wave: employment equity but job ghettos and glass ceilings remain in force Third-wave: irrelevant to inequality in the work place

13. Copyright © 2007 Pearson Education Canada 11-13 Work in Canadian Society Primary Sector Extract natural resources Secondary Sector Turn raw materials into manufactured goods Tertiary Sector Provide services

14. Copyright © 2007 Pearson Education Canada 11-14 Work in Canadian Society Women and Work: Quiet Revolution The Underground Economy: Informal and “off-the-books” economic activities Shrinking Paycheques

15. Copyright © 2007 Pearson Education Canada 11-15 Work in Canadian Society (cont.) Patterns of Work and Leisure Trends in Leisure Work in the Post-Industrial Society

16. Copyright © 2007 Pearson Education Canada 11-16 Leisure and the Life Course

17. Copyright © 2007 Pearson Education Canada 11-17 The Future: Facing the Consequences of Global Capitalism “Leisure revolution” Knowledge/information/service economy