Chapter 14 - Capitalism and the Economy.txt

  1. Capitalism
    Economic system in which property and goods are primarily owned privately; investments are determined by private decisions; and prices, production, and the distribution of goods are determined primarily by competition in a free market.
  2. Feudalism
    • Economic system characterized by the presence of lords, vassals, serfs, and fiefs.
    • Before capitalism.
  3. enclosure movement
    forced people off what had been public land and sent them looking for work in cities
  4. Agricultural Revolution
    the introduction of new farming technologies that increased food output in farm production
  5. Corporation
    a legal entity unto itself that has a legal person-hood distinct from that of its members - namely, its owners and shareholders
  6. Adam Smith
    • individuals pursuing their own self-interests, others acting similarly -> competition
    • barter is inefficient
    • money is social; facilitates social relations between humans
  7. Karl Marx
    • capitalism creates alienation
    • capitalism will eventually lead to socialism and then communism
  8. Max Weber
    • rise of capitalism linked to technology and ideas, especially ideas connected to Protestant Reformation
    • people may became obsessed with working and making money that they could never enjoy (negative view of capitalism)
  9. Alienation
    a condition in which people are dominated by forces of their own creating that then confront them as alien powers; according to Marx, the basic state of being in a capitalist society
  10. Socialism
    an economic system in which most or all the nees of the population are met through non-market methods of distribution
  11. Communism
    a political ideology of a classless society in which the means of production are shared through state ownership and in which rewards are not tied to productivity but need
  12. Family wage
    • a wage paid to male workers sufficient to support a dependent wife and children
    • implies women's dependency on men
  13. Service Sector
    the economic activity that involves providing intangible services
Card Set
Chapter 14 - Capitalism and the Economy.txt
Chapter 14 of the textbook You May Ask Yourself