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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.
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Feudalism
- Economic system characterized by the presence of lords, vassals, serfs, and fiefs.
- Before capitalism.
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enclosure movement
forced people off what had been public land and sent them looking for work in cities
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Agricultural Revolution
the introduction of new farming technologies that increased food output in farm production
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Corporation
a legal entity unto itself that has a legal person-hood distinct from that of its members - namely, its owners and shareholders
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Adam Smith
- individuals pursuing their own self-interests, others acting similarly -> competition
- barter is inefficient
- money is social; facilitates social relations between humans
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Karl Marx
- capitalism creates alienation
- capitalism will eventually lead to socialism and then communism
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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)
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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
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Socialism
an economic system in which most or all the nees of the population are met through non-market methods of distribution
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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
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Family wage
- a wage paid to male workers sufficient to support a dependent wife and children
- implies women's dependency on men
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Service Sector
the economic activity that involves providing intangible services
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