SOC 104 Lecture Notes - Lecture 9: Economic Globalization, Late Capitalism, Cultural Globalization
Document Summary
Commons- areas considered out of bounds for private ownership, considered public/collective property: as capitalism advanced some elements of the commons transferred to private. The economy expanded during this time and the transnational corporation appeared. The welfare state expanded- using taxes to fund public needs, this is beneficial because the state could provide it at a fairly low cost and the system maximized fairness. It can be worthwhile to pay taxes to the government if the majority of the money is used to meet our needs. There were a number of problems that the owning class faced after the second world war: Keynesianism- increased state intervention in capitalist economies was necessary to protect them from their own excesses, to control for crisis of overproduction and to reduce instability. Capitalists agreed to this because the economic boom allowed for the working class to get a bigger share while increasing their productivity.
