SOC 105 Lecture Notes - Lecture 4: Oligopoly, Prosumer, Thorstein Veblen
20 Sep 2017
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Document Summary
An economic system characterized by private ownership of the means of production, from which personal profits can be derived through market competition. Private ownership of the means of production (land, tools, machinery, factories, buildings) The system is based on personal gain: inequality is a natural outcome of a system geared towards uneven access to resources and personal gain. Economic activity happens randomly not according to societal needs but as a result of the actions of various independent enterprises and corporations each seeking to maximize its own profits. Capitalism values individualism, selfishness, and competition as desired values. Possessive individualism has created an ever expanding market for the products of industrial capitalist societies while turning citizens into consumers. Conspicuous consumption: people buy things not out of need but to improve their social status (i. e. rolex watches, fancy cars) We moved away from a society of producers into a society of consumers. Consumption is no longer just a leisure activity.
