SOCI 201 Lecture Notes - Lecture 10: Reductionism, Progressive Tax, Planned Economy
16 Oct 2018
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Document Summary
What is communism: economic system promoting collective ownership and planned economy, everyone pools their resources and labor in community to evenly distribute goods and services. Main views: abolition/confiscation of property, heavy, progressive taxation, abolition of inheritance, central bank, state-control; communication, transportation, education. The us economy: monopolistic capitalism, companies now control demand, not market, shared monopoly, 1% of us corporations produce 80% of goods, megamergers, giant companies take over/absorb other giant companies. Interlocking directorates: individual serves on board of directors in two different companies, multinational corporations, corporations increase in size and spread into global arena. Why do companies move overseas: the rate of profit is higher, resources needed for production cheaper, low wage countries boosts profit margins, safety laws and environment regulations are more lax. What are the consequences of multinational companies: fewer semi-skilled/unskilled domestic jobs, more control over world economy, tremendous international political power. Poverty: lack of necessities, missing food, water, shelter, education, medical care, social security.
