SOC 1001 Lecture Notes - Lecture 7: North American Free Trade Agreement, Oligopoly, Ideal Type
Document Summary
Capitalism kicked in w/ industrial, scientific and democratic revolutions. A variety of other modern changes made capitalism possible. Small-scale artisan economy exists, manufacturing/machinery/unskilled labor comes in. Division of labor- rationality, characterizes the modern age. All economic exchanges now occur across the globe, whetehr those involved are indivudals, corporations or states. New markets: its easier to participate in the market relative to the past. New means of exchange technology expands the market. New players: transnational organizations, lke the world trade organization, multinatiaonal corporations (any coroporation with presence in multiple countries) New rules: policy related to the global econo(cid:373)(cid:455) is(cid:374)(cid:859)t decided cou(cid:374)tr(cid:455)- to-cou(cid:374)r(cid:455). Our economy is now primarily based on the service wector, or a part of the economy that provides intangible services. Not tangible: waiting on tables, legal consultation, it work what you are reall(cid:455) hired to do is(cid:374)(cid:859)t so(cid:373)ethi(cid:374)g (cid:455)ou (cid:373)ade (cid:373)ateriall(cid:455) Service sector as opposed to trades or the manufacturing world like farming or carpentry.
