SOC 1001 Lecture Notes - Lecture 5: Demographic Transition, Health System, Whitehall Study
Document Summary
Capitalism: an economic system in which property and goods are primarily privately owned. Investments are determined by private decisions; and prices, production, and the distribution of goods are determined primarily by competition in an unfettered marketplace. Economy is the driver of much social change in modern world. Industrial: economy switched to being dominated by manufacturing, machinery, and unskilled factory work. Another major innovation was the development of the steam engine which opened up markets through its eventual use in railroads. Globalization: set of social processes that create, multiply, stretch, and intensify worldwide social exchanges and interdependencies. All economic exchanges now occur across the globe, whether those involved are individuals, corporations, or states. Persistent inequality: increased globalization has lowered poverty rates, but exposes the divide between the haves and have nots. If the poor countries lose their advantage of cheap labor, they lose the globalization struggle. Making money no longer relies on on the creation of tangible products.
