SOSC 1510 Study Guide - Midterm Guide: Labour Market Flexibility, Temporary Work, Structural Change

• School: York University
• Department: Social Science
• Course: SOSC 1510
• Professor: David Langille

Document Summary

Economist and philosopher who studied (cid:272)apitalis(cid:373) a(cid:374)d (cid:449)(cid:396)ote (cid:862)the wealth of natio(cid:374)s i(cid:374) (cid:1005)(cid:1011)(cid:1011)(cid:1010)(cid:863) Advocated freeing enterprise from the aristocracy that wanted to control all business (mercantile system) and allowing the hidden hand of the market to guide people towards prosperity. Key idea: competition among individuals and enterprises, each trying to improve their own position, If people have to compete for scarce resources, they will work hard. led to growth and the creation of wealth. (cid:862)p(cid:396)ofit moti(cid:448)e(cid:863) (cid:449)as the d(cid:396)i(cid:448)i(cid:374)g fo(cid:396)(cid:272)e of (cid:272)apitalis(cid:373) Did not want the exploitation of workers. Philosopher, economist, sociologist, journalist, and revolutionary socialist who spent his life studying capitalism published capital: a critique of political economy in 1867. Noted that capitalism was very productive and could generate wealth but at a high social cost. In the capitalist mode of production, the means of production (factories) are owned by a few, and others have to work for them to make a living.