SOC101Y1 Chapter Notes - Chapter 1: North American Free Trade Agreement, Technologic, Contingent Work
Document Summary
Industrialization: aspect of accumulation and processing of resources an industrial society has sources of energy like coal/electricity fueling a production system that uses techn to process raw materials. Capitalism: economic and social organization of production capitalist system a small number of ppl own/control means of creating goods/services while the majority with no ownership stake in the economy and are paid wage to work for owners. Emergence of capitalism consisted of 2 basic periods 1) mercantile 2) commercial capitalism. Mercantile international trade of foods linking americas, europe and africa pillage and trade allowed the growth of industrial capitalism. Early signs of capitalist commercial activity emerged from feudal society; the industrial rev did not begin. People farmed land they didn"t own giving money to landowners in the form of agriculture. It was a premarket economy (the producer is the consumer) It was a precapitalist economy (labour was rare and the business class is not dominant)
