SOCI 1090 Chapter 2: Ch 2: Wealth and Power: The Bias of the System
Document Summary
Chapter 2: wealth and power: the bias of the system. Maldistribution of wealth and power causes most of the problems. Few benefit at the expense of many. Reality: not based on equal competitions but finished by huge corporations. Inevitability of shared monopolies in society (few corporations dominating entire fields) Eliminates opposition in the free market ; they determine price and quality. Karl marx believed social order is achieved by successful economy. Capitalism produces a class of opposed people, lack of centralized planning results in overproduction, labor-saving machines ruins employment, control of state by wealthy = proletariat will rise up against the wealthy and overthrow them. Megamergers take already large corps, combine them and create even larger corps. Increases power of corp over employees reducing number of jobs, unions, etc. Interlocking directorates: an individual is on the board of two companies (direct) or two companies have a director on the board of a third company (indirect)
