SA 150 Lecture Notes - Lecture 12: State Capitalism, Welfare Capitalism, Collective Ownership
9 Dec 2017
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Document Summary
The social institution that organizes a society"s production, distribution, and consumption of goods and services. The economy operates in a predictable manner. Goods: commodities ranging from necessities to luxury items. The economies of modern high income nations are the result of centuries of social change. The earliest societies were hunters and gatherers with no distinct economy. Four factors that made the economy a distinct social institution: Job specialization: agricultural technology, permanent settlements, trade. New sources of energies: steam-fueled machine operation. Centralization of work in factories: impersonal factories replaced cottage industries. Manufacturing and mass production: turning raw materials into a wide range of products. Specialization: diverse division of labor and lower overall skill requirements. Wage labor: working for strangers with intense supervision. Primary sector: generates raw material from the environment. Secondary sector: transforms raw material into manufactured goods. Tertiary sector: generates services rather than goods.
