SOC 103 Chapter Notes - Chapter 9: Superpower, Cash Flow, Financialization

• School: Ryerson University
• Department: Sociology
• Course: SOC 103
• Professor: Rebecca Lock

Document Summary

Commons: public domain such as water, air-out of bounds for private ownership/trade. Advance of capitalism sees some components privatized (eg indigenous land) Since 1970s. privatization/commodification of commons became major gov policy. Post ww2 (1945-1973) - golden age of capitalism - dramatic global economy expansion. Economic globalization led to cultural globalization (us film, music, etc) Welfare state expanded rapidly during this time. Keynesianism: set of policies that constrained capitalism (welfare state) Control measure against inevitable overproduction crisis, reducing instability of capitalist business cycles(safety net through social surplus ie tax) Capitalism golden age ended mid 70s - capitalism enters permanent state of econ. crisis. Ruling class tries harder to increase profits - new tech. downsizing, additional gov funds, advancing globalization, etc. Major transformation of gaining profit not through not through increased production but through money manipulation (financialization) Involve taking on large debt - leader of which was finance sector.