SOC 103 Chapter Notes - Chapter 8: Profit Maximization, Neoliberalism, Superpower

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

Document Summary

Commons: areas that have been considered out of bounds for private ownership or trade. Today the commons includes the air we breathe, the water we drink, oceans, public spaces. As capitalism advanced, some components of the commons transferred to private ownership. To provide beneits in a welfare state, the surplus value produced by workers is transferred to the state in the form of taxes and then given back to the workers. The short term goal of the owning class is proit maximizaion, the long term goal is maintenance. Neoliberalism and the decline of the welfare state. The ruling class tried ever harder to increase the rate of proit by introducing new technologies, downsizing corporaions. Neoliberalism s the rejecion of the keynesian welfare and its replacement with free-market doctrines and pracices. Neoliberalism meets the needs of the corporate sector in general, there can be occasional disputes and diferences. Globalizaion and the changing role of the state.