THE SOCIAL INSTITUTION RESPONSIBLE FOR

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THE SOCIAL INSTITUTION RESPONSIBLE FOR ORGANIZING
THE PRODUCTION, DISTRIBUTION, AND CONSUMPTION OF
GOODS AND SERVICES
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ECONOMIC EXPANSION

• AGRICULTURAL TECHNOLOGY
• PRODUCTIVE SPECIALIZATION
• PERMANENT SETTLEMENTS
• EXPANDED TRAVEL AND TRADE
• WORK WORLD BECAME SEPARATE FROM THE WORLD OF THE
  FAMILY
• COTTAGE INDUSTRIES FLOURISHED AS PERSONS WORKED
  AT JOBS AND IN HOMES PRODUCING MARKET GOODS

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• NEW FORMS OF ENERGIES
• STEAM-FUELED MACHINE OPERATION
• CENTRALIZATION OF WORK
• 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

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• POSTINDUSTRIAL ECONOMY
• BASED ON SERVICE WORK AND HIGH-TECH
• FROM THE TANGIBLE TO THE INTANGIBLE
• CREATING AND MANIPULATING SYMBOLS IN MODERN
  SOCIETY
• MECHANICAL TO LITERACY SKILLS
• SPEAKING, WRITING, AND COMPUTER KNOWLEDGE
• DECENTRALIZATION OF WORK
• FLEX-TIME, FAX MACHINES, OFFICE ON THE GO

THIS HIGH-TECH STUFF CAN DRIVE A GUY CRAZY!
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SECTORS OF THE ECONOMY
SUCH EVOLUTION ALSO IMPACTED ECONOMIC SECTORS

• PRIMARY SECTOR
• GENERATION OF RAW MATERIALS FROM THE ENVIRONMENT
• SECONDARY SECTOR
• TRANSFORMATION OF RAW MATERIALS INTO MANUFACTURED
  GOODS
• TERTIARY SECTOR
• ECONOMY GENERATES SERVICES RATHER THAN GOODS

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THE GLOBAL ECONOMY

• EXPANDING ECONOMIC ACTIVITY WITH LITTLE REGARD
  FOR NATIONAL BORDERS
• CONSEQUENCES
• GLOBAL DIVISIONS OF LABOR
• GOODS ARE TRANSPORTED THROUGH MORE THAN ONE
  COUNTRY
• LACK OF CONTROL OVER NATIONAL ECONOMIES WHEN TIED
  TO OTHER CURRENCIES
• A SMALL NUMBER OF POWERFUL BUSINESSES OPERATING
  INTERNATIONALLY CONTROL A VAST SHARE OF THE
  GLOBAL ECONOMIC ACTIVITY

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CAPITALISM
WELL, NOT EVERYONE GETS TO LAUGH AS THEY RUN TO
THE BANK! IN AMERICA, YOU HAVE TO GIVE AS YOU
TAKE.

• PRIVATE OWNERSHIP OF PROPERTY
• KEY CONCEPT OF CAPITALISM
• PURSUIT OF PERSONAL PROFIT
• SIMPLY A MATTER OF DOING BUSINESS
• FREE COMPETITION
• THE INVISIBLE HAND IS AT WORK SO LEAVE THE
  MARKET ALONE

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• COLLECTIVE OWNERSHIP
• LIMITS THE RIGHT TO OWN PROPERTY
• FORM A CLASSLESS SOCIETY
• PURSUIT OF COLLECTIVE GOALS
• PURSUIT OF PROFITS STANDS AT ODDS
• GOVERNMENT CONTROL IS KEY
• CENTRALLY CONTROLLED ECONOMY
• CONSUMERS SHOULD NOT DRIVE ECONOMY

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OTHER FORMS

• COMMUNISM
• A HYPOTHETICAL ECONOMIC AND POLITICAL SYSTEM IN
  WHICH ALL MEMBERS OF A SOCIETY ARE SOCIALLY EQUAL
• WELFARE CAPITALISM
• AN ECONOMIC AND POLITICAL SYSTEM THAT COMBINES A
  MOSTLY MARKET-BASED ECONOMY WITH EXTENSIVE SOCIAL
  WELFARE PROGRAMS
• STATE CAPITALISM
• AN ECONOMIC AND POLITICAL SYSTEM IN WHICH
  COMPANIES ARE PRIVATELY OWNED BUT COOPERATE
  CLOSELY WITH THE GOVERNMENT

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CAPITALISM
SOCIALISM

• ECONOMIC PRODUCTIVITY
• GDP IS 13,500.00
• ECONOMIC EQUALITY
• MORE INCOME DISPARITY
• OVERLL WELL-BEING
• A HIGH QUALITY OF LIFE, BUT GREATER DISPARITIES
• PERSONAL FREEDOMS
• ARE THE HEART OF A CAPITALISTIC SYSTEM NEED
  CREATIVE FORCES

• ECONOMIC PRODUCTIVITY
• GDP IS 5,000.00
• ECONOMIC EQUALITY
• LESS INCOME DISPARITY
• OVERALL WELL-BEING
• LOWER STANDARDS OF LIVING, BUT LESS DISPARITY
• PERSONAL FREEDOM
• STRESS IS PLACED UPON FREEDOM FROM BASIC NEEDS

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THE WORKFORCE

• THE DUAL LABOR MARKET
• PRIMARY LABOR MARKET
• EXTENSIVE BENEFITS TO WORKERS
• SECONDARY LABOR MARKET
• MINIMAL BENEFITS TO WORKERS
• LABOR UNIONS
• ORGANIZED LABOR SEEKING BETTER WAGES AND BENEFITS
  FOR MEMBERS
• DECLINE OF UNIONS
• LOSS OF HIGHLY UNIONIZED JOBS
• CONCESSIONS HAVE INCLUDED DISSOLUTION OF UNIONS
• MANY TEMPORARY WORKERS THESE DAYS

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• TRAITS OF PROFESSIONALS
• THEORETICAL KNOWLEDGE
• EXTENSIVE SCHOOLING
• SELF-REGULATED TRAINING
• PARTICIPATION IN ASSOCIATIONS
• AUTHORITY OVER CLIENTS
• FOLLOW MY SUGGESTIONS
• ORIENTATION TO COMMUNITY
• NOT THE PAY, BUT THE HELP
• PARAPROFESSIONALS
• NOT ABLE TO CLAIM FULL PROFESSIONAL STATUS
• SELF-EMPLOYMENT
• EARNING A LIVING WITHOUT WORKING FOR A LARGE
  CORPORATION

JOBS!
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UNEMPLOYMENT
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NUMBERS IN 1999, 4.2 OF CIVILIAN WORKFORCE (5.9
MILLION) WERE UNEMPLOYED REGION SOME STATES,
LIKE WEST VIRGINIA AND NEW MEXICO, HAD TWICE THE
NATIONAL AVERAGE RACE IN 1999, AFRICAN AMERICANS
HAD AN UNEMPLOYMENT RATE TWICE AS HIGH AS WHITES
(8.0 TO 3.7) DUE TO MORE BLACKS HOLDING
SECONDARY LABOR MARKET JOBS AGE - YOUNG PEOPLE
HAVE THE HIGHEST RATES - YOUNG BLACK MALES HAD
THE HIGHEST (27.9 OF TEENS)
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UNDERGROUND ECONOMIES

• ECONOMIC ACTIVITY INVOLVING INCOME UNREPORTED TO
  THE GOVERNMENT AS REQUIRED BY LAW
• FACTS
• MOST PEOPLE ARE INVOLVED IN THIS TYPE OF EARNINGS
  AT SOME POINT
• SOME, BUT NOT ALL INVOLVES THE SALE OF ILLEGAL
  ITEMS
• SELF-EMPLOYED PERSONS MAY BE TEMPTED TO
  UNDERREPORT THEIR EARNED INCOMES FOR TAX PURPOSES
• UNDERGROUND ECONOMIES ACCOUNT FOR AS MUCH AS 170
  MILLION DOLLARS OF LOST REVENUE EACH YEAR

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TECHNOLOGY

• DE-SKILLING LABOR
• MACHINES MAKE DECISION-MAKERS OBSOLETE
• MAKING WORK MORE ABSTRACT
• UNDERSTANDING RATHER THAN DOING
• LIMITING WORKSPACE INTERACTION
• ISOLATES WORKERS
• INCREASING CONTROL OVER WORKERS
• ELECTRONIC MONITORS

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AN ORGANIZATION WITH A LEGAL EXISTENCE, INCLUDING
RIGHTS AND LIABILITIES, APART FROM THOSE OF ITS
MEMBERS

• ECONOMIC CONCENTRATION
• IN 1998, GM WAS THE LARGEST WITH 257 BILLION IN
  ASSETS
• CONGLOMERATES
• MANY SMALLER CORPORATIONS THAT ARE DIVERSIFIED
  AND INTERLOCKING
• COMPETITION IS A GREY AREA
• MONOPOLY DOMINATION OF A MARKET BY ONE
  CORPORATION
• OLIGOPOLY DOMINATION OF A MARKET BY A FEW
  PRODUCERS

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