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The Economy and The Work

The document discusses different economic systems throughout history including the agricultural economy, industrialism, postindustrialism, capitalism, socialism, and communism. It explains key features of each system such as private vs collective ownership, profit motives, and government control of the economy. The document also introduces concepts of a blended economy that combines aspects of socialism and capitalism such as welfare capitalism and state capitalism.

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0% found this document useful (0 votes)
28 views7 pages

The Economy and The Work

The document discusses different economic systems throughout history including the agricultural economy, industrialism, postindustrialism, capitalism, socialism, and communism. It explains key features of each system such as private vs collective ownership, profit motives, and government control of the economy. The document also introduces concepts of a blended economy that combines aspects of socialism and capitalism such as welfare capitalism and state capitalism.

Uploaded by

Rohit
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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CHAPTER 16

The economy and the work


 economy is the social institution that organizes a society’s production, distribution, and
consumption of goods and services.
 when people harnessed animals to plows, beginning some 5,000 years ago, a new agricultural
economy was created that was fifty times more productive than hunting and gathering.
 Features of industrialism
o New sources of energy
o Centralization of work in factories
o Manufacturing and mass production.
o Specialization
o Wage labor
 Features of postindustrialism.
o From tangible products to ideas.
o From mechanical skills to literacy skills.
o From factories to almost anywhere.

 Sectors of economy
 primary sector is the part of the economy that draws raw materials from the natural
environment.
 secondary sector is the part of the economy that transforms raw materials into manufactured
goods.
 tertiary sector is the part of the economy that involves services rather than goods.
 Capitalism is an economic system in which natural resources and the means of producing
goods and services are privately owned.
 Private ownership of property.
 Pursuit of personal profit.
 Competition and consumer choice.
 Justice in a capitalist system amounts to freedom of the marketplace, where a person can
produce, invest, and buy according to individual self-interest.
 Socialism is an economic system in which natural resources and the means of producing goods
and services are collectively owned.
o Collective ownership of property.
o Pursuit of collective goals
o Government control of the economy.

 Socialism is freedom from basic want.


 Communism is a hypothetical economic and political system in which all members of a
society are socially equal.
 Karl Marx viewed socialism as one important step on the path toward the ideal of a communist
society that abolishes all class divisions
 Marx might have agreed that a communist society is a utopia
BLEND OF SOCIALISM &
CAPITALISM
 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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