Deck 16: B: The Economy and Work

Question 1

When in the history of human societies did the economy become a social institution distinct from the family and other institutions?

Answer 1

no answer

Question 2

What are the three defining traits of socialism?

Answer 2

Socialism is a political, social, and economic philosophy that encompasses a range of economic and social systems characterized by social ownership of the means of production and workers' self-management of enterprises. It includes the political theories and movements associated with such systems. While there is significant diversity in socialist thought, three defining traits commonly associated with socialism are:

1. **Social Ownership**: One of the core tenets of socialism is the social ownership of the means of production. This can include a variety of forms such as state ownership, cooperative ownership by workers, or collective ownership by the community. The idea is that by owning the means of production in common, society can ensure that wealth is distributed more equitably and that the exploitation of labor is minimized or eliminated.

2. **Democratic Control**: Socialism advocates for the democratic management and control of the means of production by the workers or the public. This is in contrast to capitalism, where the means of production are controlled by private individuals or corporations. In a socialist system, decisions regarding production, investment, and distribution are made collectively, with an emphasis on participatory or representative democracy.

3. **Economic Planning**: Unlike the market-driven approach of capitalism, socialism often emphasizes planned or managed economies. This means that economic decisions are made through deliberate planning processes, which can be centralized or decentralized. The goal of economic planning is to ensure that production, distribution, and exchange are coordinated in a way that meets the needs of the community, reduces waste, and promotes sustainability.

These three traits—social ownership, democratic control, and economic planning—are not exhaustive and can manifest in various ways depending on the specific type of socialism. Additionally, there are many schools of socialist thought, including Marxist-Leninism, democratic socialism, libertarian socialism, and social democracy, each with its own interpretations and emphasis on different aspects of these traits.

Question 3

How does living within a socialist system shape everyday life?

Answer 3

no answer

Question 4

What are the three defining traits of capitalism?

Question 5

What is underemployment? How might it affect you in the future? What steps can you take to prevent underemployment?

Question 6

How do capitalism and socialism differ in overall productivity? What about economic inequality?

Question 7

What is a social institution? What is the economy?

Question 8

What is a profession? What are four characteristics of professional work?

Question 9

Name the three sectors of the economy.Give an example of production in each sector

Question 10

Name three technological revolutions that reorganized societal production and resulted in broad changes to many other dimensions of social life.

Question 11

Why is the economy important?

Question 12

How does living within a capitalist system shape everyday life?

Question 13

What is the underground economy?

Question 14

What are the primary labour market and the secondary labour market?

Question 15

What important changes in production defined the coming of the Industrial Revolution?

Question 16

Explain the terms "brain drain' and "brain gain".

Question 17

What is welfare capitalism?