Term
| Theoretical Capitalism (aka Laissez Faire Capitalism) |
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Definition
"Pure" capitalism. Government does not regulate or intervene.
• Private ownership- a group of people own the institution that employs other people. EX: owning Walmart
A. They own the capital - anything utilized to make a profit, the means of production
B. factories, farmland, technology
• Profit Maximization
A. I'm in business to make as much money as I possibly can
• Competition
A. business competition by driving a competitor out of business or against each other
B. survival of the fittest (Social Darwinism)
-inefficient firms should be allowed to go bankrupt
-Government minds its own business; it does not regulate or bail out
-The US has never been Laissez Faire Capitalism |
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Term
| Two basic forms of economy in the world are: |
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Definition
1. Capitalism
2. Socialism |
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Term
| Welfare Capitalism/State Capitalism |
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Definition
- government managed capitalism
• Government is highly involved
A. props up and bails out businesses
B. sets up tariffs
C. regulates what comes in and out of the country
D. electronics, microwaves, computers have very low tariffs. It is to encourage overseas production of these types of items
E. capitalism is highly regulated |
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Term
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Definition
based on public ownership, everybody owns the wealth
• Public ownership of the means of production
• There is no small group of capitalists who own the farmland or the technology, factory … it is owned by everyone
• Central planning: government is the principle policy making apparatus, they are running the show, and they are highly involved. It is the force in economic decision making. EX: government says we need 75 thousand shoes in Dearborn, then production and distribution are based on the need
• No profit motive: only about meeting the needs of the citizens
• Socialism exists to eliminate competition |
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Definition
| public ownership vs. private ownership & no profit motive vs profit maximization |
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Definition
• system promotes social inequality
• creates a small group of 'haves' who employ the 'have-nots'
• does not respect human rights. they are tyrannical governments, they wield tremendous power, where you live, work, education you receive. you have little or nothing to say about what your role in the system will be |
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Definition
| • infringing on the rights of individuals to make life choices |
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Definition
• capitalism and socialism are starting to merge
• there will be a third system that emerges, this third system will be the ONE SYSTEM.
• it will be a hybrid system
• EX: unionization, unemployment insurance, government subsidized housing, welfare, social security. government still continues to provide some sort of a safety net. |
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| - Government planning was not successful in China and Russia. There was the production of shitty products, constant shortages, and lack of paychecks. These were countries who could not afford to export quality materials to make products, very poor standard of living. Revolution occurred in these countries. |
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Definition
• West = capitalist democracy
• East = communist tyrannies
• Capitalism is spreading to Russia and China |
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Term
| "Space Shrinking" Technology |
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Definition
• Internet technologies instantaneously send info to all corners of the world
• EX: a blueprint for an automobile can be sent to all the way around the world.
• Internet and demise of communism made a world capitalist system which now means you can outsource jobs
• India has the largest population of engineers and computer scientists. They get paid $5-9 an hour |
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Definition
• This means that you are continuously looking for the cheapest pool of labor. When you find them you outsource jobs to this inexpensive labor group
• Workers in India are going to demand rights .. so these companies already have plans to move them to Latin America, then Eastern Europe, then Brazil, then Mexico, then Switzerland, then Australia, then China, then Indonesia, then Thailand, Malaysia, and Bangladesh |
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Definition
• It wields tremendous power, world’s largest company
• The reason it is so cheap is because 86% of the products sold at Walmart are made in china.
• They have pushed companies into china,
• We are not going to give you shelf space if you don't move to china
• The electronics industry is dead in the US… there are no more TV companies left |
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Term
| The rise of robotics and artificial intelligence |
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Definition
• social scientist predict that in the next 20 or 30 years, all the factories will be completely automated. There will be no blue collar worker in the United States.
• blue collar workers will be passed into history
• same thing is true of farms |
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Term
| Labor-replacing technology |
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Definition
• farms in the US. the expectation is that farms will become completely automated. computers will monitor environment, weather, intervention strategies, and implementing action plans. computers will analyze all relevant variables and then proceed to transmit orders to robots which will then do the work. (within 20-30 years)
• artificial intelligences and robotics will take over every aspect of farming and work |
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Term
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Definition
• When mechanical cotton picker was introduced in the Deep South, it could do the work of 50 men
• had tremendous impact on African American agricultural workers. Black agricultural workers were becoming obsolete in the Deep South. For the first time since they were brought over as slaves, labor was no longer needed
• Ultimately this is called the technological displacement of the African Americans in the South so they moved to the Northern cites or “promised lands”
• Were not allowed to join unions, denied unionization, and hired in only the most medial jobs
• Again, robotics is introduced on a full scale basis in factories throughout the US. Basically, what happened in the south, happened in the North. They were displaced by labor technologies.
• This causes the emergence of the underclass (the chronically unemployed) |
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| defined as the exercise of power |
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| defined as the ability to carry out one's will over the resistance of others. The ability to make people do that would they would not do voluntarily. |
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Definition
the fact that government has the capability to exercise power over the citizens
• there are three forms of authority |
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Definition
| power that one is born into. hereditary. aristocracy. political power wielded by a select group of families. political power is a birth right. it is handed down from one generation to the next. EX: rockafellers, kennedys |
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Definition
| based on the rule of law. political power does not rest with a certain family. power is granted to a certain position. the person who occupies the position wields the power of the position. The constitution spells out the power of the presidency. you cannot initiate a taxation bill. all legislation related to taxation must be initiated in the house of representatives. President Obama cannot be elected president for a third time. he can only win two presidential election. when he leaves office he cannot maintain any presidential authority after leaving office EX: President of the United States. |
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Term
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| a person who has the ability to persuade people to do things. this person has a stellar personality. the qualities of this person's personality compel others to follow him/her. the individual is viewed as God-like, superhuman, a person touched by God, a special relationship with God. EX: Marshall Applewhite - leader of heavens gate cult. through his charisma, he was able to convince an entire religious cult that jesus was returning to earth on a flying saucer. and the members of the cult would be swooped up by this saucer and taken to heaven (Saturn). |
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Term
| What are the three types of government? |
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Definition
| Monarchy, Democracy, Dictatorship/Oligarchy |
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| based on traditional authority. a certain family retains particular power over an empire. King or Queen whose right to rule is passed on to their generation. |
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| ruled by the people in some manner, shape or form. there are two types: direct and indirect |
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| refers to a situation in which all members of the society vote on a political issue. EX: state propositions on the ballot. |
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| people select a representative that champions the interest of those who voted for him or her. the rep engages in behavior on behalf of those whom he/she represents. |
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• Right to participate in the political process. Inalienable rights that cannot be taken away. Based on birth or having achieved residence.
• Universal citizenship: the notion that immigrants will have the same rights as national born citizens. The US has not done well. It has been 92 years since women were allowed to vote. |
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Definition
| government wields complete and total power EX: hitler |
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| Oligarchy aka totalitarian |
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| a group of people that wield ultimate power. EX: Stalin and Hitler's police force and gestapo |
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Definition
• Republicans and Democrats. There are alternative parties but they do not have the money to advertise so they could not get their names around
• America and labor unions does not support any of this |
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Definition
• based on race and ethnicity
• white - more likely to vote than minorities
• In terms of minorities: African Americans are much more likely to vote than Hispanics.
• Education is a key issue College grads are more likely to vote than non college grads
• The issue on whether or not one votes is based on social integration |
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Definition
• People believe they have a stake in political policy
• The elderly want to maintain their social security benefits and Medicare
• Elderly people are socially integrated. They participate because the creation of policy matters to them. It is going to have a large impact on their lives |
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Term
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Definition
-people who believe that the system will not help them and do not vote
-these are the poorest Americans who have to endure the reduction of social service programs
- if they voted, they would have maintained their healthcare or had the ability to impact voting |
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