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Economic system based on private ownership of property, guided by the seeking of maximum profits.
4 aspects of pure capitalism
Private ownership of the means of production, economic activity motivated by profit seeking, competition/market forces determine prices, laissez-faire governmental stance.
Economic system in which the means of production are owned by the people for their collective benefit.
5 principals of Socialism
1. democratism is use as a way of accountability.
2. egalitarianism in opportunity or outcome.
3. emphasis on collective/community interests.
4. public ownership of the means of production.
5. planning as a way to meet collective goals.
a principle that states all people are equal and deserve equal rights.
Social and economic changes due to innovations in technology.
Structural transformation of the economy
Fundamental change of the economy resulting from several powerful contemporary forces.
Process which people around the globe are being interconnected economically, politically, culturally, and environmentally.
Process by which people respond to globalization pressures by becoming less integrated.
9 Current Recession factors
2. Union Decline
3. Hourglass Economy
4. Wage Stagnation
5. Shift pensions to retirement accounts
6. Decline in personal savings.
7. Contingent Employment
8. Many unemployed people that want to work
the decline in the importance of the manufacturing industry in a nation or area.
Decrease in number of unionized employees or unionized workplaces in a nation or area.
An occupational structure in which middle class and higher-wage working class occupations decline in proportion to unskilled service sector.
low or non-existent growth in real wages
employment arrangement whereby employees work as temporaries or independent contractors. Frees employers from paying fringe benefits.
Reserve Army of the unemployed
unemployed people that want to work.
seperation of human beings from each other, from themselves, and from the products they create.