1. Chapter 14: The Economy Copyright © Allyn & Bacon 20051 Sociology: A Down-to-Earth Approach 7/e James M. Henslin Chapter Fourteen: The Economy James M. Henslin Chapter Fourteen: The Economy This multimedia product and its contents are protected under copyright law. The following are prohibited by law: any public performance or display, including transmission of any image over a network; preparation of any derivative work, including the extraction, in whole or in part, of any images; any rental, lease, or lending of the program.

2. Chapter 14: The Economy Copyright © Allyn & Bacon 20052   Preindustrial Societies: Birth of Inequality   Hunting and Gathering Societies   Pastoral and Horticultural Societies   Agricultural Societies   Increasing Social and Economic Inequalities The Transformation of Economic Systems

3. Chapter 14: The Economy Copyright © Allyn & Bacon 20053   Industrial Societies: Birth of the Machine   Brought Previously Unseen Surpluses   Factories Exploited Labor   More Efficient Machines Led to Conspicuous Consumption The Transformation of Economic Systems

4. Chapter 14: The Economy Copyright © Allyn & Bacon 20054   Postindustrial Societies: Birth of Information Age   Service Sector   Vast Surplus of Goods   Extensive Trade Among Nations   Wider Variety and Quantity of Goods   Information Explosion   Global Village The Transformation of Economic Systems

5. Chapter 14: The Economy Copyright © Allyn & Bacon 20055   Bioeconomic Societies: Merger of Biology and Economics   We May Be On the Verge of New Type of Society   Likely to Lead to Even Greater Inequalities The Transformation of Economic Systems

6. Chapter 14: The Economy Copyright © Allyn & Bacon 20056   Earliest Mediums of Exchange   Medium of Exchange in Agricultural Societies   Medium of Exchange in Industrial Societies   Paper Currency   Fiat Money   Gross Domestic Product The Transformation of the Medium of Exchange

7. Chapter 14: The Economy Copyright © Allyn & Bacon 20057   Earliest Mediums of Exchange   Medium of Exchange in Agricultural Societies   Medium of Exchange in Industrial Societies   Medium of Exchange in Postindustrial Societies The Transformation of the Medium of Exchange

8. Chapter 14: The Economy Copyright © Allyn & Bacon 20058   Capitalism   Private Ownership of Means of Production   Market Competition   Pursuit of Profit   Laissez-Faire Capitalism   Welfare or State Capitalism World Economic Systems

9. Chapter 14: The Economy Copyright © Allyn & Bacon 20059   Socialism   Public Ownership of Means of Production   Central Planning   Distribution of Goods Without Profit Motive   Democratic Socialism World Economic Systems

10. Chapter 14: The Economy Copyright © Allyn & Bacon 200510   Capitalists   Market Prices Should Determine Products and Prices   Greed is Good Ideologies of Capitalism and Socialism

11. Chapter 14: The Economy Copyright © Allyn & Bacon 200511   Socialists   Profit is Immoral   Item’s Value Based on the Work that Went Into It   Government Protects Workers from Exploitation Ideologies of Capitalism and Socialism

12. Chapter 14: The Economy Copyright © Allyn & Bacon 200512   Capitalism   Leads to Social Inequality   Tiny Top Layer Exploits Vast Bottom Layer   Few Who Own the Means of Production Reap Huge Profits Criticisms of Capitalism and Socialism

13. Chapter 14: The Economy Copyright © Allyn & Bacon 200513   Socialism   Does Not Respect Individual Rights   Others Control People’s Lives   Give Everyone an Equal Chance to be Poor Criticisms of Capitalism and Socialism

14. Chapter 14: The Economy Copyright © Allyn & Bacon 200514   Convergence Theory   Hybrid or Mixed Economy   Changes in China and Russia   Changes in America Convergence of Capitalism and Socialism

15. Chapter 14: The Economy Copyright © Allyn & Bacon 200515   New Global Division of Labor   Mechanical vs. Organic Solidarity   Now We Depend on Workers Around the Globe Functionalist View of the Globalization of Capitalism

16. Chapter 14: The Economy Copyright © Allyn & Bacon 200516   Corporate Capitalism   Separation of Ownership and Management   Stockholders’ Revolt Ownership and Management of Corporations

17. Chapter 14: The Economy Copyright © Allyn & Bacon 200517   Three Major Trading Blocks   North and South America   Europe   Asia   Benefits Multinational Giants and Citizens Functions on a Global Scale

18. Chapter 14: The Economy Copyright © Allyn & Bacon 200518   Inner Circle of Corporate Capitalism   Multinational Corporations   Interlocking Directorates   Global Investing Conflict View of Globalization of Capitalism

19. Chapter 14: The Economy Copyright © Allyn & Bacon 200519   Decline of Agriculture and Transition to Postindustrial Society   Women and Work   Underground Economy   Stagnant and Shrinking Paychecks Work in U.S. Society

20. Chapter 14: The Economy Copyright © Allyn & Bacon 200520   Patterns of Work and Leisure   Effects of Industrialization   Trends in Leisure   Telecommuting (Teleworking) Work in U.S. Society

21. Chapter 14: The Economy Copyright © Allyn & Bacon 200521   Global Trade: Inequalities and Conflict   New Technologies and Downsizing Facing the Future