Economy in a Global Perspective (Chapter 13)

Three kinds of political systems:
Capitalism:  ECON SYSTEM in which  means of production are in
private hand and  main incentive for economic  activity is the
accumulation of profits.

Communism:  An econ AND SOCIAL system in which property is communaly 
owned by all and no social distinctions made on basis of
people's ability to produce SOCIALISM--ECONOMIC AND SOCIAL system 
in  which means of production and distribution are collective.
Most industrial societies  today are somewhat mixed with features of each,
but capitalism predominant.  In capitalism:
 
1) individualism required (selling labor,  controlling profits)
2) State in transformation -- role of state is to as sure
   smooth accumulation of capital

Explain:

We've shifted since founding of the republic

--Pre-civil war: Agrarian vs. industrial Civil war: A battle between 
economic systems and policies Post-civil war--industrialized 
transformation, transportation

"Progressive  era": 1895-1925:  Consolidation of goverment power,  growth 
of business, gov't acting on behalf of business 

"NEW DEAL:"  (1930s) Depression-era--readjustment of  relationship of
gov't to the people,   "FEDERALISM" (gov't regulation--stress 
*not* liberalism, but "good business"

POST WW II -- prosperity for most, etc "NEW FEDERALISM" (1960s):  
Social struggles, equality,  social problems emerging---

1960s -- Civil rights 

From 1970s: Globalization, multi-nationals

Now -- New era, but what??....

Different ways of classifying political power:

1) Elite model: A "Ruling class" or "power elite rules 
2) Pluralism -- many groups involved in power sharing (labor, women, etc)

Know theoretical persepctives:
   Functionalist
   Conflict Perspective
   Functionalists

Return to JT's homepage