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Chapter 14- Capitalism and the Economy

monetization
the establishment of a legal currency
bartering
allowed a peasant to trade livestock or produce but in context of large cities and wage labor, the need for a
monetary system emerged
Adam Smith
economist who believed that competition helps maintain a cohesive society, specialization increases productivity & innovation, and using money rather than barter makes trading more efficient
Georg Simmel
believed changing from pace work payment to wage labor to a salary would depersonalize exchange, this was a great way to separate public and private spheres and give workers more freedom to enjoy the private, or leisure, sphere
Karl Marx
stated that capitalism created alienation in workers including alienation from the products they produced, from the production process, from other workers, and from themselves and their creative tenderness; predicted both that capitalism would ultimately destroy itself and that the working class would rise against the capitalist class, leading to a period first of socialization and then of communism
salary
workers are not paid for a direct service but for the sum total of their services
family wage
a wage paid to make workers sufficient to support a dependent wife and children
globalization
refers to the processes that create and intensify worldwide social exchanges and interdependencies, creates an increase in trade and economic exchanges, and magnifies the division b/w the world’s rich and poor
multilateral trade agreements
they don’t result from the negotiations between two nation-states, but rather are the end result of negotiations among multiple players and thus enforce rights, impose sanctions, or encourage business at a regional or worldwide level (e.g. NAFTA & CAFTA)
champagne-glass distribution
the unequal, global distribution of income, so named for its shape
corporations
have pathological personalities, corporations act like psychos because they show little regard, remorse,
or guilt for harming others, they are unable to maintain long-term relationships, they lie all the time and they fail to conform to social norms by obeying the law, corporations are solely self-interested in the relentless pursuit of profits for their shareholders
oligopoly
the condition when only a handful of firms exist in a particular market
unions
the organization that forms when workers formally unite with the common aim of collective bargaining
Banking Act of 1933
the second Glass-Steagall act was signed into law in June of 1933 after a run on Michigan’s banks in January of that year

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