Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.
Modern capitalist systems usually include a market-oriented economy, in which the production and pricing of goods, as well as the income of individuals, are dictated to a greater extent by market forces resulting from interactions between private businesses and individuals than by central planning undertaken by a ...
Modern capitalist society is a term used to describe a type of capitalist society in which a capitalist class of "new elites" and "old elites" concerned with maximizing their wealth secures a political system that serves and protects their interests, leading to the development of a wage-earning class.
Two-Class System Historically, capitalist society was characterized by the split between two classes of individuals: the capitalist class, which owns the means for producing and distributing goods (the owners), and the working class, who sell their labor to the capitalist class in exchange for wages.
Wall Street and the stock market embody capitalism. Large, publicly-traded companies sell stock to raise capital, which is bought-and-sold by investors via a system in which prices are directly impacted by supply and demand. Everyone can participate, from individual investors to major financial investment firms.
One of the examples of capitalism has been the creation of mega-corporations owned by a set of private individuals and institutions. Minimal government intervention and protection of private property rights have enabled the creation of humongous companies.
A capitalist society is a social order in which private property rights and the free market serve as the basis of trade, distribution of goods, and development.
“an economic system in which the means of production are privately owned; decisions over what is produced and what is bought and what prices should be are determined mainly by private individuals the free market, rather than through a planned economy; and profit is distributed to owners who invest in businesses.”
The Industrial Revolution arguably brought modern capitalism into full bloom. With a moderate investment in machine tool technology, a person could build a warehouse or factory that was capable of reaping tremendous profit. With the rise of capitalism also came a rise in the quality of life.
Three societies followed the classless tribal society: ancient society, in which the major class distinction was between master and slave; feudal society, in which lord and serf were opponents in a class war; and bourgeois society, or capitalism, in which the class division existed between factory owner and worker.
It classifies capitalist economies into four categories: oligarchic capitalism, state-guided capitalism, big-firm capitalism, and entrepreneurial capitalism.
The United States is arguably the most well-known country with a capitalist economy, which many citizens see as an essential part of democracy and building the "American Dream." Capitalism also taps into the American spirit, being a more "free" market when compared to the more government-controlled alternatives.
C. Wright Mills argues that there are three major institutions in the United States today that have the power to make decisions for the masses. Which one of the following is NOT one of these?
Thomas Malthus had a positive view of inequality. He defended disease, slavery and child murder. Why?
A subsystem of stratification Mills mentions is the outer fringes of the power elite. These are:
The Division of Labor in Society was the first of many intellectual contributions to sociology from:
d. Protestantism is based on the individual, which creates less social integration.
a. Protestants are the poorest of religious groups.
Some policy experts believe that welfare creates more problems than it solves because it discourages people from finding work. This is also known as:
Sociologists often describe an individual's position in a stratified social order that attempts to classify groups, individuals, families, or households in terms of indicators such as occupation, income, wealth, and education. Sociologists call this: socioeconomic status.
bourgeois. A system in which advancement is based on individual achievement or ability is referred to as: meritocratic. An example of the ideology of equality of condition put into practice is: affirmative action. The examination of how race and ethnicity affect income is really an examination of: stratification.
A stratification system with a governing elite—that is, few leaders who broadly hold the power in society—is called a (n): elite-mass dichotomy system. Mills argues that there are three major institutional forces in modern American society in which the power of decision making has become centralized. Which of the following is NOT one of these ...