Capitalism
Economic system in which property and goods are primarily owned privately; investments are determined by private decisions; and prices, production, and the distribution of goods are determined primarily by competition in a free market.
Feudalism
Economic system characterized by the presence of lords, vassals, serfs, and fiefs.Before capitalism.
enclosure movement
forced people off what had been public land and sent them looking for work in cities
Agricultural Revolution
the introduction of new farming technologies that increased food output in farm production
Corporation
a legal entity unto itself that has a legal person-hood distinct from that of its members - namely, its owners and shareholders
Adam Smith
individuals pursuing their own self-interests, others acting similarly -> competitionbarter is inefficientmoney is social; facilitates social relations between humans
Karl Marx
capitalism creates alienationcapitalism will eventually lead to socialism and then communism
Max Weber
rise of capitalism linked to technology and ideas, especially ideas connected to Protestant Reformationpeople may became obsessed with working and making money that they could never enjoy (negative view of capitalism)
Alienation
a condition in which people are dominated by forces of their own creating that then confront them as alien powers; according to Marx, the basic state of being in a capitalist society
Socialism
an economic system in which most or all the nees of the population are met through non-market methods of distribution
Communism
a political ideology of a classless society in which the means of production are shared through state ownership and in which rewards are not tied to productivity but need
Family wage
a wage paid to male workers sufficient to support a dependent wife and childrenimplies women's dependency on men
Service Sector
the economic activity that involves providing intangible services