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This multimedia product and its contents are protected under copyright law. The following are prohibited by law: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;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;preparation of any derivative work, including the extraction, in whole or in part, of any images;any rental, lease, or lending of the program.any rental, lease, or lending of the program.
A Down-to-Earth Approach 9/eA Down-to-Earth Approach 9/e
Chapter 14:Chapter 14:
The EconomyThe Economy
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 2
Preindustrial Societies: Birth of Preindustrial Societies: Birth of
InequalityInequality Hunting and Gathering SocietiesHunting and Gathering Societies
Pastoral and Horticultural SocietiesPastoral and Horticultural Societies
Agricultural SocietiesAgricultural Societies
Increasing Social and Economic Increasing Social and Economic
InequalitiesInequalities
The Transformation of Economic Systems
The Transformation of Economic Systems
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 3
Industrial Societies: Birth of the MachineIndustrial Societies: Birth of the Machine
Brought Previously Unseen SurplusesBrought Previously Unseen Surpluses
More Efficient Machines Led to More Efficient Machines Led to
Conspicuous ConsumptionConspicuous Consumption
The Transformation of Economic Systems
The Transformation of Economic Systems
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 4
Service SectorService Sector Vast Surplus of GoodsVast Surplus of Goods Extensive Trade Among NationsExtensive Trade Among Nations Wider Variety and Quantity of GoodsWider Variety and Quantity of Goods Information ExplosionInformation Explosion Global VillageGlobal Village
The Transformation of Economic Systems
The Transformation of Economic Systems
Postindustrial Societies: Birth Postindustrial Societies: Birth of Information Ageof Information Age
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 5
Bioeconomic Societies: Merger of Bioeconomic Societies: Merger of
Biology and EconomicsBiology and Economics
We May Be On the Verge of New Type We May Be On the Verge of New Type
of Societyof Society
Likely to Lead to Even Greater Likely to Lead to Even Greater
InequalitiesInequalities
Implications for Your LifeImplications for Your Life
The Transformation of Economic Systems
The Transformation of Economic Systems
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 6
Earliest Mediums of ExchangeEarliest Mediums of Exchange
Medium of Exchange in Medium of Exchange in
Agricultural SocietiesAgricultural Societies
Medium of Exchange in Medium of Exchange in
Industrial SocietiesIndustrial Societies Gold Standard and Paper MoneyGold Standard and Paper Money
Fiat MoneyFiat Money
Gross Domestic ProductGross Domestic Product
The Transformation of the Medium of Exchange
The Transformation of the Medium of Exchange
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 7
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 8
Earliest Mediums of ExchangeEarliest Mediums of Exchange
Medium of Exchange in Medium of Exchange in
Agricultural SocietiesAgricultural Societies
Medium of Exchange in Medium of Exchange in
Industrial SocietiesIndustrial Societies
Medium of Exchange in Medium of Exchange in
Postindustrial SocietiesPostindustrial Societies
The Transformation of the Medium of Exchange
The Transformation of the Medium of Exchange
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 9
CapitalismCapitalism Private Ownership of Means of ProductionPrivate Ownership of Means of Production
Market CompetitionMarket Competition
Pursuit of ProfitPursuit of Profit
Laissez-Faire CapitalismLaissez-Faire Capitalism
Welfare or State CapitalismWelfare or State Capitalism
World Economic SystemsWorld Economic Systems
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 10
SocialismSocialism
Public Ownership of Means of ProductionPublic Ownership of Means of Production
Central PlanningCentral Planning
Distribution of Goods Without Profit MotiveDistribution of Goods Without Profit Motive
Democratic SocialismDemocratic Socialism
World Economic SystemsWorld Economic Systems
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 11
Capitalists Capitalists
Market Prices Should Determine Market Prices Should Determine
Products and PricesProducts and Prices
Profit is GoodProfit is Good
Ideologies of Capitalism and Socialism
Ideologies of Capitalism and Socialism
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 12
SocialistsSocialists
Profit is ImmoralProfit is Immoral
Item’s Value Based on the Item’s Value Based on the
Work that Went Into ItWork that Went Into It
Government Protects Government Protects
Workers from ExploitationWorkers from Exploitation
Ideologies of Capitalism and Socialism
Ideologies of Capitalism and Socialism
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 13
CapitalismCapitalism
Leads to Social InequalityLeads to Social Inequality
Tiny Top Layer Exploits Vast Tiny Top Layer Exploits Vast
Bottom LayerBottom Layer
Few Who Own the Means of Few Who Own the Means of
Production Reap Huge ProfitsProduction Reap Huge Profits
Criticisms of Capitalism and Socialism
Criticisms of Capitalism and Socialism
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 14
SocialismSocialism
Does Not Respect Individual RightsDoes Not Respect Individual Rights
Others Control People’s LivesOthers Control People’s Lives
Give Everyone an Equal Chance to Give Everyone an Equal Chance to
be Poorbe Poor
Criticisms of Capitalism and Socialism
Criticisms of Capitalism and Socialism
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 15
Convergence TheoryConvergence Theory
Hybrid or Mixed EconomyHybrid or Mixed Economy
Changes in China and RussiaChanges in China and Russia
Changes in AmericaChanges in America
Convergence of Capitalism and Socialism
Convergence of Capitalism and Socialism
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 16
New Global Division of LaborNew Global Division of Labor
Mechanical SolidarityMechanical Solidarity
Organic SolidarityOrganic Solidarity
Now We Depend on Workers Around the GlobeNow We Depend on Workers Around the Globe
Functionalist View of the Globalization of Capitalism
Functionalist View of the Globalization of Capitalism
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 17
Corporate CapitalismCorporate Capitalism
Separation of Ownership Separation of Ownership
and Managementand Management
Stockholders’ RevoltStockholders’ Revolt
Ownership and Management of Corporations
Ownership and Management of Corporations
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 18
Three Major Trading BlocksThree Major Trading Blocks
North and South AmericaNorth and South America
EuropeEurope
AsiaAsia
Greater Productivity and Greater Productivity and
Standard of LivingStandard of Living
Functions on a Global Scale
Functions on a Global Scale
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 19
Loss of Jobs in Loss of Jobs in
Industrialized NationsIndustrialized Nations
Rust Belts in U.S.Rust Belts in U.S.
Challenges to Small TownsChallenges to Small Towns
Dysfunctions on a Global Scale
Dysfunctions on a Global Scale
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 20
Inner Circle of Corporate CapitalismInner Circle of Corporate Capitalism
Multinational CorporationsMultinational Corporations
OligopolyOligopoly
Interlocking DirectoratesInterlocking Directorates
Global InvestingGlobal Investing
Conflict View of Globalization of Capitalism
Conflict View of Globalization of Capitalism
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 21
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 22
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 23
Transition to Postindustrial SocietyTransition to Postindustrial Society
Work in U.S. SocietyWork in U.S. Society
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 24
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 25
Transition to Postindustrial SocietyTransition to Postindustrial Society
Women and WorkWomen and Work
Work in U.S. SocietyWork in U.S. Society
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 26
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 27
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 28
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 29
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 30
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 31
Stagnant and Shrinking PaychecksStagnant and Shrinking Paychecks
Work in U.S. SocietyWork in U.S. Society
Transition to Postindustrial SocietyTransition to Postindustrial Society
Women and WorkWomen and Work
Underground EconomyUnderground Economy
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 32
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 33
Patterns of Work and LeisurePatterns of Work and Leisure
Effects of IndustrializationEffects of Industrialization
Trends in LeisureTrends in Leisure
Work in U.S. SocietyWork in U.S. Society
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 34
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 35
Patterns of Work and LeisurePatterns of Work and Leisure
Effects of IndustrializationEffects of Industrialization
Trends in LeisureTrends in Leisure
TeleworkingTeleworking
Work in U.S. SocietyWork in U.S. Society
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 36
Global Trade: Inequalities and ConflictGlobal Trade: Inequalities and Conflict
New Technologies and DownsizingNew Technologies and Downsizing
Facing the FutureFacing the Future
Chapter 14: The EconomyCopyright © Allyn & Bacon 2008 37
A Down-to-Earth Approach 9/eA Down-to-Earth Approach 9/e
Chapter 14:Chapter 14:
The EconomyThe Economy