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Flashcards in Chapter 12 Deck (20):
1

deindustrialization

a state of decline in the nation's manufacturing activity; for example goods may be produced in other countries and only assemble domestically

Worker plants in the US are becoming empty because manufacturing jobs are shifting to poorer countries. The decline of domestic manufacturing activity is known as deindustrialization. 90% of all jobs created since 2008 have been part time or temporary jobs. Small businesses rely on workers who often work close to the manufacturing plant. If the plant goes out of business, so do the small shops. Less people=less taxes (poorer schools)

2

domestic labor

work done to maintain the home and family usually unpaid

3

employee stock option plan (ESOP)

programs in which workers purchase shares of stock in their own companies. This approach provides workers with a share of the profits and labor helps create, and may motivate them to become more productive

4

formal labor market

consist of people who are paid for their work, usually performed outside the home

5

glass ceiling

a level in the company or bureaucracy, about which women or racial minorities rarely are able to rise

Reasons; corporate recruitment and promotion practices rely on referral firms. Informal mentoring system where white male execs recruit train and refer their mentees for promotions. Accountability of corporations to comply with the equal employment opportunity commission regulations were monitored at low levels and very lax at higher levels.

6

globalization

a process whereby the world system of economic relationships become increasingly dominant, linking and integrating ever larger numbers of societies until worldwide network of economic and political relationships

7

informal labor market

consists of people who are not paid for the work, may include both voluntary and involuntary work

8

interlocking boards of directors

a

9

managerial revolution

the separation of the functions of ownership and control in corporations, with the power of corporate decision-making going to managers

10

mergers

the takeover or absorption of one company by another, often accomplished by the purchase of the company that is taken over

11

merger mania

a situation which in many mergers or company takeovers occur

12

middle-class

loosely defined as a category of people whose income places them above the poverty line but below the wealthiest fifth of the population. it may also be conceptualized by lifestyle, including homeownership and the ability to send ones children to college

13

runway shops

work facilities that are moved to locations where labor is an expensive and often non-unionized and taxes, laws favor business interests

14

second shift

a situation in which women who work full-time also perform most or all of the domestic chores at home, also called double shift or second shift

15

segmented labor market

a divided labor market resulting from the fact that men and women, and people in different racial categories, compete in different labor markets for different jobs

16

triple shift

a situation in which women work in the formal labor market and the informal labor market in addition to working at domestic labor

17

underemployment

the situation in which individuals are employed either at jobs that do not fully utilize their skills, that pay less than a living wage, or that do not offer opportunities for full time employment

18

work

Any activity that produces something of value for other people

19

worker cooperative

a company that is owned and operated by its workers

20

working poor

People who are working full time but remain below the poverty line