chapter 13 & 16 - work and the economy

Question 1

globalization

Answer 1

• increasing interdependence of national economies on others
• transnational flow of ppl, good, services, culture

Question 2

functionalist perspective

Answer 2

• globalization of capitalism is functional/stable for the world
• allows people to exercise comparative advantage

Question 3

comparative advantage

Answer 3

country can produce something at a lower opportunity cost, efficient

Question 4

conflict perspective

Answer 4

• global corporate elite getting more and more power
• most ppl’s best interests are not considered
• race to the bottom

Question 5

“race to the bottom”

Answer 5

countries or companies lower their standards (wages, environmental regulations, labor rights) to attract global investment; shein sweatshop conditions

Question 6

economic restructuring

Answer 6

• economic opportunity structure facing American workers is rapidly changing
• two trends:
  deindustrialization
• rise in contingent employment relation

Question 8

in US, what percent of workers are in manufacturing vs services

Answer 8

8% vs 80%

Question 9

contigent workforce

Answer 9

“gigs”
- rise in outsourcing, subcontracting, and temporary work contracts
- increased flexibility for employees and workers but earn less and less benefits
- most say they’d rather be standard employees

Question 10

decline in unionization

Answer 10

• union: institutional mechanism for advancing collective interests of workers
• steady decline in union density of recent decades due to loss of manufacturing jobs and organizing efforts slow to respond to restructuring

Question 11

deindustrialization

Answer 11

goods-producing to service based economy; automation and cheaper work in other countries

Question 12

loss of ground for the less educated

Answer 12

• more and more gaps in opportunities for those w/ degrees than those without.
• “college premium” - the idea that having a college degree typically leads to higher wages, better job security, and better overall outcomes in life

Question 13

implications of globalization + economic restructuring

Answer 13

• uncertainty
• displacement and new opportunities
• depends on how ppl respond to change

Question 14

government

Answer 14

refers to the regular enactment of policies, decisions, and matters of state by officials

Question 15

nation-states

Answer 15

Japan, Iceland

Question 16

states

Answer 16

US, India, Canada, etc.

Question 17

three types of rights

Answer 17

civil rights (due process), political rights (elections), social rights (minimum wage)

Question 18

welfare state

Answer 18

political system that provides a wide range of welfare benefits for citizens

Question 19

suffrage

Answer 19

voting

Question 20

alienation

Answer 20

feelings of indifference/hostility not just to work but to overall framework of capitalism/industrialism

Question 21

collective bargaining

Answer 21

used by unions; negotiations abt pay, hours, etc

Question 22

family capitalism

Answer 22

19-20th cent, Fords and Rockfellers

Question 23

managerial capitalism

Answer 23

most corporate; managers and entrepreneurs, NOT owners

Question 24

welfare capitalism

Answer 24

making the corps rather than state/unions responsible for welfare; childcare, PTO

Question 25

institutional capitalism

Answer 25

form of capitalism where large corporations, banks, and financial institutions play a central role in shaping the economy

Question 26

interlocking directorates

Answer 26

linkages among corporations by ppl who sit on 2+ corporate boards; have lots of control

Question 27

global capitalism

Answer 27

corps increasingly stateless; giant companies outsource anywhere on the planet

Question 28

translational corporations

Answer 28

corps that have branches in two or more countries

Question 29

knowledge economy

Answer 29

ideas, info, and forms of knowledge instead of focusing on innovation and economic growth; R and D, tech

Question 30

postindustrial society

Answer 30

society based on the production of knowledge and information rather than material goods, resulting in the rise of an economic service sector and the decline of the manufacturing sector.

Question 31

external risk

Answer 31

dangers like drought, famines, earthquakes, natural

Question 32

manufactured risk

Answer 32

created by the impact of our own knowledge and technology on the natural world.

Question 33

characteristics of modern economies

Answer 33

- highly complex division of labor - high degree of economic interdependence

Question 34

capitalism

Answer 34

- increasingly dominant form of economic organization worldwide - market vs other means of production - private ownership of means of production - profit is incentive

Question 35

socialism

Answer 35

- relies on social ownership of means of production and distribution - government owns and workers owns - redistribution and welfare state -