Chapter 14

Question 1

Division of labor

Answer 1

The specialization of work tasks in complex production processes, where each worker performs a specific task.

Question 2

Labor

Answer 2

Human effort used in the production of goods and services.

Question 3

Taylorism

Answer 3

A system of scientific management to increase productivity by breaking down tasks and optimizing them.

Question 4

Fordism

Answer 4

A system of industrial production pioneered by Henry Ford, involving mass production and standardized goods with decent wages for workers.

Question 5

Post-Fordism

Answer 5

A shift from mass production to flexible, specialized production, often with decentralized work arrangements.

Question 6

Alienation

Answer 6

The feeling of estrangement or disconnection workers experience in a capitalist system, often due to repetitive tasks and lack of control.

Question 7

Informal economy

Answer 7

Economic activities that occur outside of government regulation or taxation, often unreported or under-the-table.

Question 8

Strikes

Answer 8

Work stoppages by employees to protest working conditions, pay, or other labor issues.

Question 9

Technology

Answer 9

Tools, machines, and systems used to solve problems and enhance productivity, especially in work settings.

Question 10

Knowledge economy

Answer 10

An economy based on the production and management of knowledge and information, rather than physical goods.

Question 11

Economic interdependence

Answer 11

A condition in which countries or businesses are reliant on each other for resources, labor, or markets.

Question 12

Global economy

Answer 12

An interconnected worldwide economic system in which goods, services, and capital move across borders.

Question 13

Capitalism

Answer 13

An economic system in which private individuals or corporations own and control production for profit. profit is an incentive

Question 14

Family capitalism

Answer 14

Businesses owned and controlled by families, often passed down through generations.

Question 15

Managerial capitalism

Answer 15

Businesses managed by professional / CEOs /
publically owned / often transition from family capitalism

Question 16

Institutional Capitalism

Answer 16

Dominated by large corporations linked through ownership and boards.

Question 17

Welfare State Capitalism

Answer 17

Combines a mostly capitalist economy with extensive social welfare programs. Corporations take care of their worker - benefits / robust employment
during hard times, etc

Question 18

Global // Transnational Capitalism

Answer 18

Characterized by transnational corporations and a global market economy.

Question 19

Oligarchic Capitalism

Answer 19

wealth and power are controlled by a small, elite group of people or families.

Question 20

State-Guided Capitalism

Answer 20

government plays a strong role in directing economic growth, often by supporting key industries, setting goals, or controlling investments

Question 21

Corporate Capitalism

Answer 21

large corporations dominate the economy. ex: US, Japan, S.
Korea

Question 22

Entrepreneurial Capitalism

Answer 22

small tech companies // start-ups to mom & pop stores

Question 23

Laissez-Faire Capitalism

Answer 23

government has little to no involvement in the economy. Businesses operate freely with minimal regulation, and supply and demand decide what gets produced, how much, and at what price.

Question 24

Anti Capitalism

Answer 24

Communism (everyone shares all wealth, no rich no poor) // Total state control e.g. N. Korea (kinda)

Question 25

what is taylorism also known as

Answer 25

SCIENTIFIC MANAGEMENT

Question 26

who came up with taylorism

Answer 26

Frederick Taylor

Question 27

goal of taylorism

Answer 27

eliminate worker dissatisfaction

Question 28

Effects of Taylorism

Answer 28

– Destruction of Craftsmanship – Deskilling of Work and Workers – Workers as machines / wage slavery – Worker alienation increased – Unions expanded

Question 29

Compared to traditional societies, modern societies . . .

Answer 29

- have more specialization in work - are economically interdependent - have less reliance on local populations - have more divisions of labor

Question 30

what are modern economies based on

Answer 30

division of labor and economic interdependence

Question 31

In all cultures what is the basis of the economic system

Answer 31

work

Question 32

why is work so important in modern societies

Answer 32

- maintains self esteem - structuring element in peoples psychological makeup and cycle of activities (relevant characteristics: money, activity level, variety, structures one's time, social contacts, identity)

Question 33

what is the "second shift"

Answer 33

- sociologist Arlie Hochschild - women have joined the paid workforce, yet when they return home from their paid employment, they are still likely to do most of the housework and childcare - these tasks as called the second shift

Question 34

what happens when family capitalism shifts to managerial capitalism

Answer 34

The company no longer is privately owned by the founding family, but rather is publicly traded on the stock market,

Question 35

what impact do large corporations have in modern society

Answer 35

drives patterns of consumption and the experience of employment

Question 36

how have americans been impacted by outsourcing

Answer 36

- loss of higher paying jobs in large, unionized factories - replacement of with lower paying service jobs

Question 37

what was one of the objectives of welfare capitalism

Answer 37

coercion to unionize

Question 38

what are interlocking directorates and there impact

Answer 38

- linkages among corporations created by individuals who sit on two or more corporate boards - exercise control over much of the corporate landscape - it reverses the process of increasing managerial control

Question 39

reason for spread of institutional capitalism

Answer 39

shift of pattern of investment from investing directly into companies to putting money into things like retirement funds or insurance plans. These big financial companies then take all that pooled money and invest it in businesses. This change has helped institutional capitalism grow, where large organizations—not individuals—control most of the investments in the economy.

Question 40

why did henry ford raise his workers wages

Answer 40

- He realized mass production requires mass markets - people need money to spend money - it also secured worker compliance

Question 41

low trust system

Answer 41

- fordism and taylorism are examples - people allowed little responsibilty, or control over work

Question 42

what did karl marx say

Answer 42

- the development of the modern industry would reduce peoples work to dull resulting in low trust systems - the divsision of labor allienates humans from work

Question 43

fordism vs post-fordism

Answer 43

FORDISM: - Bureaucratic/vertical - Mass production - Most work in-house (local) - Job security (high wage, long term, full-time, high career advancement) POST-FORDISM: - Flexible/horizontal - Mass customization - Most work outsourced (global) - Job insecurity (low wage, short term, part-time, low career advancement)

Question 44

Transnational (or multinational) corporations

Answer 44

branches in two or more countries

Question 45

intermodal transport

Answer 45

the overall process from factory to point of sale. it involves moving huge containers around the world by using trucks rail ship and air

Question 46

4 webs of interconnecting commerical activity in the new world economy

Answer 46

1. global cultural bazaar 2. global shopping mall 3. global workplace 4. global financial network