Week 7

Question 1

What is one definition of the economy

Answer 1

“all the things we do to ensure the material functioning and well-being of our households, communities and nations.”

Question 2

What is capitalism

Answer 2

A social political and economic system.
Private control of the means of production and consumption.
Capitalist class own and control the means of production and wield enormous power.
Wake labour and exploitation.
Unwaged labour and systems of differentiation ( patriarchy and racism) critical.
Profit motive.
State facilitated.
Elite professionals and managerial classes.
Ideological reproduced through education and culture.

Question 3

Give examples of capitalist (economic) practises ?

Answer 3

Paid wage labour, Private capital, Interest bearing profit seeking credit money, production fro markets, surplus to shareholder + CEO, work, property, finance, transactions, enterprise.