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MSU ISS 215 - Economic Institutions

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ISS 215 1st Edition Lecture 7 Outline of Last Lecture I Finish Conflict Perspective II Book Review for Exam Outline of Current Lecture III Social Institutions IV Economical Institutions Current Lecture What are social organizations Stable patterns of social relationships among individuals and groups in a society Interrelated individuals in society family Stability within the group make it an organization Main features Established structure family husband wife children Coordinated Functional Activities fraternity each member has a job to do Agents of Ordering o All organizations have a system of rules and regulations to set standards o Human Agents Humans who keep order within the organization o Socio Cultural Agents Social norms Creation of Human Relations Predictability o If society is organized then things do not happen haphazardly Ex If you live in a family and get into an argument you can predict you will get into trouble and be punished o Social organizations create stable patterns Based on those stable patterns you are able to predict the results and outcomes of that organization Set of Rules and Regulations that govern human needs as a society a set of rules and regulations is created to divert human needs Functions of Social Institutions These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Economic Activities Socialization Education o Informal education begins with socialization within the family Social Control o Two types Formal police o Informal social norms Religion o In almost every society some form of spiritual religion exists Economic Institutions and Inequality Institutions are responsible for creating inequality and passing it on through multiple generations What are economic institutions Production of Goods o What is being produced o How is it being produced o Where is it being produced o Who is responsible for producing it o Always produce goods based on the needs of the consumer His gender age cultural background is going to influence the product Distribution o The link between the place of production and the place of consumption Consumption Capitalism individuals not the government own the means of production All business and corporations all have on objective money People can be homeless and people can be billionaires Welfarism Western Socialism Based on Capitalism Production is for profit Inequality exists In a welfare state the state is responsible for the basic needs of the people Socialism government controls and owns everything you are paid but you do not own it Means of production are owned by the state Production for use not profit No social stratification State is responsible for basic needs Globalization of Economy The economic and political interdependence of countries across the globe Globalization of the production International Trade International Finance Cooperation among industrial nations Third world debt Our economy is now predominately a service economy


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MSU ISS 215 - Economic Institutions

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