ISS 215 Social Differentiation and Inequality Lecture 5 Economic Institutions and Inequality In Class Notes What are economic institutions Production What is being produced How is it being produced Where is it being produced Manipulation of consumer by producer Distribution Analyze Transportation Link between production and consumption Economic systems of the world Socialism Means of production are owned by the state Production for use not for profit No inequality no billionaires or homeless Collective ownership of everything Everybody is guaranteed basic needs Food Housing Education Provided universal free health care Capitalism Means of production are owned by home Anybody rich people factory owners etc Production mainly for profit Some people own just about everything Some people own close to nothing No guaranteed basic needs whatsoever Welfarism Based on Capitalism Individuals own means of production Production is for profit There is social stratification inequality Social Welfarism otherwise known as Western Socialism Some basic needs are provided Modern welfarism states Norway Denmark Finland Sweden Guaranteed basic needs Receive 1 month pay leave Receive good sized retirement sums
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