ISS 215: Social Differentiation and InequalityLecture 5: Economic Institutions and InequalityIn-Class NotesWhat 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 consumptionEconomic 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
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