COMM 110 1st Edition Lecture 30Capitalism and ClassI. Agency - II. Social structure – patterned social arrangements in society that are both emergent from and determinant of the actions of the individuals III. Government – the system by which a state or community is governed IV. Capitalism – an economic system based on private ownership of the means of production and capital goods, and the production of goods and services for profit in a market economya. Competitive markets, wage labor b. Not sold for what there value is sold for what their value can bec. Crony capitalism – refers toa state of affairs in which insider corruption, nepotism and cartels dominate the system d. Supports democracyi. Civilizing effectii. Empirical facts support relationship between democracy and capitalism iii. Creates broad distribution of power (reduces state power); individuals own property; pluralist balance of interestsiv. Creates a check on state power to control info/ personal freedoms/ societyv. Efficient economic system = growth to standard livinge. Undermines democracyi. Property reights, private ownership = unjust 1. Free market = destructively competitive. Morally repugnantii. Capitalist democracy only results from increased exploitation; acceptance of workers of their ‘state’ – powerless1. Make up for it through commodity fetishismiii. Creates inherent inequality = unequal political resourcesiv. Means of private owners used to thward democratic initiatives 1. Infringement of personal freedoms and political voice/ powera. More leisure time/ participation, access, influencef. Democracy undermines i. Government (public input of population) g. Democracy supports V. Labora. Wage labor – the socioeconomic relationship between a worker and an employer, wherethe worker sells their labor under a formal or informal employment contract i. Occur in a labor market ii. Wage laborer - Primary means of income is from selling of his or her labor in his way VI. Exploitation – the use of someone or something in an unjust or cruel mannerThese 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.a. Economic exploitation – the act of using another person’s labor without offering them anadequate compensationVII. Deregulation – the removal or simplification of government rules and regulations that constrain the operation of market forcesa. Fail to acknowledge there are systems that fail to regulate what they’re thinking b. When regulation is removed everything gets concentrated VIII. Financialization – a term that describes an economic system or process that attempts to reduce all value that is