CHAPTER 12: WORK AND THE ECONOMYTHE SOCIAL SIGNIFICANCE OF WORKGLOBAL ECONOMIC SYSTEMSSlide 4DiscussionSlide 6Slide 7Slide 8Slide 9Slide 10ApplicationCORPORATIONS AND CAPITALISMSlide 13Slide 14Slide 15Slide 16Slide 17Slide 18WORK IN U.S. SOCIETY TODAYSlide 20Slide 21Slide 22Slide 23Slide 24Changes to American WorkSlide 26Slide 27Slide 28Job satisfaction and stressSlide 30Job SatisfactionSlide 32Slide 33SOCIOLOGICAL EXPLANATIONS OF WORK AND THE ECONOMYSlide 35Slide 36Composition of the Labor ForceSlide 38Slide 39Median Weekly EarningsSlide 41Slide 42Internet ConnectionCHAPTER 12: WORK AND THE ECONOMYTHE SOCIAL SIGNIFICANCE OF WORK•The economy—the social institution that determines how a society produces, distributes, and consumes goods and services1GLOBAL ECONOMIC SYSTEMS•Capitalism—an economic system where wealth is in private hands and is invested and reinvested to produce profits–Private ownership of property–Competition–Profit–Investment2•Actual economic conditions include:–Monopoly—situation where one person or company controls a particular market or industry–Oligopoly—market dominated by a few large suppliers2Economic ConditionsDiscussionHow do oligopolies such as Microsoft or Disney influence our lives?2•Socialism—an economic and political system based on the principle of the public ownership of the production of goods and services–Collective ownership of property–Cooperation–No profit motive–Collective goals2Socialism•Actual economic conditions include–Some competition and individual profit motives–Greater access to resources for higher ranking individuals–Little incentive2Mixed Economies•Mixed economies—include socialist programs but incorporate capitalistic features•Over time communist countries came to endorse aspects of capitalism2Mixed Economies•Global economies—interdependent investment, trade, production, communication, and technology throughout the world2Global EconomiesDiscussionDoes a global economy benefit or harm people throughout the world?2Application•Identify the type of economy:–In China, many state-owned enterprises are becoming private.–In the U.S., companies compete in producing goods and services.–In the Soviet Union, competition and individual profit was frowned upon.CORPORATIONS AND CAPITALISM•Corporation—a social entity that has legal rights, privileges, and liabilities apart from those of its members•Corporations account for 85% of business income in the U.S.3•Top U.S. corporations have larger GDPs than many countries.•GDP—gross domestic product (market value of all goods and services produced)3GDP•Conglomerate—a giant corporation that owns a collection of companies in different industries•Conglomerates acquire companies through mergers.3Conglomerates•Interlocking directorate—the same people serve on the boards of directors of several companies or corporations•A relatively few people control the corporations and industries.3Interlocking Directorate•Transnational corporation—a large business that is based in one country but operates across international boundaries•These corporations can avoid trade tariffs, bypass environmental laws, and pay low wages.3Transnational Corporation•Transnational conglomerates own a collection of different industries in a number of countries.3Transnational ConglomeratesApplication•Identify the type of corporation:–Kraft Foods owns Maxwell House, Oscar Meyer, Life Savers, and Ritz Crackers.–Board members of General Electric also sit on the boards of Johnson & Johnson, Home Depot, and Kellogg.–General Electric own subsidiaries in 27 countries.WORK IN U.S. SOCIETY TODAY•Americans' self-assessment of the standard of living is decreasing.•Corporate profits have continued to rise.•Millions of Americans have mounting debts including mortgages, consumer credit, and educational loans.4•Deindustrialization—a process of social and economic change due to the reduction of industrial activity, especially manufacturing•Workers in developing countries are displacing workers in the U.S.4Deindustrialization•Labor union membership has decreased.–Many see their jobs are short-term.–Many are afraid to unionize.–Many feel that unions no longer have clout.4OffshoringDiscussionMany people feel strongly about unions. What have you heard about unions?4•Offshoring—sending out work or jobs to another country to cut a company's costs at home•Also called international outsourcing•Increasingly including highly educated, well-paid jobs•Includes some government jobs4OffshoringDiscussionIs offshoring good for Americans?4Changes to American Work•Low-wage jobs—1/4 of workers are employed in jobs that pay poverty-level wages and minimal or no benefits•Shift work—2/5 Americans work nonstandard hours4•Downsizing—massive layoffs–Jobs move overseas.–Experienced, highly-paid workers are replaced with less expensive, less experienced workers.–Difficult economic times are decreasing demand for goods and services.4Downsizing•Contingent workers—temporary or part-time employment•Contingent workers do not have to be provided health care or other benefits.4Contingent Workers•About 7% of U.S. workers are self-employed.–Professionals and technicians–Providing products and services–Construction4Self-EmploymentJob satisfaction and stress•53% of Americans are not satisfied with their jobs•Job satisfaction is related to:–Occupational prestige–Feeling appreciated–Feeling respected–Feeling that their job is important4•59% of Americans say that work is a leading source of stress•Job stress results in health problems, missed work, changing jobs.•Job stress costs over $300 billion dollars annually: absenteeism, employee turnover, low productivity, health insurance premiums4Job StressJob SatisfactionDiscussion•What makes a job stressful?•What should employers do to minimize stress?•What should employees do to minimize stress?4•The proportion of women in the workforce has increased dramatically.–Increases in women's education and job opportunities–Rise of single mothers–Fall in men's wages–Increased costs of homeownership•Women and minority groups still tend to earn less than white males.4Women in the WorkforceSOCIOLOGICAL EXPLANATIONS OF WORK AND THE ECONOMY•Functionalist theorists argue that work provides many societal benefits.–Enhances a society's economy–Defines
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