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Chapter 16: Economics and Work |
Chapter sixteen examines the topics of economics and work. The
two major forms of economic organization in the world today
are capitalism and socialism. Capitalism, in which a high value
is placed on private ownership, has four basic characteristics:
private ownership, the profit motive, free competition, and
capital accumulation. Conversely, socialism places a high value
on shared responsibility for social welfare and emphasizes social
cooperation ahead of individual competition. Capitalism became
the dominant economic practice in Western nations beginning
with the Industrial Revolution, but even at that time a number
of socialist critics—among whom one of the most influential
was Karl Marx—challenged the ideology of capitalism. Experiments
in socialism have taken several forms throughout the world,
from the socialist reforms of Western Europe to the socialist
revolution in the Soviet Union.
The United States is home to many different kinds of business
organizations and market structures—corporations, oligopolies,
multinationals, and small businesses. Business and work are
topics of great importance to Americans; work is one way of
defining people. Issues surrounding work and the workplace—such
as professionalization, productivity, and automation—will
continue to be widely studied and debated as America begins
the twenty-first century.
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