Introduction to sociology / Economy / Minjeong Lee

1. Summary

We use the environment to satisfy material needs. And we often say that it's Economy. In relation to the economy, the social system can be divided into two major ways : Capitalism and Socialism. Capitalism is not controlled by the government, and is transacted labor, goods, and capital through the market. On the contrary, Socialism is controlled all parts about production activity by the central government, and all individuals are guaranteed resources and products equally. In the text, it introduces criticism of the two social systems and briefly describes the famous economic standards.

2. New/Interesting/Unusual things I learned

I was interesting that capitalism relates to unequal distribution of wealth and power in 'Criticism of Capitalism' part. I think it's natural to act for profits in the market economy determined the price by The supply-demand curve. However, it is not good to unfairly monopolize the market for profit and decrease the production of goods or raise prices. Also, it was interesting that if this inequality continues, capitalism will collapse and the new social system will emerge.

The Supply-Demand Curve

( Image source : https://en.wikibooks.org/wiki/Introduction_to_Sociology/Economy )

3. Discussion

As mentioned earlier, inequality of income can lead to the decay of capitalism. Is the social system that appeared subsequently different from the previous social system? Or is it a mixture of the two previous social systems? I think that there will be builded a completely different social system than ever before.