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Introduction to Sociology/Economy/Geonwoo Lee
1.summary
This text starts with a brief definition of the economy at the beginning. Economy is the way people use the environment to fill their material needs.It then introduces the history of the economy and then explains capitalism and socialism in detail. Capitalism has developed through interaction of five items: commodities, money, labour power, means of production, and production. It is a structure in which individuals trade through the market and earn revenues. On the contrary, socialism is a structure in which the government secures the means of production, grasps demand, creates production plans, and distributes products equally among individuals.This is followed by a critique of each social system. It also outlines economic standards such as Gini coefficient and GDP.
2.interesting
I was interested in the working principle of capitalism. Individuals participate in market economy in various positions. Consumers, labourer, investors. In this part, I was interested in investors becoming consumers, labourers becoming consumers, and intertwined relationships. I was also interested in confirming income inequality through the Gini coefficient. Income inequality is the result of capitalism in this age and is also the object of criticism.
3.discussion point
As I mentioned earlier, capitalism is the main activity of individuals' participation in the market economy for profit. From this point of view, we can not rule out the government's absolute control of the market in reality. If there is no state control, then there will be people who can not earn minimum income, and that number will increase. But is not there a way for individuals on the market to take control of each other?
I understand your opinion and partly agree. But if someone has to take control in a free market system, it must be a government. Because if a group, such as a corporation, it will be a control for profit itself. As sociologists who have criticized capitalism have said, the possibility of a monopoly is very high. Of course, the government must enforce regulations from a public perspective. It should not take part in a particular group for the benefit their own. This is ideal in theory, but it is a pity that it is difficult in reality.
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