Introduction to Sociology/Economy/Jungho Kang

1. Summary

 This article introduces 'Economy'. Every society has economy. If society bigger, the economy also bigger. Bartering is the earliest stage of the economy. Throughout history, the word 'Economy' was more used in the process of creating colonies, especially in the West. In the Middle Ages, mercantilism was popular, but after the Industrial Revolution, capitalism became popular. In modern society, there are two big streams, capitalism and socialism.

 Capitalism is an economic system in which capital and means of production are owned by individuals and transactions are made to take place in the market. Capitalism is the most powerful economic policy and adopted in most countries. However, Capitalism has critic which is unfair distribution of wealth and power. Capitalism must resolve this criticism.

 Socialism is also economic system in which production and resources is for all individuals (In Marx, Labors). All products are equally distributed regardless of the ability of the workers. However, now socialism is treated as a failed theory. 

2. What was interesting

 In fact, sociology is not a long history compared to economics. In other words, if you follow the history of economics, you can also see the history of sociology. The present world is unequal. I have found through this article that European countries have created colonies for their own economic development. There are institutions like the United Nations to overcome these inequalities, but there is also a difference in the right to speak. If this inequality in the global economy is not resolved, I have a pessimism about whether equality in the world is possible.

3. Discussion Point

  There is one scholar who has assessed socialism. "The theory is wonderful; the species is wrong." - Edward Osborne Wilson. Why do you think socialism is failed? I think, the reason of fail is socialism doesn't consider human selfishness. Every human has selfishness. In other words, People are greedy, but socialism does not consider greed. Before I announced in last class, I doesn't think human can resolve every problem by rational. Rationally, socialism seems possible, but socialism failed because it did not consider human nature. What do you think?