W6.2 Introduction to Sociology/Economy (LEE EUNJU)

 1) Summarize

Economy refers to the way people use the environment to meet material needs. Capitalism is an economic and social system in which capital and non-labor factors or means of production are privately controlled. Labor, goods and capital are traded on the market. Profits are taken by the owner or invested in technology and industry. And wages are paid to labor. Capitalism developed from the interaction of "goods, money, labor, means of production, and production." Critics argue that capitalism is linked to an unfair distribution of wealth and power. Capitalism is considered unreasonable by many socialists in that the direction of production and economy is unplanned and creates inconsistencies and internal contradictions, and therefore must be controlled through public policy. Socialism refers to a society characterized by equal access to resources for all individuals with various economic organizational theories advocating public or direct worker ownership and management of the means of production and compensation for the amount of labor consumed. Most socialists share the view that capitalism unfairly focuses power and wealth on a small part of a society that controls capital and creates wealth through exploitation, creates unequal societies, does not provide equal opportunities for everyone to maximize their potential, and does not use technology and resources for the best or public interest. Criticism of socialism ranges from claims that socialist economic and political models are inefficient or incompatible with civil liberties to accusations against certain socialist countries.

 2) An interesting point

"In a capitalist economy, income depends primarily on the technology in demand and the technology currently available." This is interesting because in the current situation of the Fourth Industrial Revolution, we have to pay attention to some new technologies that are already emerging, and our jobs and incomes will be determined accordingly.

 3) Question

Which country do you want to be, a country based on capitalism or a country based on socialism?

Comments

  1. 한우진June 22, 2023 at 11:39 PM

    If you ask me which idea I want to be based on, capitalism or socialism, I want to be based on capitalism. Capitalism is a social system that values the market economy and individual economic freedom, and economic competition and accumulation of capital play an important role. Therefore, I want to be a country based on capitalism with my own property rather than socialism.

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