W6.2 Introduction to Sociology/Economy

1. Summary

Creating and distributing goods and services is a kind of economy. And as the economy develops, it is becoming a capitalist society. In a capitalist economy, income is said to vary mainly depending on what technology is required/supplied. Capitalism provides a major tool for industrialization in many places around the world. However, some criticize these capitalism, which critics say is related to unfair distribution. Examples of unfair things include market monopoly, economic inequality, social alienation, and unemployment. And then there's socialism, or communism. Examples of socialist countries include China, Laos and Vietnam in North Korea. Socialism is criticized for its lack of civil liberties and for its social control over the distribution of wealth and private property.

2. New point

I learned the concept of Marxism in socialism, replacing capitalism, and the concept of the historical phase of communism. Socialism is characterized by the control of workers' means of production. And we also found that economic activities were organized through the use of incentive systems, and that social classes still exist, but under capitalism, that degree was reduced.


3. Question


The informal economy is in contrast to the official economy, and it is said that the government does not impose taxes or monitor them. What do you think of the official economy and the informal economy, and what do you think is beneficial?

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