;
Feedback
What do you think about us?
Your name
Your email
Message
Exploring the development of economic systems, this overview examines the transition from barter to capitalism and socialism, the Agricultural and Industrial Revolutions, and the rise of postindustrial economies. It delves into the sociological theories analyzing these systems, the effects of globalization, and current economic challenges in the U.S., including inequality and job insecurity.
Show More
The concept of economy originated from the Greek word 'oikonomikos', meaning the management of a household
Production, Distribution, and Consumption
The concept of economy has evolved to encompass the production, distribution, and consumption of goods and services within a society
Economic Systems
The two primary economic systems that have shaped Western society are capitalism and socialism
The domestication of plants and animals, the development of agriculture-related occupations, and the introduction of money were pivotal moments in the formation of structured economies
The Industrial Revolution marked a transformative era, shifting the economic focus from agrarian societies to industrialized urban centers
The Industrial Revolution saw the rise of capitalists, who derived their power from wealth accumulation through industry
The introduction of mechanization and the assembly line dramatically enhanced production efficiency and volume
In postindustrial societies, information has emerged as a critical asset, with power concentrated among those who can generate, store, and distribute it effectively
Four Sectors
Economic activities are categorized into four sectors: primary, secondary, tertiary, and quaternary
Workforce Migration
As societies evolve, there is a workforce migration from primary and secondary sectors to tertiary and quaternary sectors
In developed nations, a significant portion of the labor force is engaged in the service industry, reflecting the shift towards an information-based economy
Functionalists view the economy as an integral system that maintains societal stability by fulfilling the distribution of goods and services
Conflict theorists contend that the economy reinforces social stratification and inequality, especially within capitalist societies
Symbolic interactionists explore the personal and social meanings that individuals ascribe to their economic behaviors
00
Origin of 'economy'
Derived from Greek 'oikonomikos', meaning household management.
01
Evolution of economies
From barter systems to complex modern economic frameworks.
02
Economic activities
Production, distribution, consumption of goods and services in society.
