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Session 02 capitalism overview

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Session 02 capitalism overview

  1. 1. Capitalism CHCLD514A Analyseimpacts of sociological factors on clients in community work and services 1
  2. 2.  Power: The degree to which individuals/groups can impose their will on others, with or without their consent   Prestige: Amount of esteem or honour associated with social positions, qualities of the individuals and lifestyles   Wealth: Material possessions defined as valuable (land, livestock, buildings, money) CHCLD514A Analyse impacts of sociological factors on clients in community work and services 2
  3. 3.  Social stratification means that social groups are ranked differently according to their power, prestige and wealth. CHCLD514A Analyse impacts of sociological factors on clients in community work and services 3
  4. 4.  Private ownership and control of production Economic activity is about making profits Market regulates this economic activity (demand/supply) Owners of production receive the profits (except for taxes) Provision of labour by workers who are free agents CHCLD514A Analyse impacts of sociological factors on clients in community work and services 4
  5. 5.  Capital is money used to finance the production of commodities (goods) for private gain   We accumulate capital by selling goods at greater value than they cost to produce. CHCLD514A Analyse impacts of sociological factors on clients in community work and services 5
  6. 6.  The aim of any capitalist is to maximize profit for the owner of the business. There is no limit to the profit that any business should make. Consumption capitalism is the production of goods and services for consumption by individuals i.e. clothes, cars, houses, holidays. These goods and services are constantly used up and have to be replaced. Free trade is the free exchange of goods and services produced by consumption capitalism across the world. CHCLD514A Analyse impacts of sociological factors on clients in community work and 6 services
  7. 7.  With free trade, the capitalist is free to find the cheapest sources of material and labour to make goods and services so that they can maximize their profits. For example, Nike makes shoes and clothes in Vietnam for say up to $2 per item and sells them in Australia for $200 per item. Globalization has become a negative term associated with the excesses of capitalism. CHCLD514A Analyse impacts of sociological factors on clients in community work and services 7

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