Glossary of Soc 8&13

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Global stratification
the unequal distribution of wealth, power, and prestige on a global basis – resulting in people having vastly different lifestyles and life chances both within and among nations
Modernization Theory
a perspective that links global inequality to different levels of economic development and suggests that low income economies can become middle or high income by achieving self sustained economic growth
Dependency Theory
The belief that global poverty can be partially attributed to the fact that low-income countries have been exploited by high income countries
World systems theory
theory that suggests that capitalism is a global system that is held together by economic ties between many nations
Core nations
dominant capitalist centers characterized by high levels of industrialization and urbanization
Semiperipheral nations
nations that are more developed than peripheral nations but less developed than core nations
Peripheral nations
nations that are dependent on core nations for capital, have little or no industrialization, and have uneven urbanization
The New International Division of Labor Theory
Transnational corporations are able to exploit foreign countries for cheap labor, low taxes, and little regulation . This allows sales at a markup (domestically) increasing profit.
Military industrial complex
the mutual interdependence of the military establishment and private sectors
the social institution that ensures the maintenance of society through the production, distribution, and consumption of goods and services
Primary sector production
the sector of the economy that extracts raw materials and natural resources
Secondary Sector Production
the sector of the economy that processes raw materials into finished goods
Tertiary Sector Production
the sector of the economy that is involved in the provision of services NOT goods
an economic system characterized by private ownership of the means of production, from which personal profits can be derived from competition without government intervention
large organizations that have legal powers separate from their individual owners
Transnational corporations
large corporations that are headquartered in one country but sell and produce goods and services in many countries
a condition existing when several companies overwhelmingly control an entire industry
Shared monopoly
a condition that exists when four or less companies supply 50% or more of a market
a combination of businesses in different commercial areas, all of which are owned by one holding company
Interlocking Corporate directorates
members of the board of directors of one corporation who also sit on the board of other corporations
an economic system characterized by public ownership of the means of production, the pursuit of collective goals, and centralized decision making
Mixed economy
an economy that combines elements of different economic types such as command (socialism) economies and market (capitalism) economies
Democratic Socialism
an economic and political system that combines private ownership of some of the means of production, governmental distribution of some essential goods and services, and free elections
Welfare states
a state in which there is extensive government action to provide support and services to the citizens
high status, knowledge based occupations
categories of jobs that involve similar activities at different work sites
Primary labor market
the sector of the labor market that consists of high-paying jobs with good benefits that have some degree of security and the possibility of future advancement
Secondary labor market
the sector of the labor market that consists of low paying jobs with few benefits and very little job security or possibility for future advancement

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