economic institutions

• What do economic institutions shape in societies?

  Production, distribution, and consumption
• How do economic institutions influence raw materials?

  They turn them into products and services
• What are the views on economic institutions?

  • Essential for societal survival
  • Includes public and private sectors
  • Provides coordination for economic activities
• What is the functionalist perspective on economic institutions?

  They benefit the ruling classes
• According to Karl Marx, what shapes social and political life?

  Economic structures
• What does Marx say about inequalities?

  They arise from ownership of production means
• What are the characteristics of feudal society?

  • Hierarchical relations between landlords and peasants
  • Collective regulation stifling individualism
• What are the characteristics of capitalist society?

  • Conflict between bourgeoisie and proletariat
  • Modern class distinctions in lifestyles and consumption patterns
• How are lifestyles indicators of class in the Philippines?

  Through housing and media exposure
• What role does education play in social mobility?

  It serves as a means of social mobility
• What is the culture of poverty according to Oscar Lewis?

  • Impacts self-esteem and life mastery
  • Poverty as a coping mechanism
  • Behaviors and values hinder escaping poverty
  • Traits passed down through generations
• Who are the bourgeoisie?

  Owners of the means of production
• Who are the proletariat?

  Wage laborers who sell their labor power
• Who are the petty bourgeoisie?

  Educated individuals and small landowners
• Who makes up the peasant class?

  Landless farmers working for large landowners
• Who is classified as the lumpenproletariat?

  Socially marginalized individuals used by the bourgeoisie
• What is class in terms of economic relations?

  • Relations among individuals sharing interests
  • Related to means of production
• What does stratification refer to?

  • Hierarchical ranking of social differences
  • Derived from "strata" in geology
• How does Weber define class?

  By life chances influenced by economic factors
• What is the distinction between class and status according to Max Weber?

  Class is economic, status is social honor
• What are the characteristics of a caste system?

  • Rigid and ascribed at birth
  • Limited social mobility
  • Enforces hereditary division of labor
• How is the class system defined?

  By access to production means and contributions
• What impact do income disparities have?

  They affect educational opportunities and prospects
• How does education function as a status equalizer?

  • Viewed as a "ticket to success"
  • Facilitates social mobility
• What is social mobility?

  Movement between social classes across generations
• What is cultural capital?

  Knowledge and education from family background
• What is social capital?

  Resources from networks and relationships
• What is symbolic capital?

  Reputation, respect, and honorability
• What is habitus?

  Psychological dispositions shaped by capital
• How do middle-class families convert resources?

  Into cultural and symbolic capital for children
• What is the impact of capital on inequalities?

  • Middle-Class Advantage: Better opportunities
  • Working-Class Challenges: Limited access to resources
• What is reciprocity in non-market institutions?

  Exchange of goods or labor without money
• What are the two forms of reciprocity?

  Direct barter and delayed return
• What does transfer mean in non-market institutions?

  Redistribution of income matched by exchange
• How does redistribution combine features of transfer and reciprocity?

  It involves pooling and redistributing resources
• What are non-market institutions defined as?

  Organizations that regulate social interactions
• What is the definition of market institutions?

  Systems that govern the functioning of markets
• What do market institutions ensure?

  Markets operate efficiently, fairly, and predictably
• What is a key feature of market institutions related to property?

  Private property encourages investment and innovation
• What does freedom of enterprise and choice allow?

  Individuals to pursue goals within legal boundaries