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Module 5.1.1 Capital
Vocabulary words of Module 4 Capital
18
Sociology
Undergraduate 3
10/14/2015

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Term
Marxism
Definition
Contemporary social theory that derives its main elements from Karl Marx's ideas. Marxist theory strongly emphasizes class struggle and material causation.
Term
Consumerism
Definition
The philosophy of seeking happiness through the consumption of goods and services.
Term
Depletion
Definition
The human use of natural resources beyond their sustainable limits.
Term
Pollution
Definition
The contamination of soil, water, or air by noxious substances.
Term
Division of labor
Definition
The specialization of work tasks or occupations and their interrelationships.
Term
Underclass
Definition
A class of individuals in mature industrial societies situated at the bottom of the class system who have been systematically excluded from participation in economic life.
Term
World-systems theory
Definition
Immanuel Wallerstein's theoretical approach analyzes societies in terms of their position within global economic systems.
Term
Commodification
Definition
The exchange of goods and services through the market economy. These good and services were previously exchanged through primary group ties.
Term
Laissez-faire
Definition
The idea that government should not interfere with commerce.
Term
Corporation
Definition
A legally recognized organization set up for profit in which the powers and liabilities of the organization are legally separate from the owners or the employees.
Term
Monopoly
Definition
A situation in which a single producer dominates in a given industry or market.
Term
Oligopoly
Definition
A situation in which a small number of firms dominate a given industry or market.
Term
Feudalism
Definition
A social system based on fealty between a lord and a vassal.
Term
Class system
Definition
A multi-dimensional phenomenon in which populations are ranked along various dimensions such as occupation, education, property, racial or ethnic status, age, and gender.
Term
Materialism
Definition
The view that material conditions (usually economic and technological factors) play the central role in determining social stability and change.
Term
Innovation
Definition
The introduction of a new technology, product, or technique into a sociocultural system.
Term
Neo-colonialism
Definition
The informal dominance of some nations over others by means of unequal conditions of economic exchange (as between industrialized countries of the Global North and countries of the Global South).
Term
Aristocracy
Definition
A form of government where power is held by a ruling class holding high rank and privilege; this class is often hereditary in character.
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