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Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a ...
Political-economics also contributed to Marx's theories, centering on the concept of "origin of income" where society is divided into three sub-groups: Rentiers, Capitalist, and Worker. This construction is based on David Ricardo's theory of capitalism. Marx strengthened this with a discussion over verifiable class relationships.
Classical Marxism is the body of economic, philosophical, and sociological theories expounded by Karl Marx and Friedrich Engels in their works, as contrasted with orthodox Marxism, Marxism–Leninism, and autonomist Marxism which emerged after their deaths. [1]
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
The key components of such systems are: (a) social-institutional processes that define certain types of goods as valuable and desirable, (b) the rules of allocation that distribute goods and resources across various positions in the division of labor (e.g., physician, farmer, 'housewife'), and (c) the social mobility processes that link ...
Keynesian economics, which attempts a "middle way" between laissez-faire, unadulterated capitalism and state guidance and partial control of economic activity, such as in the French dirigisme or the policies of the Golden Age of Capitalism, attempts to address such crises with the policy of having the state actively supplying the deficiencies ...
More specifically, key concepts in the sub-field include historical materialism, modes of production, and the capital-labour relation. [2] Marxist sociology is also concerned with the way in which police forces are used to control indigenous populations, enslaved peoples, and the labouring poor in the name of capitalism .
The concept of reciprocity under this perspective states that individuals can directly reward his benefactor or another person in the social exchange process. [52] Lévi-Strauss developed the theory of cousin marriage based on the pervasiveness of gift-giving in primitive societies.