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Money also functions as a unit of account, providing a common measure of the value of goods and services being exchanged. Knowing the value or price of a good, in terms of money, enables both the supplier and the purchaser of the good to make decisions about how much of the good to supply and how much of the good to purchase.
Old money is "the inherited wealth of established upper-class families (i.e. gentry, patriciate)" or "a person, family, or lineage possessing inherited wealth". [1] It is a social class of the rich who have been able to maintain their wealth over multiple generations, often referring to perceived members of the de facto aristocracy in societies that historically lack an officially established ...
A moneyless economy or nonmonetary economy is a system for allocation of goods and services without payment of money. The simplest example is the family household.Other examples include barter economies, gift economies and primitive communism.
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 ...
For Bourdieu, the place in the social strata for any person is vaguer than the equivalent in Weberian sociology. Bourdieu introduced an array of concepts of what he refers to as types of capital. These types were economic capital, in the form assets convertible to money and secured as private property. This type of capital is separated from the ...
Emerson says that social exchange theory is an approach in sociology that is described for simplicity as an economic analysis of noneconomic social situations. [7] Exchange theory brings a quasi-economic form of analysis into those situations.
For Polanyi, the effort by classical and neoclassical economics to make society subject to the free market was a utopian project and, as Polanyi scholars Fred Block and Margaret Somers claim, "When these public goods and social necessities (what Polanyi calls "fictitious commodities") are treated as if they are commodities produced for sale on the market, rather than protected rights, our ...
A quasi-state (sometimes referred to as a state-like entity [2] or formatively a proto-state [3] [2]) is a political entity that does not represent a fully autonomous sovereign state with its own institutions. [4] The precise definition of quasi-state in political literature