Most goods were produced by monopolies (one company or group has control over the production of a particular item)

The monopolies were partially paid by the taxes and were backed up by a military presence (that was paid for by taxes)

Insecure hours (hours, lay off without notice), low paid (working poor), underemployed, poorly protected, no healthcare, no paid vacation, no emergency days.

Because only one company controlled production, they could charge whatever they wanted , this created high prices for most goods

Even though there are paid sick days, for precarious workers they are afraid to stay home due to fear of losing wages and possibly of being fired. Sick days are 10 days a year only for employees who work under employer for 5 years minimum. So it would rare for precarious workers because they don't stay under the same employers for a long period.

Suggested that workers form voluntary groups. These groups would be democratic

They never know when they are going to work and get called in at odd hours of the day.
They never know how many hours they are going to have a week.
low wage workers have little control over scheduling
There is no advanced noticed to scheduling of work.

Multiple producers could produce the same product, large monopolies would be broken up

People were free to chose who to buy their products from based on what they could afford or who had the best product

Companies had to set their price and product quality according to what people would buy or else people would buy from their competitors

Also there was no quality control, companies could make a bad product and people would still have to buy it

Lower wages,there is no rule saying that part time workers need to be paid the same amount as full time worker by employers
limited term of contract.

Statistics Canada says the average net worth of the top 20 per cent of families sorted by income group rose by an average of 80 per cent between 1999 and 2012, compared with a gain of 38 per cent among families in the bottom fifth of society, with this information you can see that the income inequality is widening out for the worse.

Capitalism is on a one-way journey towards inequality, it automatically creates levels of inequality that are unsustainable

Creates own world, with two basic social categories of wealth and income. Unlike Marxist economics, Piketty's world is made up of concrete historical data only

People generally want the best product for the cheapest, if companies are more expensive than their competitors , people will buy from the cheaper competitors

WWII created an increase of employment and production, and managed to raise almost every economy out of the great depression

Piketty demonstrates that the idea around how upskilling the workforce and mild redistribution would promote social justice, is actually mistaken, and that all that social democracy and liberalism can produce with the current policies is for there to be coexistence between levels of wealth

If a competitor is losing business because their price is too high or their product isn't of good quality, they will either lower their prices or improve the quality, benefiting the people

Keynesian Economics: gov't involvement to increase capital infrastructure and stimulate economemy

Every $1 that the government spends = $1.5 dollars in the economy

Gov't may be involved in providing public goods, but the goods should be paid for by the people using them

Gov't enforces laws, rights to property, freedom of speech and the press

State intervention was necessary to mitigate boom and bust cycles, & certain industries were protected by tariffs

People should be very suspicious of business suggestions regarding political policy because they are generally only good for the producers and bad for the consumers

Free schooling, cheaper University and collage, Free medical care, Welfare, Unemployment insurance, Pension Plans, Workers safety laws, legalization of unions and collective bargaining, minimum wage .

The industrial revolution changed the type of workplace, many workplaces (factories) employees thousands of employees

This lead to many people moving to cities and needing a place to live

There were no workplace standards regarding minimum wage, worker safety, child labour

Created a permanent system of poverty, no way to work your way out of poverty

response to Adam smith Liberalism. ISSUE: system is baed upon freedom choice. Supply and demand. Communism is a response to this problem.

Decrease gov't subsidies stop tarrifs, decrease business taxes, decrease employment standards, use pay per use where possible, decrease welfare payment and unemployment insurance

Allow market forces to decide what should and should not be produced

Income inequality can negatively impact:
-life expectancy
-math and literacy levels
-infant mortality
-imprisonment
-homicides
-teen pregnancy
-trust
-obesity
-mental illness

Argument: looking at the word scale around income rates and health and social problems, but then focusing on the United States to prove how these rates are not cultural but can happen between two states that have different income inequality

Psychosocial:
-Changes how you see yourself and others
-Physiological response that changes our behaviour stress levels, respond to each other
-evaluate your own worth based on those you're surrounded by