Summary: The Changing Nature Of The US Economy

Capitalism is an economic system based on the pursuit of profit and the principle of private ownership, according to our text. Workers produce more product and get paid little to nothing for their hard work. The U.S. economy is based off of a dual labor market that provides a “primary market, with relatively high wages and employee benefits and protections for workers, and a secondary market, where workers receive lower rages, fewer benefits, and less opportunity for advancement… Dual labor market also maintains profit through globalization strategies”. (p482)The changing nature of the U.S. economy have three features. The first, feature is in new technology such as electronic communications. Technology has replaced workers and made some jobs