1. Agents of Socialization
An individual’s socialization process is generally affected by a plethora of issues. However, the profoundness of the impact of each of such varied factors always depends on the individual’s circumstance, personal experiences of the individual, and the stage of life of that particular individual. The various such agents of socialization are family, church, school, hospitals, media, workplace, social forums, among others.
Socialization with the members of the various social agents, as listed above, helps individuals to learn successful functioning in their social world. Social agents facilitate the much needed social learning which basically happens with the help of interaction with the various social agents. All the above listed social agents help individuals in this social learning process. The direct interactions that we have with the various social agents and groups, teach us the behaviour that is expected by others in the society. Similarly, both the formal and informal institutions of the society help in the socialization process of the citizens.
2. Two major Economic Systems
The two major economic systems that exist are Capitalism and socialism. Capitalist economy is based on the private ownership of many things like the production means, profit pursuance, as well as competition in the market. Laissez-Faire capitalism is the term that defined pure capitalism. existence of classes was vaulted up with scrupulous modes of production or economic arrangement and that the masses who are actually termed to be the new working class as created by Capitalism, had a historical prospective consequently resulting in the abolition of all classes and to the creation of a new form of society which has not classes within it. Many economists including Karl Marx contend that, the evolution of a globalized international economy was inbuilt in the capitalist production model and it was claimed by many economists like Karl Marx that this evolution would in turn result not only in the progress and prosperity showcased but also intense conflicts, economic crises and large scale social imbalance and unfair treatment.
Alternatively, socialism is reliant on the principle of public ownership of the products and services and this structure does not possess a motive of profit behind it. Every individual in a socialistic economy works for the government and the quantum of production along with what needs to be produced is decided by a central committee along with decisions pertaining to the product cost, distribution locations etc. The major drawback of this particular economic system is that production of more wealth does not take place because of the inefficiencies in the central planning system.
3. Socio-economic Status
Socio-economic status can be defined as the social and economic position of an individual or a family based in view of various factors like education, income levels, as well as occupation. The socio-economic status of an individual is normally measured as a combination of education, income level, as well as the occupation of the individual. Various studies on socio-economic status often have disclosed number inequalities with respect to power, control, privilege, and access to resources. Socio-economic status can also be regarded as a measure of the influence that the social backdrop has on individuals, families, social groups, and communities. It is more relevant to the concept of social class.
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