What do the following industries produce and how can they be defined as industries and/or how can what they offer be defined as products:
!) The ‘Financial’ industry
2) The ‘Banking’ industry
3) The ‘Insurance’ industry
4) The ‘War’ industry
5) The ‘Health’ industry
Well 2 and 3 are both part of the financial industry. But what is the point of this topic I’m curious?
One could argue that 3 and 4 are also part of the financial industry. Just sayin’.
One could probably say they are all a part of the financial industry.
War is less needed but is sometimes, it isn’t exactly something that can be thrown off the table.
But The insurance industry seems useless to me in that it makes money on the premise that most of the people paying into it don’t get as much out of the system as they pay for. which indicates to me that one would be more likely to do well if they just managed their own money well. Of course that’s not a pervading thing in a social environment that has so many commercials and subversive ways of getting people to spend money…
If you google them, starting with the definition of ‘industry,’ you’ll find that the first three are distinct–imm, at least. The point of the thread? It’s an off-shoot of the discussion about capitalism Sil and I have been having that seems to revolve around what is a ‘service’ economy and how services are treated as products under capitalism. It also fringes on the world’s economic problems and why the US felt compelled to pour money into the first 3 ‘industries’ in order to bring about some sort of reversal to what the ‘industries’ had caused throughout the global economy.
A product is merely something to trade for money that implies ownership.
A service is immediately consumed upon payment (a contract for service is not the service itself).
There is no ownership involved in a service.