PP_Chapter_2_-_Poverty_and_Wealth.pptx

PP_Chapter_2_-_Poverty_and_Wealth.pptx - Wealth and Poverty...

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Click to edit Master subtitle style Wealth and Poverty Chapter 2
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Economic Systems and Changes Virtually every society has “social classes”—individuals who share the same social/economic status. US: Lower, Working, Middle, and Upper. India: strict caste system and your birth that determines your status and there is no movement b/t castes. Where you fall in “class status” heavily influences your life chances—therefore, for many, the chances of attaining the American Dream are quite limited. Take it or leave it: Capitalism leads to social inequality (unequal distribution of wealth, income, power, and opportunity). Capitalism is the mechanism through which people accumulate wealth.
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Capitalism and Inequality One thing that must be noted about Capitalism is that it has led to increasing standards of living for the population in general.
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Economic Problems facing US (1) Stagnant Incomes: US wkers income has been stagnant since the 1970s—wages have increase but not in REAL DOLLARS. (2) Taxes (Misuse/Overtaxed): Capitalists depend on aging CI to build wealth—progressive taxation (robin hood of taxes). (3) The Savings Rate : today saving less than people did after the GD and the rate is dangerously low. (4) National Dept : We are increasingly buying more goods and services from oversees, putting us in dept with those who exchange with us.
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Stratification Stratification: institutionalized system for distributing rewards to people at varying levels in social hierarchy – refers to the ranking of people into a hierarchy in which the resources are unequally distributed. Specifically: wealth, prestige, and power = SES Stratification at the Macro level. 1. Layers or Strata / Patterned: inequality is patterned 2. Perpetuates by Distribution based on Placement. 3. Institutionalized : built into system. •. All known societies have some kind of stratification system. However, the degree of stratification in a society is determined by how
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Types of Systems 1. Closed : based on ascribed characteristics and mobility is not possible. Caste System : rigid and stable (India) Bottom Untouchables (scum), Top Brahmins (spiritual leaders) Estate System : closed, but not as rigid (feudal) 3 major estates: nobility, church, and peasants. 2.
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This note was uploaded on 05/10/2010 for the course SOCL 2501 taught by Professor Simpson during the Spring '08 term at LSU.

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PP_Chapter_2_-_Poverty_and_Wealth.pptx - Wealth and Poverty...

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