Assets1 - control 76 of all assets Further the assets controlled by the poor tend to depreciate(household items over time while those of the rich

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Assets Wolff (in Skolnick and Currie, 1997:99) describes assets as consisting of all forms of "financial wealth such as bank accounts, stocks, bonds, life insurance savings, mutual fund shares and unincorporated business; consumer durables like cares and major appliances; and the value of pension rights ." Wolff (1997:99) continues to say that from these sources, one should subtract liabilities such as "consumer debt, mortgage balances, and other outstanding debt." The upper classes control a much greater percentage of valuable assets than income. Robertson (1989:180) points out that in 1973 the bottom fifth of Americans controlled only 0.2% of all assets while the top fifth
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Unformatted text preview: control 76% of all assets. Further, the assets controlled by the poor tend to depreciate (household items) over time while those of the rich tend to appreciate (real estate and stocks) . Income Appelbaum & Chambliss (1997:134) defines income as "the amount of money a person or household earns in a given period of time (usually a year)." The gap between rich and poor is also very unequal and it is increasing. The Distribution of Income in Industrial Societies: Household Income Per Capita Bottom Quintile Top Quintile UK, 1979 5.8 39.5 Germany, 1984 6.8 38.7 U.S., 1985 4.7 41.9 Sweden, 1981 8.0 36.9 Japan 8.7 37.5 Source: WDR, 1991:263...
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This note was uploaded on 11/08/2011 for the course SCIE SYG2000 taught by Professor Bernhardt during the Fall '10 term at Broward College.

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