1004.Chap6[1] - Chapter six Social Stratification Division...

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Chapter six, Social Stratification
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Division of the Economic Pie 50% 23% 15% 9% 3%
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Incomes shares of Top 20% and Middle 20% 0 10 20 30 40 50 60 Top 20% Mid 20% '80 '85 '90 '95 '00 '05
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Income share received by Top 5% 0 5 10 15 20 25 1980 1985 1990 1995 2000 2005 Top 5%
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Income Share received by {Top 20% - Top 5%} 0 10 20 30 40 50 20%-5% 1980 1985 1990 1995 2000 2005
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Family Income, 1980-2005 Median for All, Lower limit for Top 5% (constant 2006 dollars) 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 All Families Top 5% 1980 1985 1990 1995 2000 2005
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CEO compensation (top 500 corporations), compared to the average worker Year Ratio 1980 42X 2008 319X
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Income Income refers to the amount of new money people receive within a given time interval. Examples: Wages and salaries Interest income from savings acct or bonds Dividends from stocks Capital gains from selling stock for more than you paid for it Capital gains from selling investment property for more than you paid for it
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Wealth (assets minus debts) Wealth is the net value of everything that a person owns at a point in time. House: Value of house minus what owner owes the bank. Cars Stocks, bonds Investment property Rare art, coins, sailboat Second home
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Wealth inequality Wealth quintile Percent of total personal wealth this quintile has Top 20% 83% Second 20% 12% Middle 20% 4% Fourth 20% 1% Bottom 20% 0% [Actually -.12]
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Franklin Delano Roosevelt “The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”
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Meritocracy The rewards a person gets are based solely on ability and effort.
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The Meritocracy Myth Book by Stephen McNamee and Robert Miller Do they mean that ability and effort don’t matter?
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