Week 3: Economic Inequality and Labour

Economic Inequality

The unequal distribution of income, wealth, or access to resources.

Labor

The work performed in exchange for wages; includes both paid and unpaid labor.

Evolution of Labour in Capitalism

The transition from feudalism to capitalism where peasants become wage workers and land becomes property.

Industrial capitalism

The rise of the factory system, urban migration, and deskilling of labor.

Colonial labor regimes

Systems involving forced labor, slavery, and indentured servitude.

Income vs. Wealth Inequality

A comparison of income distribution between the top 1% and the bottom 50%.

Labor precarity

Conditions characterized by gig economy, zero-hour contracts, and informal work.

Decline in union membership

A reduction in collective bargaining power among workers.

Gender and racialized labor

Issues related to pay gaps and occupational segregation based on gender and race.

Reproductive labor

Care work that is often undervalued and unpaid.

Historical labour movements

19th-century trade unions, WWI, socialist and anarchist movements.

Trade union

A continuous association of wage earners for the purpose of maintaining or improving the conditions of their employment.

Strikes and labor legislation

Actions and laws aimed at improving labor conditions, such as the 8-hour day and minimum wage laws.

Contemporary organizing

Current efforts to unionize, such as Amazon and Starbucks union drives.

Global South labour movements

Labor movements in developing countries, exemplified by garment workers in Bangladesh.

Labour as exploitation

The concept that labor is both a site of exploitation and potential for collective power.

Adam Smith's theory

The market is a self-regulated system capable of achieving equilibrium on its own without major deviations, known as the 'invisible hand'.

Malthusian Theory

The idea that population growth will outpace food production, leading to famine, disease, and war unless controlled.

Kuznets Curve

A hypothesis suggesting that as an economy develops, income inequality first increases and then decreases, forming an inverted U-shape.

Marxism

The belief that capitalism is inherently exploitative, leading to an inevitable revolution by the proletariat against the bourgeoisie.

Ricardo's theory

The assertion that scarcity of resources like land increases their price, leading to greater inequality as landowners claim more national income.

Piketty's Key Formula: r > g

The formula where r is the rate of return on capital and g is the rate of economic growth, indicating that when r > g, wealth accumulates faster than economic growth.

Example of Piketty's formula

On every $100 of capital invested, receiving $10 in return results in a rate of return of 10%.

Increasing inequality

Occurs when the rate of return on capital (r) exceeds the rate of economic growth (g).

Patrimonial Capitalism

A system where inherited wealth dominates economic power.

Inequality of Capital Ownership

The disparity in ownership of capital assets, which is more extreme than income inequality.

Progressive Taxation

A tax system where the tax rate increases as the taxable amount increases, often proposed as a solution to economic inequality.

Wealth Taxes

Taxes levied on the value of owned assets, aimed at reducing inequality.

Global Cooperation

Collaboration between countries to address global issues such as inequality.

Meritocracy

A social system where success is based on individual merit, which can be undermined by rising inequality.

Democracy

A system of government where the population exercises power, which can be threatened by economic inequality.

Social Dynamics of Wealth

The interactions and relationships influenced by wealth and inheritance, illustrated through literature.

Contemporary Examples of Inequality

Modern instances that demonstrate how economic inequality can undermine democratic institutions.

Upward Mobility

The ability of individuals or families to improve their economic status, often challenged within a capitalist system.

Parasite

A film that explores the relationship between wealth and space, and critiques class disparities.

Recurring Symbols in Parasite

Objects like the scholar's rock, stairs, and rain that deepen the film's critique of class.

Genre Blending in Parasite

The combination of comedy, thriller, and drama to comment on social issues.

Visual Composition in Parasite

The use of cinematography to reinforce the divide between the wealthy and the poor.

Ethical Questions Raised by Parasite

Moral dilemmas regarding labor, deception, and survival in a stratified society.

Cultural Resonance of Parasite

Themes in the film that reflect South Korean society while also having global significance.

Significance of the Film's Ending

The conclusion of Parasite, which can be interpreted as either hopeful or despairing.

Narrative Structure of Parasite

The arrangement of the film's plot, including twists and tonal shifts, that impacts its message.

Kim Family's Actions

The justifiability of the Kim family's behavior given their socio-economic circumstances.

Good and Bad People in Parasite

The film's complexity in portraying characters as neither purely good nor bad.

Real Parasite in the Film

The exploration of who or what truly represents parasitism within the narrative.