Chapter 7: Stratification and Economic Inequality

Vocabulary flashcards covering the concepts, historical periods, and theoretical frameworks of social stratification, class systems, and economic inequality.

Stratification

The hierarchical organization of society into groups with differing levels of power, prestige, status, and resources, as opposed to social equality.

Caste System

A social system in which an individual's social rank is set at birth and determined for life, characterized by no social mobility.

Estate System

A politically based system where rank is frequently, but not always, established at birth, characterized by limited social mobility.

Class System

An economically based hierarchical system characterized by cohesive, oppositional groups and somewhat loose social mobility, where rank is theoretically based upon achieved statuses.

Social Mobility

The opportunity for individuals to move up or down in the economic hierarchy.

Proletariat

In Karl Marx's theory, the class of people who are employed by others and work for a wage.

Bourgeoisie

In Karl Marx's theory, the class of people who own the means of production and employ workers.

Money (Weberian Dimension)

The economic dimension of social class according to Max Weber, measured by an individual's ability to buy market goods.

Prestige

In Max Weber's multidimensional model of social class, the degree to which a person possesses social honor.

Power

The political dimension of social class in Max Weber's model, defined as the ability to impose one's will even in the face of resistance.

Authority

Legitimate power that is recognized and accepted by others.

Socioeconomic Status (SES)

A person's individual position in a stratified social order, typically measured by looking at income, education, wealth, and occupational prestige.

Exploitation (Marxist Theory)

The capitalist dynamic whereby the bourgeoisie profits only by paying workers less than their labor is worth.

Alienation (Marxist Theory)

The condition of the proletariat under wage labor becoming detached and separated from their work, making labor less meaningful.

Crisis of Capitalism

Karl Marx's predicted catastrophic implosion from which capitalism would never recover, triggered by wealth concentration and the increasing impoverishment of workers.

The Gilded Age (1870–1900)

The era in American history resembling Marx's apocalyptic vision, wherein by 1890 the wealthiest $1\%$ of Americans owned more property than all other citizens combined.

Free Market Capitalism

A capitalist economic system operating with little or no government regulation.

Robber Barons

Highly successful capitalists of the Gilded Age who built monopolies, mistreated workers, bribed public officials, and engaged in unethical business dealings.

Labor Unions

Associations that organize workers so they can negotiate with their employers collectively as a group rather than as isolated individuals.

Socialism

An economic system based on the shared ownership of resources used to generate wealth, which is then distributed by governments for the enrichment of all.

Social Safety Net

A patchwork of government programs intended to prevent economically vulnerable populations from lacking basic necessities such as food, clothing, and shelter.

Welfare Capitalism

A capitalist economic system that integrates socialist policies designed to distribute capitalist profits more equitably across the population.

Living Wage

An income level that allows full-time workers to comfortably afford their basic needs.

Contradictory Class Locations

Social positions held by members of the middle class that simultaneously share characteristics of both the proletariat and the bourgeoisie.

Marginal Tax Rates

A tax structure in which only income earned above a specific threshold or tax bracket is subject to the designated higher rate.

New Gilded Age

A term used by commentators to describe the United States' economic state from approximately 2000 to today, marked by a second period of unusually high economic inequality.

Income

Money received by an individual for work or as returns on investments over a specific time period, usually a single year.

Wealth

The cumulative monetary value of everything an individual owns (total assets) minus all outstanding debts, also known as net worth.

Gig Economy

A sector of the economy characterized by workers completing piecemeal tasks with long hours and minimal workplace protections such as paid leave, overtime, or injury compensation.

Poverty Line

The official threshold of money required to support the basic needs of a household, calculated by taking the cost of food and multiplying it by $3$.