classslides (2) 2025-02-25 04_58_51

Understanding Class

• Definition of Class: A group of people sharing a similar economic position and lifestyle.

• Marx’s Analysis:

  • Capital: Money for investing in businesses.

  • Capitalist Class (Bourgeoisie): Controls major capital and means of production.

  • Working Class (Proletariat): Lives on wages earned.

Weber’s Perspective

• Life Chances: Likelihood of obtaining valued economic and cultural resources.

• Middle Class Importance: Emphasizes the significance of middle class in societal structure.

• Dimensions of Inequality: Class, social status, and political power.

Class Stratification Theories

• Structural Functionalism: Davis and Moore argued stratification ensures important positions are filled by qualified individuals.

• Conflict Theory: Class stratification benefits the rich and powerful, making it neither functional nor inevitable.

Class Inequality in the U.S.

• Mapping Major Classes:

  • Capitalist Class: Wealth from investments and inherited wealth.

  • Definitions of Wealth and Income: Wealth = financial assets; Income = wages, dividends, etc.

Ideology and Justification of Inequality

• U.S. Common Ideas:

  • Equal opportunity exists but success is not guaranteed.

  • Merit is the basis for success rather than wealth or status.

  • Individualism emphasizes the importance of the individual.

• Meritocracy: Belief that success is based on abilities and hard work.

Class Structures in the U.S.

• Major Classes:

  • Middle Class: Contribution from specialized knowledge.

  • Working Class: Laborers in varied professions.

  • Underclass: Those who are chronically unemployed.

Class Mobility and Barriers

• Class Mobility: Ability to move between social classes.

• Types of Mobility:

  • Structural Mobility: Change in class due to shifts in occupations.

  • Individual Mobility: Change in class without societal shifts.

Defining & Measuring Poverty

• Absolute Poverty: Life-threatening scarcity of resources.

• Relative Poverty: Lack of resources to meet societal acceptable standards.

• Poverty Line: The threshold determiner for resource scarcity, adjusted for family size.

U.S. Inequality in Global Context

• Trends: Significant increase in income inequality since the Great Depression.

• Deindustrialization: Decrease in national manufacturing investments.

Global Inequality and Poverty

• Global Context: Disparities between wealthy and poor nations. Extreme poverty affects 10% of the world population.

• Per-Capita Income Levels: Variances based on economic classifications.

Global Wealth Distribution

• The richest 1% controls 48% of the world’s wealth.

• High-Income Nations: Defined as having a gross national income per capita of at least $12,536.

• Capital Flight: Movement of investments from one nation to another.

Dimensions of Global Poverty

• Consequences:

  • Life expectancy is significantly lower in poorer nations.

  • High child mortality rates and lack of sanitation.

  • Malnutrition accounts for 45% of child deaths under 5.

  • Illiteracy perpetuates poverty and limits labor market opportunities.