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70 Cards in this Set

  • Front
  • Back

money

used to buy things for consumption

capital

assets used to create more wealth

economy

a system of production and distribution of goods and services

capitalism

1.private ownership of means of production


2.free markets & competition


3.restless expansion


4.investment and reinvestment

4 main BANKS

1. Citigroup


2. jp Morgan chase


3. bank of america


4. wells fargo



consolidation of media ownership

1. (1983) used to be owned by 50 companies


2. (2011) now owned by 6- GE, NEWS-CORP, DISNEY, VIACOM, TIME WARNER, CBS.

family capitalism

enterprise is owned and managed by families


-- LA lakers


-- rockefellers(oil)



managerial capitalism

enterprise administered by managerial executives rather than by owners

fordism

1. a system of mass production based on assembly line


2. very detailed division of labor


3. Raised wages so workers can by his product


4. wages were tied to productivity

trickle down economics

1. regonomics (1980)


2. stimulating the top (business class) tax breaks


3. they are gonna invest , create businesses - creating more jobs



keynesianism

1. hope is still getting the economy going


2. stimulating the working class, creating more jobs


3. workers have money


4. create demand for goods and services


5. before regonomics

vertical business structure

1. GM/FORD


2. owned and controlled


-design


-manufacture


-market


-sales/ prices



horizontal business structure

1. Walmart & global retails


- doesn't design anything


-produces almost nothing


-sells product


-has control over its suppliers (k cereal - is replaced with kook-puffs)

collective bargaining

is a process of negotiation between employers and a group of employees aimed at reaching agreements to regulate working conditions. The interests of the employees are commonly presented by representatives of a trade union to which the employees belong

union

An organization intended to represent the collective interests of workers in negotiations with employers over wages, hours and working conditions

trance / density of a union

1. drops in union density from 1970 to 2003


2.density decreasing

structured inequality

social inequalities resulting from patterns in social structure

social stratification

inequality between large groups based on access to material (wealth) any symbolic (prestige, status)

example of structured inequality

( a black college student has the same chances of getting a job as a white high school dropout)



racial inequality

caste



social status is held from birth to death


ex: India


- no social mobility

slavery

individuals are owned as property


ex: U.S - Peru

class

a large group of people that share common economic resources and lifestyles.


- social mobility exists

class system

a system of social hierarchy where mobility between strata exists

4 bases of class

1. ownership of wealth


2. occupation


3.income


4. education

income

what you earn / what you make

wealth

what you own


-home / car / stocks

why is owning a home so important

-because thats the money that you own


- identifier of wealth



everything you own today

will cost less tomorrow except for your house , it will only increase in value

top 10% richest families median net worth

$ 1,194,300 (2010)

bottom 20% poorest families median net worth

$ 6,200 (2010)

home owner's median net worth

$ 174,500

ranter's median net worth

$ 5,100

wealth inequality in the U.S (2011)


top 20 % richest



1. people would like them to have 35% of wealth of the country


2. people thought they owned 65% of wealth of the country


3. actual distribution of wealth is 85% of wealth of the country

who owns 50% of the wealth in the U.S

1% of the richest 20%

top 5% are making more

1967 to 2011


17.5 % to 22.3%

median

middle number


-is used to disqualify outliers



average

outliers are considered so the final answer very untrue

racial wealth accumulation

1. the ability to buy a house


2. segregation


3. mostly available for whites (1960's)


4. federal programs racially bias


5. can't sell a house to people who are not white (ended in 1980's)

racial disparity

1. black families are 60% more likely to be rejected for home loans


2.will get much higher interest rates

theory of Marx

1. class is divided by those who own the means of production and those who work


- capitalist - own factories, farms


- workers sell their labor time


2. surplus value - when you work, you create wealth and receive portion of it. THE PART THE OWNER KEEPS IS THE SURPLUS VALUE


3. this is exploitation

theory of Weber

1. class is also about skills, degree and diploma


2. status - social honor, prestige. They are associated with different lifestyles.

globalization

increased interconnectedness of the world


1. politics - united nation


2. communications - internet


3. culture - hip-hop, food


4. economy - barbie


5. social movements - occupy

global inequality

differences of wealth and power between counties

GNI - gross national income

measures output of goods and services in a country ( value created )

high-income counties

1. first to industrialize ( mostly european but more recently : Japan , Singapore...)

Middle-income countries

late industrialization , not as wealthy (oil rich countries)


low-income counties

eastern, western and sub-saharan Africa, Cambodia, Nepal.

market oriented theory

assume the best for the economy is for individuals to make free choices without government involvement

modernization theory

believes low-income societies should adopt modern economic institutions, technologies, and cultural values that emphasize values and investments


- traditional value are to blame


- blaming the victim



neoliberalism

free-market forces, achieved by minimizing government restrictions on business, provide the only route to economic growth

privately owned institutions

1. Walmart / USC / some hospitals


- no regulations

publicly owned institutions

1. UCLA / CSUN / Pierce College


- state regulations


- wages


- social security


- medicare

race to the bottom

1. people incomes , wages ( among counties)


- related to globalization

neo-colonialism

wealthy countries still exploit poor counties through corporations


- make product in one country and bring it to another and sell it for much more



hunger in the world

1. 925 million go hungry every day (1 in 7 people)


2. hunger defined as 1800 calories per day


3. every 5 second a child dies of hunger


4. 60% of child death in the world ( under age 5) are due to hunger - their countries produce food


5. 2/3 of the hungry live in 7 countries (Bangladesh, China , Congo, Ethiopia, India, Indonesia, Pakistan)



as hunger growth

food production increases

inequality between counties

1. grown in the 30 years


2. hope for industrialization in poor counties


3. high-income countries one makes avg. -$36,000/year in comparison to low-income countries ( Burundi) $250/year


4. most GNI growth happened outside of high-income countries

achievement gap

disparity on a number of education between the performance go groups (gender, race, ethnicity, ability, socioeconomic status



assimilation

1. focuses on the " official curriculum


2. promotes


common language


common history


common culture


foster nationalism


how do you build a common identity


"kill the indian save the man" - americanization



credentialism

1. the learning is less important then the diploma


2. Jobs used to require h.s diploma now they require college diploma

hidden curriculum


Marx's theory

1. traits of behavior or attitudes that are learned at school but not included in the formal curriculum


2. does school shape students into good, docile workers?


- self-discipline, dependability, punctuality, obedience, respect for authority?


3. Sam Bowles & Ginti- modern education system is a response to economic needs of industrial capitalism

cultural capital





concept of Pierre Bourdieu




advantages that well-to-do parents often provide for their children


Pierre Bourdieu (1984-1988) argued:

schools rewarding certain cultural norms over others creating social class inequalities.

tracking

dividing students into groups that receive different instructions on the basis of assumed similarities in ability or attainment

students are tracked into different paths

1. paths:


college prep - advanced placement, honor courses.


general ed


vocational prep - shop class, wood class


2. reproduced existing inequalities


3. low achieving students receive poor education , bad books, teachers







gender and achievement

1. SAT score same reading / boys did better on math by 33 points


2. girls are more likely to attend 4 year college


3. girls will less likely choose carreers such as science, technology, engineering .


4. higher proportion of women graduated 4 year college


5. women are disadvantaged in the job market, despite higher rates of education

no child left behind characteristics

1. standardized testing


2. school choice


3. low performing schools lose their funding

no child left behind criticism

1. emphasis on standardized testing- teach narrow skills and not the importance of understanding concepts and skills


2. achievement gaps are not changed


3. NCLB - neglects role of the broader socio-economic context.

intelligence

1. IQ didn't measure intelligence


- measure how much one learned in school


2. to predict economic success

is intelligence based on genes or environment?

both but mainly environment