Ch 9 - Class and Global Inequality Flashcards
class
a group of people who share a roughly similar economic position and lifestyle
capital
the money to invest in factories, real estate and other businesses
capitalist class
bourgeoisie; those who control major capital and own the means of production
working class
proletariat; those who survive on the wages they own
life chances
the likelihood a person has of obtaining economic and cultural resources
wealth
value of financial assets such as savings, real estate, stocks, and bonds, minus any outstanding debt
income
money received from sources such as wages and salaries as well as from the interest, dividends, and rent generated by wealth
middle class
a group that contributes specialized knowledge and expertise to the economy
underclass
chronically unemployed people who have no on-going relationship to the mainstream economy
class mobility
the ability to move from one social class to another
structural mobility
a shift in available occupations changes the class system as a whole
individual mobility
when a person’s class position changes without any change in the larger class structure
conspicuous consumption
lavish spending, done to compete for status
classism
prejudice or discrimination based on social class
absolute poverty
a scarcity of resources so severe that it is life-threatening
relative poverty
a lack of the basic resources needed to maintain a standard of living considered acceptable in a particular society
poverty line
a measure of scarcity determined by figuring the cost of a minimal food budget and multiplying it by three
poverty rate
the percentage of the population that falls below the poverty line
feminization of poverty
a trend in which women have come to make up an increasingly large share of the poor
equal opportunity
the idea that all people should have the same chance to achieve success
meritocracy
a system in which people are rewarded and are able to advance because of their abilities
individualism
a system of beliefs that highlights the importance of he single person over any social group
cultural capital
consists of various types of knowledge, skills, and other cultural resources
social capital
relationships that are potentially economically valuable resulting from membership in a group
progressive taxation
those with higher incomes pay a higher tax rate
regressive taxation
taxes that disproportionately affect those with lower incomes
public assistance
includes either tax credits or actual payments and benefits provided to citizens by the government
global inequality
the differences in wealth and power among the countries of the world
modernization theory
attributes global inequality to cultural differences between countries
dependency theory
attributes global inequality to the exploitation of weaker, poor nations by wealthy, more powerful ones
colonialism
the use of military, political, and economic power by one society to dominate the people from another society, usually for economic benefit
neocolonialism
a system of economic domination of poorer nations by wealthier ones without formal political control or military occupation
world systems analysis
focuses on the interdependence among the countries in a single global economic system
deindustrialization
the process by which investment in the nation’s manufacturing capacity decreased
