Soci 1160, Week 4 Notes
Soci 1160, Week 4 Notes SOCI 1160 030
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SOCI 1160 030
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This 3 page Class Notes was uploaded by Amber Levister on Friday February 5, 2016. The Class Notes belongs to SOCI 1160 030 at Georgia State University taught by Mindy Stombler in Summer 2015. Since its upload, it has received 49 views. For similar materials see Intro to Social Problems in Sociology at Georgia State University.
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Date Created: 02/05/16
Intro to Social Problems Thursday 2/4/16 -‐Discrepancies between “Ideal” and “real” capitalism 1) *Discussed in the last class 2) Undue balance of wealth among corporations and a few individuals o Corporate wealth: § ex. Of the 6,000 companies on the American Stock exchange, the top 5% hold 70% of the market value and 90% of total profit o Individual income § more than half of American wage earners make less than $30,000/year § 1/5 (highest top 20%) of population generates half of the income (48.9%) § top .1% generally earn around $1.8 million/ year (typically the amount a family earns in a lifetime) compared to the $15,000 that 3.8% of the population makes; in 1 year Question: Why is the gap increasing? o In the Recession we bailed out those who had money over those who didn’t o Tax relief for those with the most money/ the affluent o Some jobs lost (exported overseas) o Manufacturing jobs (didn’t require degree generally and paid high) à office and service jobs; lose unions= lose wages o Decline in real wages-‐ even though the wages in dollars are higher, the cost of living has risen= money can buy you less • Wealth Assets o The top 20% of the population have 84% of the wealth in America o Wealth is often inherited across generations § Forbes 400-‐ 40% inherited “sizeable” chunk of $ from family; 20% inherited the amount to get into the Forbes 400 group § Around 20% of Americans have a net worth of 0 or less than 0 § 7% of Americans = too poor for credit files; 25% of Americans w/ a credit file have at least 1 debt in collection (avg. debt=$1350) o 1960: Avg. CEO paid 40x more than avg. employee; 2011: 380x more 2/5/16 10:50 AM 2/5/16 10:50 AM
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