New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here


by: Bonita Labadie

WealthandPower SOC220

Bonita Labadie
GPA 3.8


Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Class Notes
25 ?




Popular in Course

Popular in Sociology

This 4 page Class Notes was uploaded by Bonita Labadie on Wednesday September 23, 2015. The Class Notes belongs to SOC220 at Drexel University taught by DiamantinoMachado in Fall. Since its upload, it has received 14 views. For similar materials see /class/212268/soc220-drexel-university in Sociology at Drexel University.


Reviews for WealthandPower


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 09/23/15
SOC220 Wealth and Power Jaap Patel Exam 1 Study Guide 1 Social Inequality a Social inequality differentiates to the good things of society 9 healthcare education money b Determines life chances uu 2 Social Class consequence a The American Notion Of cap39tallsm i Place limits on social class Majorlty of ii Marketability of occupation Class Americans b The Manda Real Nation Consciousness TheAmericanw K i Capitalism works due to Bourgeoisie Nprf39ign 1 Bourgeoisie 9 owners 2 Proletarians 9 non owners ii Majority of Americans are proletarians 3 Too much inequality a Seven Messages i Inequality matters to you i We are living in an inequality death spiral iii iv 99 to 1 is a powerful lens for understanding this historical moment Some people are responsible for excessive inequality v The 1 is not monolithic v Corporation and business are not monolithic amp power vii These inequalities are reversible Reducing wealth concentration Wagner Act 9 Unions allowed NAM 9 National Association of Manufacturers 9 Away from democracy against unions quotWealthfarequot i Political influence i Campaign contributions iii iv Personal relationships with elected officials Higher voter turnout among 1 v Charity sector influence from donations v Using media to set up the agenda vii Organizing others in the 1 Government help for the 1 i Low taxes on income from wealth 39 in 1979 to 15 in 2011 ii Free trade to boost investors NAFTA North Atlantic Free Trade Agreement iii Unlimited inheritance iv Weak environmental regulations and enforcement laws SOC220 Wealth and Power Jaap Patel Exam 1 Study Guide 4 Industrial Capitalism a Society learned in engaging manufacturing technology record keeping b A system of economic production amp distribution of goods and services characterized by the private ownership of the means of production and distribution of goods amp services and the constant pursuit of capital accumulation profit c Ownership exists due to non ownership same with poverty production of wealth 9 poverty d Needs to survive i Capital accumulation 9 profit M C M ii New markets iii Raw materials iv Cheap labor 9 minimize labor cost for production to maximize profits LorenzCurve Gini Index Straightline a Most common measure of wealth incomes in a nation cquot Perfecteqmltquot ulativ Neoliberalism 6 U c d i Statistical value from O to 1 1 0 value 9 perfect equality of income share 2 1 value 9 perfect inequality of income inco Areaof quot399 inequality Curveinequality Globallzatlon of Neollberallsm i Deregulation of the market Cumulativmofpopula oquot ii Encouragement of foreign investment iii Free trade iv Privatization of state enterprises v Deterritorialization the world without borders loss of territorial sovereignty KEY CHARACTERISTICS i Blueprint for domestic and global economic political and social organization ii The process of world making of world homogenization iii A political ideology iv Argument for the superiority of economic markets over politics v The state shall be limited to defend individuals market and property rights vi The economy shall be deregulated vii Reduction of publicsocial expenditures except military viiiPrivatization of public expenditures ix Reduction of labor rights x Free markets 9 minimizes role of the state for us quotcommon manquot Neoliberalism advocates entrepreneurial forms 9 more competition Forget criminology amp biology 9 free entrepreneurs SOC220 Wealth and Power Jaap Patel Exam 1 Study Guide i Destroy solidarity collectiveness raises chaos e A neoliberal individual is a homo economic person 7 Bohemian Grove a Rich and powerful men around the world go to Bohemian Grove in California b No women are allowed c Weird rituals satanic in some ways quotone crazy partyquot d New World Order 8 Inequality 8 Life Chances a Social inequality determines life chances b ClosedOpen Societies SEE BELOW c 2007 i Average after tax income ofthe top 1 9 15 million ii Average after tax income of the bottom 20 9 17800 2005 2009 Typical i Black family lost 53 wealth ii Hispanic family lost 66 wealth iii White family lost 16 wealth Q 9 ClosedOpen Societies a Closed Societies Social status is ascribed caste slavery etc Power i No social mobility race and gender are ascribed today 9 b Open Societies Social status is by class social mobility 9 c Unequal Social Stratification superordinate at top subordinate at bottom 9 No Power 10 RentSeeking Economic Activity a quotMarginal Productivity Theoryquot 9 increase productivity increase income b The attempt to obtain economic rent by manipulating the social and political environment in which economic activities take place rather than creating wealth c Financial sector 9 take wealth from others credit card PREDATOR LENDING d Rent seeking has many forms 9 drug companies military contractors etc 1119471977 Growing Together 9 The Years of Shared Prosperity a Strong democracy SOC220 Wealth and Power b c 039 Jaap Patel Exam 1 Study Guide Pro middle class agenda Reducing wealth concentration Wagner Act 9 Unions allowed NAM 9 National Association of Manufacturers 9 Away from democracy against unions 12 1 in 2010 a b 1 3 million people in 15 million households Walton s in 2010 had net worth of 895 billion 13 Chief Officer CO annual compensation vs Average worker a b c 2010 9 243 to 1 9 ratio of average chief executive officer to average American worker US is the most economically divided country Wageincome growth i Bottom 90 9 15 growth ii Top 1 9 150 growth iii Top 01 9 300 growth 14 Middle quotRichistanquot 6 b c 0 10000 households 10 million to 100 million in wealth Top 1 of America House is over 4 million 15 Job deficit 20072010 a b c 039 Declined by 87 million between Nov 2007 2011 Normally 7 million would enter labor force between those years Increase in 50 million people out of work Jobs deficit prevalent 16Ways of becoming wealthy 6 b n d 2 Positive way 9 creates wealth Negative way 9 to take wealth from others Adam Smith 9 quotThe Wealth of Nations 9 The private pursuit of self interest Portfolio investment 9 buy stocks when good sell stocks when bad Foreign Direct Investment 9 buy company not stocks or create company in foreign country i Not true quotimportingquot anymore 9company in foreign land is American own


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Amaris Trozzo George Washington University

"I made $350 in just two days after posting my first study guide."

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.