1. According Michale Parenti reading on capital and labor, distinction that makes between owners and employees, “they’re very rich families and individual who compose the owning class live mostly of investments, which includes stocks bonds, rents, mineral royalties, and other property incomes. Their employees live mostly of wages, salaries, and fees”. In other words, the owning class are mostly of wealthy people who gain their wealth from investments such as stocks and rental properties, for example, buying multiple real estate properties and earning income by renting them out. On the other hand, their employees are people who work for them earn money through wages per hour and salaries.
2. Adam Smith, one of the founding theorists of capitalism, noted in 1776 that “labor … is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. It is their real price; money is their nominal price only.” Adam Smith pointed out that labor is the primary and real reason why wealth exists, because workers, the working clas, is an essential part of the economy and is the main reason most owners are successful.
3. 3. My thoughts after reading the main argument of Reading 4.4 that class is NOT an identity, I agree with the idea that class is not an identity. Class should not define you based on your race or sexuality. I believe that everyone, regardless of race or sexuality, deserves equal opportunities. If class is considered an identity, then it should only reflect a person’s connection to the economy and their hard work, not their personal background or culture.
4. 4. I understand that “class structures are built around a close form of dependency” because each class depends on the other to work. For example, the owning class depends on the working class to labor for them so that they could maintain and gain wealth, while the working class depends on their jobs provided by the owning class since that is their main way to earn a living.