1. What is the distinction that Reading 4.3 makes between owners and employees? Give an example of each.
    Reading 4.3 distinguishes between owners and employees based on their relationship to the means of production. Owners, or capitalists, control the resources and businesses that generate profit, while employees, or workers, sell their labor to survive. For example, the owner of a factory profits from the production of goods, while the factory worker earns wages by performing tasks to create those goods. The two groups have different interests, with owners focused on maximizing profit and employees seeking better wages and conditions.
  2. How do you understand the quote by Adam Smith on pg. 28? What is it saying about labor?
    Adam Smith’s quote “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.” highlights that labor is the fundamental source of value in society. It suggests that all wealth is derived from the effort of labor, and the goods we buy or consume are essentially the result of human work. Smith emphasizes the idea that labor is the real price of everything—meaning that it’s not just about the monetary cost, but the amount of human effort and time invested in producing a good or service that gives it value.
  3. What are your thoughts on the main argument of Reading 4.4 that class is NOT an identity?
    In Reading 4.4, the main idea is that class is not just a label or a personal trait like race or gender. Instead, class is about one’s role in the economy, based on whether they own production means (like factories) or work for someone who does. This position in the economy influences their opportunities and power, making class more about economic roles and less about personal identity.
  4. How do you understand the argument Reading 4.4. makes when stating that “class structures are built around a close form of dependency”? What is this close form of dependency, and can you think of an example?
    In Reading 4.4, the argument about “class structures being built around a close form of dependency” refers to how workers depend on capitalists for jobs, while capitalists depend on workers to generate profits. This relationship is essential in capitalist society, as both groups rely on each other, but the power dynamics are unequal. For example, factory workers rely on their employer for wages to survive, while the employer needs the workers to produce goods that bring in profits. This creates a constant push and pull between the two groups.

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