What is the distinction that Reading 4.3 makes between owners and employees? Give an example of each.

The distinction that Reading 4.3 makes between owners and employees is “who owns the wealth of society and those who must work for a living”. Owners for example live within the owning class as they make their money based upon investments such as stocks , bonds, rents, mineral royalties and other property income. Employees live based upon wages, salaries and fees. Majority of Americans today live through payback to paycheck with how our economy has been going within the years. An example of an owner would be a CEO of a company and an example of an example would be a sales associate.

How do you understand the quote by Adam Smith on pg. 28? What is it saying about labor?

The quote Adam Smith states on page 28 is “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.” This quote states that human labor is the most important thing that makes something made by people values.

What are your thoughts on the main argument of Reading 4.4 that class is NOT an identity?

My thoughts on the main argument of Reading 4.4 that class is not an identity is I believe this is false as class is made up many different backgrounds, such as cultural, political, wealth. As stated within reading 4.4, “class locations are essentially gradational, with degrees of advantage or disadvantages.”

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?

Understanding the argument Reading 4.4 makes when stating that “class structures are built around a close form of dependency” is by each social class gives individuals a level of dependency with working as they take responsibilities. This close form of dependency is “it’s that to be a worker means, necessarily, to be dependent on a given capitalist or firm for a job.” An example of a close form of dependency would be being manager.