Owners are wealthy individuals who live on investments such as stocks, rents, and other property income. The wealth-owning class receives a large income that comes mostly from the labor of others. For example, owning a company can accumulate a considerable amount of wealth because employees are doing almost all the work. On the other hand, employees are working people who live on wages and salaries. The employees are paid substantially less than the value they produce. For example, garment employees are paid below minimum wage and work for long hours for big clothing companies. The distinction between owners and employees can be determined by the range of income within both classes.
Human Labor is a great good to society because it makes our daily lives possible. The more labor employed in production, the greater the value the item created in exchange with other items on a relative basis. Adam Smith’s theory of value is based on production rather than exchange. The more extensive human labor the more expensive a product is. Human labor is essential to making society function.
I found it really interesting how class is more than another identity. Class is conceptually symmetrical just like race or gender according to liberals. On the other hand, socialists see class as two things which are capitalists and workers. However, liberals deny that class concerns any particularly special kind of social power. It’s seen as an identity like any other, and any particular focus on it can only be the result of pleading or want to ignore other forms of oppression.
Close dependency is an intense dependency someone has because of their social class. The power capitalists’ have over class results in control over society’s productive assets such as the workers which force them to be dependent on them. For example, The U.S. depends heavily on China for providing low-cost goods and support its own exports. China and the US rely on each other’s supply chain for input into goods and services consumed within their borders.
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