- Which statistic on wealth inequality in the US made the biggest impression on you? Explain why? The statistic on wealth inequality that made the biggest impression on me would be how capitalists say they are “putting their money to work,” but the money as such does not work. They really mean is they are using their money to put human labor to work, paying workers less in wages than they produce in sales. This is how money “grows.” My explanation would be how the capitalists just get the workers and treat them with the unfairness they don’t need. The wages are less and the workers don’t earn the money they deserve. Capitalists get that money and use it to their advantage. Workers have to live off bad experiences and not feel grateful.
- What could be some of the implications of living in a society that has such huge wealth inequalities? Do you see this dynamic getting played out in everyday life in our society? How so, example? The implications would be the boroughs in New York City and how the income are very different like Manhattan has the highest while Queens and Bronx are at the lowest income. I see people have different living conditions, either happy or disappointed that they either have the place they wanted or they can’t because of the income being high.
C-M-C the meaning is the value of (C) in the third and last stage was the same as the value of (C) in the first stage. The peasant and the artisan would go to the market and get money in exchange for commodities. The difference between the two diagrams is money we have, we don’t use it but we sell it to make more money. Reselling something to earn more. The aim is no longer to sell in order to buy but to buy in order to sell.
M-C-M’- The M’ is money at the end, M’ is greater than M: M’ equals M plus m. M’ is money at the end of the transaction. The productive forces of the factory. Labor power is described as “the aggregate of these mental and physical capabilities. Labor power is a capacity, a potential which can be used more or less intensely. Work is the act of working.
- The two key concepts are means of production and labor. The means of production refers to be the things being made for the companies and need materials to bring the things together. Labor is where the workers are working and trying to earn their money, in charge of the things to have the things in order. An example will be a factory and the workers are working to keep the business going and sure that the things are good.
2. Value is towards the time and labor that working class spend on commodities. An example, in the video the speaker was saying how there are manufacturing automation will make products for a cheaper price. There will be technology doing the work instead of the workers. This makes labor something valuable.
3. Labor and value are related since labor is charged of the product and the cost so then the value is what made the product look better and the worth will be more.
4. Labor and labor-power have a difference between each other which is labor can be measured in time, hours, and minutes. The more time it takes to make something, the more valuable it can be. Labor-power is when a worker sells to an employer. Commodity is applied which can increase the value. Labor-power is found only in people.
5. Surplus Value is the value produced by the labour of workers over the wages they are paid. It goes directly to the boss and the company. Surplus Value is an important measure in the studies of social class, the workers are the ones that get the credit due to the work they do. Their wages can be high or low depending on what they work at and if the business is successful.
- The reading 4.3 makes it clear how owners and employees are different due to where each came from. What that being said, the distinction between owners and workers is blurred somewhat by the range of incomes within both classes.
- Owners have both the fabulously wealthy stockholders of giant corporations and the struggling proprietors of small stores.
- To become a member of the owning class, you must have the income large and it should come from the labor of other people.
- Owners have the secret of having great wealth is not to work hard but to have others work for you. The rich and wealthy people have enough money so they can spend it as they wish.
- Owners can amass considerable fortunes.
As for employees, they include professionals and managers who in income, education, and lifestyle tend to be identified as “middle” or “upper-middle” class. The workers’ wages represent only a portion of the wealth created by their labor. They endure an exploitation of their labor as certainly as do slaves and serfs. Workers, the only reason they are hired is to pleased the owners. It also benefits the owner so they can earn the money. An example of owners and workers is the Starbucks baristas and the overall company.
2. I understand the quote, “labor… is alone the ultimate and real standard by with 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 is trying to state how labor contains for everyone in the world, a value that’s worth a lot. Money is what many people use nowadays to live and labor is going to seen in different ways.
3. Class is NOT an identity, nobody should be based on what their or family’s income is or was. It describes nothing of each other’s identity. Like in the driver licenses’ there’s no such thing were social class is written because it has nothing to do with us, people. I agree deeply with the statement because everyone came from different families and they tend to show a lot of love and trust but not income.
4. I understand the argument Reading 4.4 makes when “class structures are built around a close form of dependency.” It come across between the capitalist class and working class, they both tie together to be a form of dependency because one depends of one another. It states on page 5, “just the concept of “worker” that is dependent on the concept of capitalist for meaning. It’s that to be a worker means, necessarily, to be dependent on a capitalist or firm for a job.” An example will be the two countries that happen to be allies. One of the countries might be struggling so the country tries to look for a solution and see if the neighbor country could provide help.
- Do you notice any similarities in the way social class is discussed in readings 4.1 and 4.2? Do you notice any differences in the way these two readings differentiate between social classes? In 4.1 reading, term “social class” is used in American culture but is not well-defined or well-understood. Low to high, based on income, wealth, power, culture, behavior, heritage, and prestige. Word “class” appended after terms such as working, or ruling. Where people put themselves into categories. Income is a powerful determinant of the social class. Age makes a difference. Social class identification by household income. Categories by lower, working, middle, upper-middle, and upper. Educational level. College graduate level between those who are working class and those who are not. Depends on where you finished school, high school degree middle class edges out working class. People living in rural areas are less likely to identify in a higher social class compared with those living in urban and suburban areas. But in reading 4.2, it has a different approach than reading 4.1 because it’s about median household income with the subway and individual subway lines. Poverty to considerable wealth.
- Pick the station closest to where you live. Using the concepts from Reading 4.1. what social class tends to live in your neighborhood? Are you surprised (or not) by the answer? Do you feel it is an accurate representation of the people living in your neighborhood? The station closest to where I live is 77 street in Bay Ridge, Brooklyn and the train line is R. Median household income is 71,904 and I found surprising how it was higher than the last two stops the train makes. In the chart, the line increased by a little bit.
- Based on reading 4.2, do you notice a general pattern about social classes in NYC? I can tell a big pattern with the different boroughs. The reason with this statement is it depends how the people live like. Manhattan where it’s so expensive so the income is higher. Queens tends to decrease the income. I feel like the people living in different boroughs make the social class different as well. It could be the Hispanics and Latinos where they are in lower and middle classes, finding where it’s better to live in their place at life.
Hello, I am Kayla and my major is Criminal Justice. I just finished my first year in BMCC and I want to graduate with my Associates Degree, possibly even transfer to a 4 year college as well. I hope we can create a group chat to stay connected and ask each other questions. I’m also from Brooklyn, New York City. Thank you.