1. What is the distinction that Reading 4.3 makes between owners and employees? Give an example of each.
The main difference between owners and employees is their forms of income in which the owners live off of investments that include stocks, bonds, rents, etc and the employees strictly live off their wages and salary. An example of an owner is Jeff Bezos, the founder of Amazon, who heavily invested his funds into the tech world and became one of the richest people in the world. An example of an employee is quite literally anybody in the working class who isn’t in the investment markets or sprouting into the markets of online money or just simply someone who relies on their job for income.
2. How do you understand the quote by Adam Smith on pg. 28? What is it saying about labor?
From my understanding, the quote by Adam Smith explains that labor is the actual value of any product even though money shows the cost, labor shows the value. This quote states that something’s worth is determined by the labor put to work on it and not necessarily the price.
3. What are your thoughts on the main argument of Reading 4.4 that class is NOT an identity?
I understand where the socialists are coming from when they say that class is not an identity because they are just trying to break down the societal hierarchy of capitalistic views of class. The socialists believe that the capitalists control the economic system and make inequalities for the working class therefore if they break that down they may have a chance of improving the lives of the working class.
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?
I agree with the argument, that “class structures are built around a close form of dependency” because the working class heavily relies on the capitalist class for employment while the capitalists rely on the labor from the working class in order to make their money. An example of this could be Jeff Bezos and Amazon because he relies on the workers to keep the company running smoothly and the workers rely on him to pay them. It’s a typical boss-and-employee dynamic. The boss relies on the employee to do the work so that the company stays strong and the employee needs their money.