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

1. The distinction that Reading 4.3 makes between owners and employees are, owners ” owning class live off of investments like stock, bonds, rent from the working class, and royalties to name a few. Owners make their money from the labor of other people and crush any competition from small business. Employees which are called “workers” in Reading 4.3 are those who live off of wages and salaries. Workers executives and managers also pull value from other workers to get a high level performance to add more or keep profit moving for owners. And example of an Owners is someone like Mark Cuban who is apart of the 1%, and an example of a worker is the basketball players who work in his team the Dallas Mavericks.

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

1. Adam Smith states on pg 28 “labor…is alone the ultimate and real standard by which the value of all commodities can at all times and place be estimated and compared. It is their real price; money is their normal price only”. I understand this quote to mean that the value of services and products is determined by the labor it has t produce the product and services. Labor is the real value and the more labor the more value comes from the product.

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?

1. The close form of dependency means that the worker is dependent on the capitalist, firm, cooperation, or job. The capitalist, firm, cooperation, and job is dependent on the worker in order to keep the on going exploration of its workers and the labor to maintain the position. An example of close form dependency is a large cooperation like Macy’s who has thousands of worker and brings in billion in revenue only to pay a lot of their workers minimum wage.

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

1. I do not agree with the reading that class is not an identity. I believe that class along with other life attributes like religion and race do determine identity. Those who come from working class families have different privileges opposed to those who are considered upper class and are shaped different. Access to basic life necessities are harder to get and they are dependent on big corporations.