- What is the distinction that Reading 4.3 makes between owners and employees? Give an example of each.
The text identifies owners as people who owns some assets such as bonds, stocks, real estate, mineral royalties and rents. Those are considered the wealth of a society and are owned by only 1 percent of the US population. Owners lives off investments, which means they do not need to work to get an income to survive. Not only their income is very large but they make it mostly from the labor of other people. Also owners are the one who possess the big and giant corporations comparing to small business holders who are struggling to stay on in the market place. In contrast, per the author employees are the working class, they must work for a living. Employees live mostly on salaries, wages, fees, commissions. Even small businesses owners, company managers and executives directors fall into this category because of their range of incomes because they are working for the wealthy people. And they work really hard for the owning class who does not work at all, and who gets all the benefits or profits at the end.
Example of owner: Jeff Bezos who owns amazon and he has almost 1,608,000 employees who work hard in his company to produce the labor. He is the second richest person in the world and Amazon daily revenue is 1.29 billion. In other words Jeff Bezos does not need to work for a living because due his investments profits.
Example of employee: Those people working for Amazon are considered employees. They have to work to get a salary and survive. They must work to pay their rent, provide food to their family. They are the hard workers of Amazon who produce the labor to have this company owner to be situated as one of the most wealthy person in the world.
- How do you understand the quote by Adam Smith on pg. 28? What is it saying about labor?
Adam Smith states that “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.” In my opinion, in this statement, Smith is trying to give as much value to the labor as the finished products the workers make. To rephrase it, rich people or corporations do not really appraise their workers as the ones who makes their wealth. Instead, they are low paid for all the fortunes they create, they not benefit much. The real estimate of all the finish products, raw material, diamonds, agricultural products, is actually the ones working in agricultural farms, diamond miners who work in small-scale mining digging for diamonds, not the monetary value they bring back to those industries. Nevertheless, workers in place of being valued they are exploited. Their wages do not reflect the value of their work.
- What are your thoughts on the main argument of Reading 4.4 that class is NOT an identity?
The main argument of this Reading that class is not an identity can be seen in other words as, that we cannot based on class to identify or categorize the US society. Instead, we need to base the category of capitalist power and their exploitation and oppression on race and gender. The Capitalists power creates a system that discriminates against some groups (color people) and benefits other groups (White people) among the working class. Examples of these systems are racism, sexism, this system enable dominant groups to exert control over target groups by limiting their rights and access to basic resources. Examples are white people are favored over black people. Women are discriminated in Job opportunities, salary levels and increases. In other words, in the same working class white and black, us citizen born and immigrants, men and women are treated differently.
- 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?
The author said that “class structures are build around a close form of dependency”. In the text the close form of dependency means the relations established between the Capitalists, workers and society. The Capitalists are the ones who owns all the businesses or productive property. Those business are for example farms that provide access for food to the population. All what is necessary in term of consumption for everybody. Therefore, they are important, which in turn make them powerful. Also, they become a necessity, because we all depend on the capitalist or the wealthy owner, workers have to get a job in those productive businesses in order to have salaries which is essential to our survival. We need to make sure that they shall reign forever because they control all resources everyone needs to remain. Capitalists depends on the society and workers as well. They depend on workers because they are not doing the hard work, they need people to work for them. And the society, to buy and consume their products which in turn will bring back revenues, profits and fortunes to them.