- What is the distinction that Reading 4.3 makes between owners and employees? Give an example of each.
Answer: The distinction between owners and employees is that capitalists which identify as “owning class” tend to have a large income from other people (employees) labor. Owners live off their investments such as stocks and bonds, etc while employees live off wages, salaries and fees, “The distinction between owners and employees is blurred somewhat by the range of incomes within both classes.”
- How do you understand the quote by Adam Smith on pg. 28? What is it saying about labor?
Answer: The quote by Adam Smith quoted, ‘”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.”’ Basically means if the employees want to be paid, they have to get the actual work done whether it’s manufacturing, shipping, advertising, they have to show values which the employees wages created by their labor.
- What are your thoughts on the main argument of Reading 4.4 that class is NOT an identity?
Answer: I do agree with the statement that class is not an identity “rather than just the education or money someone has, class refers to an entire structure that imposes very specific logics of action on people in society.” Identity refers to qualities, beliefs, personality traits, appearance and expression of a person and not how much they earn or their education level.
- 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?
Answer: I understood that class structures are different from other forms of hierarchy. In other words, capitalists who have power control the productivity of society therefore, workers must depend on them for a job “The kind of property capitalists control — productive property — is what everyone in a society depends on. In this sense, it is not only workers who are dependent on capitalists. Because capitalists can choose not to produce or invest if they don’t think profits will be high enough, all of society is compelled to ensure that their profitability stays high enough to keep them producing, no matter the costs to the rest of society.”
