What is the distinction that Reading 4.3 makes between owners and employees? Give an example of each.
- The distinction that the reading 4.3 makes between owners and employees is such: owners are the very rich families; they live off investments such as stocks, bonds, rents, mineral royalties, and other property income. An example of owners can come from owners of giant corporations such as Target or even those who own small businesses such as diners. Another example would be corporate real estate, where owners own their wealth by making money from their workers running their business. As surplus money and extra money for income owners wealth are preserved, over time it increases. Owners can start a business, buy a business, and own a business they own their wealth. Employees, on the other hand, live off wages, salaries, and fees. They are the workers of these large corporations and small businesses and play no part in ownership. Fast food workers, baristas, cashiers, or even factory workers are a good example of this. Another example would be labor for money, meaning workers don’t really own anything, have payment plans to pay off valuables, and survive. Unfortunately, workers have no wealth and suffer from the storage of money, as how they make money is different from owners.
How do you understand the quote by Adam Smith on pg. 28? What is it saying about labor?
2. In my understanding of Adam Smith’s quote, the price of an item does not matter; what matters is the effort it takes to make the item. As a good example of this, he states that turning a tree into a profitable commodity such as furniture and paper is only possible through the labor it takes to create it, that the labor coming from timber harvesting, manufacturing, and advertising to sell the finished product is what makes their real price. It is the human laborers that make living possible, which is why the laborers are the most important, as they are the ones who produce the goods. Price of an item, the type of quality, and the cost of labor that went into making it. The more expensive the material, the more it cost for the skills it took to make the item. The value of a good quality and expense of making it is what creates value; it is the labor of work by the people who made the item.
What are your thoughts on the main argument of Reading 4.4 that class is NOT an identity?
3) I agree with the concept that class is not an identity but that it is used in politics and current society as a form of identity. It has become a tool to target and oppress specified genders and races deemed lesser. Class used to be a simple terminology defining your financial standing, which, as the reading suggests, tends to be an ideology still used by capitalists.
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?
4) In the argument “Class structures are built around a close form of dependency,” my understanding of this statement is that there is a balance that exists within class structures. One cannot exist without the other; a good example of this comes from this statement in the reading: “A worker is to always and everywhere be in a position of having your interests at least threatened by the capitalist that employs you.”. Capitalists do not exist without workers and vice versa; that is their balance.