SOC 103 Lecture Notes - Lecture 10: Feudalism, Net., Thatcherism
Document Summary
Absolute poverty: unable to meet basic needs. Relative poverty: statistical measure of income 9i. e. lowest 10% vs. top 10%) Measure of income: licos 20% more of their income (than the average family (on basic needs, lim income below the median level, mbm income needed to afford basic necessities. Neoliberal logic: there is a price to pay for reducing poverty . Only if the rich get richer will the poor be better off. Feudalism was a closed system; capitalism gives you the freedom to move (up or down). Thus, jobs that are more important, difficult, or expensive to train for garner higher pay. There is a partial meritocracy and class relations. Can avoid taxes and pay their executive bonuses. So structural position is more of a determinant for economic well-being than talent. Keynesianism a set of policies that constrained capitalism. Consistent with progressive rather than regressive system of taxation. The social surplus (income tax) is used to create a safety net.
