SOC 2390 Lecture Notes - Lecture 2: Social Inequality, Financialization, Class Consciousness

• School: University of Guelph
• Department: Sociology
• Course: SOC 2390
• Professor: Saara Anne Liinamaa

Document Summary

Soc 2390: lecture notes: september 17th, 2018: class and power. Review: you should be able to define social inequality and some of its general characteristics, you should be able to class as a complex and pluralistic category in contemporary canada, 2008 economic crisis: banks not people. Series of events that caused a financial downfall, but it was caused by risky and unchecked financial decisions. Low mortgage rates encouraged people to take out bigger loans, buy more expensive houses. What happens with unchecked corporate financial power. People"s homes lost value dramatically housing market crashed. Involved government intervention to salvage banks that said they couldn"t survive banking industry got billions of dollars from government. The issue was; the people who caused the problem (banks) got bailed out while 3 million people lost their house. Banks executives still got their big payout even though they caused the problem.