SOC 100 Lecture Notes - Lecture 27: Capital Flight, Systems Theory, Modernization Theory

• School: Ball State University
• Department: Sociology
• Course: SOC 100
• Professor: menning

Document Summary

Global inequality: concentrating resources in certain nations and is significantly affecting the opportunities if individuals in poorer and less powerful countries. Gni coefficient: measure income inequality between countries using a 100 point scale where 1 is equality and 100 is inequality. Global stratification: unequal distribution among nations. First world: well-developed and rich countries. Third world: poorest most undeveloped countries. Forth world: stigmatized minority groups that were denied a political voice, minority, prisoners, homeless. Capital flight: the movement of capital from tone nation to another. Deindustrialization: a consequence of capital flight, no new companies open to replace job loss to foreign nations. Debt accumulation: buildup of external debt. Relative poverty: state of living where people can afford necessities but are unable to meet their society"s average standard of living. Absolute poverty: lack of basic necessities. Subjective poverty: poverty that is composed of many dimensions. Underground economy: unregulated market, no taxes or government permits or human protections.