SOC 0432 Lecture Notes - Lecture 2: High-Net-Worth Individual, Capital Accumulation, Bourgeoisie
28 Aug 2019
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The top 1% in the us owns 42. 2% of the total wealth in the us. The top 10% own 80% of stock market holdings. The top 20% owns 80% of the total wealth. The bottom 40% of us households own about 0. 3% of net wealth. The bottom 80% owns about 7% of the wealth. The top 8 people own the same amount as half of the world"s wealth. Marx is fundamental in the study of class. Wages are less than the value of labor, so the capitalists make a profit = surplus value (profit) Capital accumulation : capitalists re-invest and go for more. Therefore, capitalists and laborers are in a contradictory, antagonist relationship. Workers can get raises and that doesn"t mean there isn"t exploitation. Max weber focused on exchange relations and market situation. Socioeconomic status = inherited wealth, education, skills, occupation. Don"t deny the importance of class but emphasize life chances.
