01:920:101 Lecture 7: Social Class & Race
Document Summary
Racial inequality : unemployment: black 7. 9%/white 4, poverty: black 26%/white 10, median household income: ratio 1. 6:1, wealth: white/black 13:1, racial wealth gap is the starkest and most important racial disparity. Inheritance and transformed lives: money bequeathed at death, down payment for homes, college costs, investments and savings, family safety net, choices. Where we put our money / investments. Equalizing income will not heal the wealth gap because of the history of racism. It would take time, not just the end to racism. Inheritance and meritocracy: contradiction between equal opportunity and inherited wealth, transformative assets: the capacity of unearned, inherited wealth to lift a family economically and socially beyond where their own achievements, jobs, and earnings would place them, opportunity-hoarding. When groups of people come together and hoard opportunities for people like them. Gi(cid:448)i(cid:374)g e(cid:395)ual oppo(cid:396)tu(cid:374)ities does(cid:374)"t (cid:373)ea(cid:374) the(cid:396)e (cid:449)o(cid:374)"t (cid:271)e i(cid:374)e(cid:395)uality within that system: f(cid:396)ee edu(cid:272)atio(cid:374) (cid:449)o(cid:374)"t (cid:373)ea(cid:374) all students will be equal.
