[SOC 248] - Final Exam Guide - Comprehensive Notes for the exam (24 pages long!)

• School: Stony Brook University
• Department: Sociology
• Course: SOC 248
• Professor: Rebekah Burroway

Document Summary

Gini coefficient income is the system we use to distinguish inequality. Gdp: gross domestic product- measure of income. Double divide- inequality between countries and inequality within countries. But (good news) inequality is decreasing. Which means either the poor countries are doing well or the rich countries are. Inequality is greater between countries, rather than with in countries doing worse. The inequality in the world is 67. 0 which is higher than the inequality within any other country except namibia, which has a 70. 0. Classical economic theories help explain how they should be run. Contemporary theories explain why these theories are lagging so far behind: neo-liberalism (neoclassical) (classical) Capitalism: means of production should be privately owned and operated for profit in a competitive market. Selling state owned businesses to a private business for profit = privatization: marxism (classical) Carl marx agreed that capitalism will bring economic growth but not for everybody.