SOCA01H3 Chapter Notes - Chapter 8: Justin Timberlake, Economic Inequality, Working Poor
Document Summary
Social stratification refers to the way in which society is organized in layers or strata. Canada is one of the worlds most prosperous countries. Increase in family income were most rapid from the end of world war ii until the economic downturn that began in 1973. Average family income then remained stable for more than 2 decades, after which it returned to an upward trend. Purchasing power of families rose for 2 main reasons technologies improved: first, economic productivity increased as workers" skills and. Some people are poor, some people are rich and most are in between: second, large numbers of women entered the paid labor force starting in 1960s. In 2008: lowest quintile of families received 6. 1 percent of market income, while the top quintile received 43. 4 percent, almost half of all the income was earned by 20% of families. Among rich countries, income inequality is lowest in denmark and highest in the us.
