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Chapter 4

Chapter 4: Effects of Economic Changes and Inequalities on Families

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Sociology 2235
Gale Cassidy

Chapter 4EFFECTS OF ECONOMIC CHANGES AND INEQUALITIES ON FAMILIESIntroduction Without understanding the economy we cannot fully grasp the concept of recent family transformationsOVERVIEW OF ECONOMIC CHANGESWe now live in a postindustrial economy characterized by Information Technology high finances including paper speculation the stock market The predominance of the service sector The globalization of the Economy has occurred It is driven by multinational corporations around the worldin order to increase their profits corporations move their production plants and call centers around the world in places with cheap labor It is world of Mergers Acquisitions Restructuring and Downsizing National economies are dependent upon worldwide financial fluctuations Governments no longer control the labor markets rather they are now controlled by the Multinational Corporation who determinewho will work where and for how much wage Workers from large companies such as Goldman Sachs have represented countries in national summits like the G8 Until 1970some of the largest employers were industries producing goods such as steel and cars Manufacturing jobs15 by 1995 and they provided job security entry level positions for new graduates benefit packages to young workers out of high school After 1970s technology advanced and fewer lowskilled workers were needed 1970s also had another important phenomenaThe service sector Expanded offering low paying parttime jobs such as hotels and restaurants and retail industry The corporations to increase profits moved on from fulltime to parttime jobs and contracts which gave the workers lesser wages less working hours and few or no healthpension benefits Woman constitute 70 of all parttime employees The Detrimental feminine wage and labor situation contributes to poverty in singlemother families and in low income families in which two salaries are necessary Children of Single mother whose fathers are not around are known to repeat the patterns of poverty in their own adult lives There has recently been an inflation in the educational requirements for jobsEven low paying jobs now require many formal years of education The gap between the rich and poor in terms of wealthassets such as real estate stocks and savings account this gap is partially related to married couples as they have more assets
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