Socio Reader Ch 8 Notes.doc

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Chuck O' Connell

Ch 8Wealth and Want in the United StatesThere are those who own wealth owning class and those who work for themWealth is created by the labour power of workersWorkers paid wages representing only a portion of the wealth created by theirlabourManagersexecutives are paid even when not workingCorporations are devices for expropriation of labour and accumulation of capitalMost of the countrys wealth is not owned by middle class but by the wealthyTrend of the wealthy getting wealthier large companies buying up the smallerMoney spent on mergers instead of new technologiesjobs90s recessionas profits went down and workers laid off CEOs pay went upCapitalists say they are putting money to workbut they are really putting human labour power to workTo them the ultimate purpose of work is to make money for the investorWorkers produce far more value than they are paid rest goes to employerBusiness leaders not interested in creating jobs or working in the public interestWant to lower wages and eliminate jobs to cut down on costsFor big capitalists recessions are good in that they eliminate small competitors Businesses better able to resist labour demands lower wagesCorporations blame inflation on wage demands of labour unionsPrices for necessities go up while share of costs going to labour is droppingMonopoly firms rais
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