SOCIOL 1 Chapter Notes -Labour Power, Capital Accumulation
7 May 2014
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Ch 8 - wealth and want in the united states capital competitors. There are those who own wealth (owning class) and those who work for them. Wealth is created by the labour power of workers. Workers paid wages representing only a portion of the wealth created by their labour. Corporations are devices for expropriation of labour and accumulation of. Most of the country"s wealth is not owned by middle class, but by the wealthy. Trend of the wealthy getting wealthier; large companies buying up the smaller. Money spent on mergers instead of new technologies / jobs. 90s recession - as profits went down and workers laid off, ceos" pay went up. Capitalists say they are putting money to work but they are really putting human labour power to work. To them, the ultimate purpose of work is to make money for the investor. Workers produce far more value than they are paid; rest goes to employer.
