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70 Cards in this Set
- Front
- Back
money |
used to buy things for consumption |
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capital |
assets used to create more wealth |
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economy |
a system of production and distribution of goods and services |
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capitalism |
1.private ownership of means of production 2.free markets & competition 3.restless expansion 4.investment and reinvestment |
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4 main BANKS |
1. Citigroup 2. jp Morgan chase 3. bank of america 4. wells fargo |
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consolidation of media ownership |
1. (1983) used to be owned by 50 companies 2. (2011) now owned by 6- GE, NEWS-CORP, DISNEY, VIACOM, TIME WARNER, CBS. |
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family capitalism |
enterprise is owned and managed by families -- LA lakers -- rockefellers(oil) |
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managerial capitalism |
enterprise administered by managerial executives rather than by owners |
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fordism |
1. a system of mass production based on assembly line 2. very detailed division of labor 3. Raised wages so workers can by his product 4. wages were tied to productivity |
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trickle down economics |
1. regonomics (1980) 2. stimulating the top (business class) tax breaks 3. they are gonna invest , create businesses - creating more jobs |
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keynesianism |
1. hope is still getting the economy going 2. stimulating the working class, creating more jobs 3. workers have money 4. create demand for goods and services 5. before regonomics |
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vertical business structure |
1. GM/FORD 2. owned and controlled -design -manufacture -market -sales/ prices |
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horizontal business structure |
1. Walmart & global retails - doesn't design anything -produces almost nothing -sells product -has control over its suppliers (k cereal - is replaced with kook-puffs) |
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collective bargaining |
is a process of negotiation between employers and a group of employees aimed at reaching agreements to regulate working conditions. The interests of the employees are commonly presented by representatives of a trade union to which the employees belong |
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union |
An organization intended to represent the collective interests of workers in negotiations with employers over wages, hours and working conditions |
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trance / density of a union |
1. drops in union density from 1970 to 2003 2.density decreasing |
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structured inequality |
social inequalities resulting from patterns in social structure |
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social stratification |
inequality between large groups based on access to material (wealth) any symbolic (prestige, status) |
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example of structured inequality |
( a black college student has the same chances of getting a job as a white high school dropout)
racial inequality |
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caste |
social status is held from birth to death ex: India - no social mobility |
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slavery |
individuals are owned as property ex: U.S - Peru |
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class |
a large group of people that share common economic resources and lifestyles. - social mobility exists |
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class system |
a system of social hierarchy where mobility between strata exists |
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4 bases of class |
1. ownership of wealth 2. occupation 3.income 4. education |
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income |
what you earn / what you make |
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wealth |
what you own -home / car / stocks |
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why is owning a home so important |
-because thats the money that you own - identifier of wealth |
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everything you own today |
will cost less tomorrow except for your house , it will only increase in value |
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top 10% richest families median net worth |
$ 1,194,300 (2010) |
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bottom 20% poorest families median net worth |
$ 6,200 (2010) |
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home owner's median net worth |
$ 174,500 |
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ranter's median net worth |
$ 5,100 |
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wealth inequality in the U.S (2011) top 20 % richest |
1. people would like them to have 35% of wealth of the country 2. people thought they owned 65% of wealth of the country 3. actual distribution of wealth is 85% of wealth of the country |
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who owns 50% of the wealth in the U.S |
1% of the richest 20% |
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top 5% are making more |
1967 to 2011 17.5 % to 22.3% |
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median |
middle number -is used to disqualify outliers |
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average |
outliers are considered so the final answer very untrue |
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racial wealth accumulation |
1. the ability to buy a house 2. segregation 3. mostly available for whites (1960's) 4. federal programs racially bias 5. can't sell a house to people who are not white (ended in 1980's) |
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racial disparity |
1. black families are 60% more likely to be rejected for home loans 2.will get much higher interest rates |
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theory of Marx |
1. class is divided by those who own the means of production and those who work - capitalist - own factories, farms - workers sell their labor time 2. surplus value - when you work, you create wealth and receive portion of it. THE PART THE OWNER KEEPS IS THE SURPLUS VALUE 3. this is exploitation |
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theory of Weber |
1. class is also about skills, degree and diploma 2. status - social honor, prestige. They are associated with different lifestyles. |
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globalization |
increased interconnectedness of the world 1. politics - united nation 2. communications - internet 3. culture - hip-hop, food 4. economy - barbie 5. social movements - occupy |
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global inequality |
differences of wealth and power between counties |
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GNI - gross national income |
measures output of goods and services in a country ( value created ) |
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high-income counties |
1. first to industrialize ( mostly european but more recently : Japan , Singapore...) |
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Middle-income countries |
late industrialization , not as wealthy (oil rich countries)
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low-income counties |
eastern, western and sub-saharan Africa, Cambodia, Nepal. |
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market oriented theory |
assume the best for the economy is for individuals to make free choices without government involvement |
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modernization theory |
believes low-income societies should adopt modern economic institutions, technologies, and cultural values that emphasize values and investments - traditional value are to blame - blaming the victim |
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neoliberalism |
free-market forces, achieved by minimizing government restrictions on business, provide the only route to economic growth |
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privately owned institutions |
1. Walmart / USC / some hospitals - no regulations |
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publicly owned institutions |
1. UCLA / CSUN / Pierce College - state regulations - wages - social security - medicare |
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race to the bottom |
1. people incomes , wages ( among counties) - related to globalization |
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neo-colonialism |
wealthy countries still exploit poor counties through corporations - make product in one country and bring it to another and sell it for much more |
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hunger in the world |
1. 925 million go hungry every day (1 in 7 people) 2. hunger defined as 1800 calories per day 3. every 5 second a child dies of hunger 4. 60% of child death in the world ( under age 5) are due to hunger - their countries produce food 5. 2/3 of the hungry live in 7 countries (Bangladesh, China , Congo, Ethiopia, India, Indonesia, Pakistan) |
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as hunger growth |
food production increases |
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inequality between counties |
1. grown in the 30 years 2. hope for industrialization in poor counties 3. high-income countries one makes avg. -$36,000/year in comparison to low-income countries ( Burundi) $250/year 4. most GNI growth happened outside of high-income countries |
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achievement gap |
disparity on a number of education between the performance go groups (gender, race, ethnicity, ability, socioeconomic status |
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assimilation |
1. focuses on the " official curriculum 2. promotes common language common history common culture foster nationalism how do you build a common identity "kill the indian save the man" - americanization |
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credentialism |
1. the learning is less important then the diploma 2. Jobs used to require h.s diploma now they require college diploma |
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hidden curriculum Marx's theory |
1. traits of behavior or attitudes that are learned at school but not included in the formal curriculum 2. does school shape students into good, docile workers? - self-discipline, dependability, punctuality, obedience, respect for authority? 3. Sam Bowles & Ginti- modern education system is a response to economic needs of industrial capitalism |
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cultural capital |
concept of Pierre Bourdieu advantages that well-to-do parents often provide for their children
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Pierre Bourdieu (1984-1988) argued: |
schools rewarding certain cultural norms over others creating social class inequalities. |
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tracking |
dividing students into groups that receive different instructions on the basis of assumed similarities in ability or attainment |
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students are tracked into different paths |
1. paths: college prep - advanced placement, honor courses. general ed vocational prep - shop class, wood class 2. reproduced existing inequalities 3. low achieving students receive poor education , bad books, teachers |
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gender and achievement |
1. SAT score same reading / boys did better on math by 33 points 2. girls are more likely to attend 4 year college 3. girls will less likely choose carreers such as science, technology, engineering . 4. higher proportion of women graduated 4 year college 5. women are disadvantaged in the job market, despite higher rates of education |
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no child left behind characteristics |
1. standardized testing 2. school choice 3. low performing schools lose their funding |
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no child left behind criticism |
1. emphasis on standardized testing- teach narrow skills and not the importance of understanding concepts and skills 2. achievement gaps are not changed 3. NCLB - neglects role of the broader socio-economic context. |
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intelligence |
1. IQ didn't measure intelligence - measure how much one learned in school 2. to predict economic success |
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is intelligence based on genes or environment? |
both but mainly environment |