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Inequality and Capitalism

Inequality and Capitalism. Lecture slides covering chapter 2 of textbook. An Introduction to Critical Economics. The Great Recession How did we get here? What economic trends have been taking place for the past several decades?.

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Inequality and Capitalism

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  1. Inequality and Capitalism Lecture slides covering chapter 2 of textbook

  2. An Introduction to Critical Economics • The Great Recession • How did we get here? What economic trends have been taking place for the past several decades?

  3. Economics-A system employed by a nation to produce and distribute goods and services. There are two basic types: Capitalism-The means of producing and distributing goods are privately owned-US considered most capitalist society Socialism-The means of producing and distributing goods are publicly owned. There are no purely capitalist and no purely socialist societies in the world. How is the US not purely capitalist?

  4. Are the terms capitalism and socialism economic or political? Or both?

  5. Critical Economics Socialism Capitalism Political right (conservative) “Big business/corporations” Favor no regulation • Political Left (liberalism) • “Big Government” • Favor regulation

  6. Are democrats in America liberal in comparison with liberals in other countries? • What is totalitarianism? • Why do people associate socialism with totalitarianism?

  7. Critical Economics • Democratic Socialism • Politically democratic • Economically more socialist • Characteristic of many western European countries

  8. American=Free?? • Political freedom • A social construction? • A one party system? • What occurs when capitalism is questioned?

  9. How is all this related to social inequality?

  10. Economic Inequality (Income) • A growing gap between rich and poor • 90’s profits reaped by upper class • Stagnant wages for 8/10 Americans • Gini index-Income inequality rising since_____? • CEO Compensation • 2000-2007 • Trickle down-economics? Did it work?

  11. Economic Inequality (Wealth) • Importance of wealth? • Greater than income inequality and expanding • 1976-Top 1% had 19% of all wealth; by 2000, 40% of all wealth • Corporate Wealth

  12. IV. Growing Inequality in the U.S.

  13. Why do Americans tolerate such massive concentrations of income and wealth?

  14. The American Dream is one of the most powerful concepts and constructions in American society Meritocracy “Rags to Riches” The land of opportunity

  15. America-The Land of Opportunity? • Social Mobility • How do most people become rich? • What once was? • Social Construction

  16. The Middle Class • Working Harder to stay in place

  17. The Plight of the American Worker • Job security and the “Social Contract” • Downsizing • Outsourcing • Contingency work • “Blaming the victim” and the sociological imagination • “Wal-Martization”

  18. Why, is it argued, that corporations must outsource, downsize, pay little and offer few benefits? • Creative destruction?

  19. Capitalism • American corporate capitalism • Is what is good for the market what is good for society at large? • How is unbridled capitalism connected to the recent economic crisis?

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