3 Dimensions of Social Stratification 1.Economic 2.Power 3.Prestige
Karl Marx and Max Weber Provided the foundations of study in the economic dimension of stratification Studied power and wealth Saw 2 social classes –Bourgeoisie: owns the means of production –Proletariat: laborers
Income vs. Wealth Income: your paycheck Wealth: what you own (businesses, homes, property, etc)
Income Inequality in America “If we made an income pyramid out of a child’s blocks, with each layer portraying $500 of income, the peak would be higher than Mt. Everest, but most people would be within a few feet of the ground” ~Paul Samuelson
Income Fact The richest 20% of Americans make more than 50% of the income The poorest 20% of Americans make less than 4% of the income –This gap continues to grow over time!
Wealth Fact The richest 20% of American hold 84% of the wealth The richest 1% of Americans hold 33% of the wealth –This gap also continues to grow over time!
Power The ability to control the behavior of others, even against their will. –This can be attached to our wealth, but also to our roles and statuses (Hitler, Obama, ME)
Rank from least to most prestigious Doctor Teacher Child Parent Movie Star Social Worker War Veteran Homeless Person