SOC 105 Lecture Notes - Lecture 2: Median Income, Social Inequality, Single Parent

• School: Ryerson University
• Department: Sociology
• Course: SOC 105
• Professor: Carmen Schifellite

Document Summary

Capitalism: system fr production of commodities for exchange in order to realize profit. Tendency to commodify all aspects of life. Merchant capitalist: buy low and sell high 1450s-1800s goods trading. Financial capitalism: 1970s-present - predominance of financial trading. Industrial capitalism: predominance of industrial production - 1800s-1970s. Income; economic gain derived from wages, salaries, income transfers (gov"t aid) and ownership of property. Wealth: includes property, such as buildings, land, farms, houses, factories and cars, as well as other assets such as bank accounts, corporate stocks, bonds and insurance policies. 2013 individual, k (half ppl in canada) Top 20% has a median family income - ,350,000. Top 100 ceos in canada earn avg national wage = k every 9 hrs of work. Bottom 20% mnw 2012; down from . Top 30%; 82. 5% of all wealth in canada. Wealth is much more unevenly distributed than income in canada. 1920s; great depression in canada - 25% + unemployment.