SOC 001 Lecture Notes - Lecture 6: Savings Account, Capital Gain, Deindustrialization

• School: College of The Sequoias
• Department: Sociology (SOC)
• Course: SOC 001
• Professor: basham

Document Summary

Corporate wealth. (control lot of economy, big profit. ) Less than 1% hold 80% of total output of private sector. 1% of all food corporations control 80% of the industry"s assets and 90% of profits. Six tmcs ship 90% of grain in the world market. Statistical data. (table 2. 1 in the text) show steady increase in u. s income inequality over last 30-40 years. U. s income inequality is much higher than other industrial democracies. Richest 13,000 families earn more than bottom 20 million families. Individual wealth is much more unequally distributed than income. Net worth of 400 richest american is . 25 trillion while 37 million are below poverty line. Bill gates wealth in 2010 is billion, u. s median family wealth (2007), ,000 (mean ,006) ; coverage wealth by member of u. s congress (2007) - . 8 million. In addition to increasing personal inequality, tax policy create huge debt and led to massive cuts in social services health, education, etc.