Questions and Answers
What does meritocracy refer to?
What is capitalism characterized by?
Private ownership of capital
What does wealth consist of?
What one owns minus what one owes
How is class defined?
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What does classism encompass?
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What is economic capital?
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What does social capital refer to?
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What does cultural and intellectual capital involve?
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What does the 2011 Census Bureau report about poverty?
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Approximately what percentage of the American population lives below the official poverty line?
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The majority of the poor live in inner-city neighborhoods.
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The poor live off government welfare.
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What is the income threshold for the federal poverty level for a person in a household?
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Match the following annual household incomes with their respective groups:
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What is the annual income of Oklahoman?
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What is the range for the United States middle class?
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Study Notes
Key Concepts in Classism
- Meritocracy: Belief that hard work and talent lead to rewards.
- Capitalism: US economic system with private ownership of capital, labor benefits accrue to owners.
- Wealth: Defined as total ownership (assets) minus total debts.
Understanding Class and Classism
- Class: Social ranking based on income, wealth, education, status, and power.
- Classism: Institutional and cultural practices that assign varying values to individuals based on socioeconomic class, leading to significant inequality.
Different Types of Capital
- Economic Capital: Wealth supported by income.
- Social Capital: Resources from social networks, including education and political connections, which facilitate professional mobility.
- Cultural and Intellectual Capital: Knowledge and skills needed to navigate major social institutions effectively.
Poverty Statistics
- 2011 Census Bureau Findings: 46.8 million Americans below the poverty line; significant increase in deep poverty.
- Poverty Rate: About 13% of Americans live below the poverty line; one in four children under six lives in poverty.
- Contrast of Wealth: Sharp disparities present in American society with a significant portion of the population at extremes.
Welfare and Economic Conditions
- Welfare State: State involvement in providing minimum social welfare for vulnerable populations.
- Working Poor: Individuals with full-time jobs but earning below the poverty line.
- Social Stratification: Assignment of individuals to groups with varying levels of access to resources and opportunities.
Myths and Realities of Poverty
- Majority of poor individuals are not solely black or Hispanic, though these groups show higher poverty rates.
- Many poor individuals are children, with a significant proportion under age 18.
- Cycles of poverty are dynamic; less than 15% remain in poverty long-term.
- Welfare burdens are often overstated, representing less than 14% of federal spending.
- Not all poor individuals live in inner-city environments; many reside in non-central areas.
Composition of Poor Families
- Female-headed families constitute only 38% of the poor, with married couples representing a significant portion as well.
- The dependent poor often include individuals with disabilities and are unfairly labeled as 'lazy.'
US Wealth Distribution
- Wealth is heavily concentrated among a small demographic; median household income is $53,657.
- Income varies significantly across states, with Oklahoma at $47,529 and Texas at $53,035.
- Top income brackets are notable:
- Top 1%: ~$400,000
- Top 5%: $159,619
- Top 10%: $113,799
- Top 25%: $67,280
- Middle class income ranges from $46,960 to $140,900.
Definition of Wealth
- Wealth encompasses marketable assets such as real estate, stocks, and bonds, fundamentally influencing economic standing.
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Description
Explore the critical concepts of classism including meritocracy, capitalism, and the various forms of capital. This quiz will help you understand the impact of socioeconomic class on individuals and the institutional practices that contribute to inequality. Test your knowledge on how class shapes our society!
