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Chapter 3 - The Sociology of Power: Economics, Wealth, and Politics
Glossary
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
B
bourgeoisie - In Marx’s theory, the wealthy business owners.
C
capitalism - The economic system in which resources, industry and businesses, and other means of producing goods or services are privately owned, the primary motive for economic activity is profit, and most goods and services are sold and bought in competitive markets.
capitalist-socialist societies - Nations with predominantly capitalist economies where resources, businesses, and industries are mainly privately owned but which adopted measures advocated by socialist movements such as universal public education for children, publicly funded health care systems, and social security retirement systems.
conglomerate - A corporation that operates in multiple economic sectors.
corporation - A business organization that is given a charter by a government recognizing it as a separate legal entity having rights, assets, responsibilities, and liabilities separate from those of its owners or employees.
G
Gini coefficient - A measure of income inequality that ranges from zero (meaning everyone has the same income) to one (meaning a single person has all the income).
I
income - The money a person receives from working, investments, or other sources.
P
pluralism - The view that political power is exercised by ordinary Americans through elections and through the organizations they support.
power elite - According to Mills, the power elite are people occupying the top positions in major business corporations, the federal government, and the armed forces who made the most important decisions. According to Domhoff, the dominant power elite are the economic elite.
proletariat - In Marx’s theory, the working class, composed of all workers from unskilled to highly trained who sell their labor for a wage.
R
ruling class - According to Domhoff, the economic power elite.
S
social class system - A social and economic stratification system typically based on both birth and achievement within which it is possible to move either up or down.
social mobility - The upward or downward movement on the economic ladder within a lifetime or between generations.
socialism - Ideally, an economic and social system characterized by equality of opportunity and social justice in which major resources and industries are socially (collectively) owned and health care, education, and basic nutrition are provided to all either freely or at low cost.
socialist-capitalist societies - Nations where resources and major industries are owned primarily by the state but where a significant expansion of capitalist business activity from selling crops in open markets to owning industries and businesses for profit is allowed.
W
wealth - The total worth of all assets a person owns minus any debts he or she has.
