THE AMERICAN DREAM.ppt

THE AMERICAN DREAM The Role of Social Class in the “Pursuit of Happiness” AMERICAN DREAM Land of Opportunity Rags to Riches—Anyone can become rich, famous, powerful. Jobs and education available to all who want them. Meritocracy (rewards)=skill + effort. Through hard work, courage and determination one can achieve prosperity. Americans can live better than their parents did. “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty, and the PURSUIT of Happiness” Social Mobility The movement of families up and down the economic ladder 40% of incomes stayed at about the same level; 60% moved up or down. Only 37 of America’s 400 wealthiest inherited their money from their family. Social Classes The hierarchical distinctions between individuals or groups in societies. What are the key features of social class? WEALTH Valued possessions : cash, land, buildings, property Income : money from employment, shares etc. Tends to be intergenerational POWER Ability to carry out one’s will, even if opposed by others Who has power??? PRESTIGE Respect given to people with valued positions or resources Upper Class Facts Q. What % of Americans belong to the upper class? 0.5% Extent of wealth? Top 1% owns more than one third of ALL net worth in the U.S. 50% U.S. stocks, 60% bonds; corporations, property, inheritances; income mostly from investments not employment Source of power? Ownership of resources - money makes money Economic power and political power intertwined Source of prestige? family name resources (old: Rockefeller, Carnegie, Walton, Getty; new: Gates) Corporate Class Facts Q. What % of Americans? 0.5% Extent of wealth? A lot, but not as much as the upper class Usually not major owners of companies median CEO salary $10.8 million President of the U.S. $400,000 (why do it then??) Q. Source of power? Heads of companies, government Q. Sourc