ISS 215 Social Differentiation and Inequality Lecture 5 Economic Institutions and Inequality In Class Notes part 2 Globalization of economy Interdependent nations Ex oil prices go down in Saudi Arabia gas prices go down in America Powerful nations go after weak nations to benefit themselves Production WWII 1 Split in Cold War 2 American block Capitalism Western European nations Soviet block Socialism East European nations India Iraq Egypt 1980 s Socialism broke down Countries opened doors to capitalism International trade There s no country that doesn t buy sell stuff to other countries International finance World Bank IMF banks of nations US put in billions of dollars to help reconstruct Europe Germany Japan Now give out loans to poor countries to reconstruct Negative Annual meetings are done in secrecy because people will protest They say they are financial tools used by rich nations to manipulate poor countries Doesn t give money based on need World Trade Organization NAFTA governs international trade North American Free Trade Agreement Canada US Mexico Socioeconomic Consequences of Capitalism Environment degradation Replacement of nature with what you see today Goes against nature Economic insecurity Can be hired fired for anything Social inequality Ascribed inequality Wealth can just be passed on No more America dream Rich give birth to rich poor give birth to poor Flat tax on everybody no social stratification Ex sales tax Progressive tax changes along with your status
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