HIS 315g 1st Edition Lecture 25Outline of Last Lecture I. Labor UnionsII. Upward MobilityIII. Coping MechanismsOutline of Current Lecture I. Corporation RightsII. Egalitarian CapitalsimIII. GlobalizationIV. ShoppingCurrent LectureRights of People and Corporations-New equivalencies that complicate social inequalities-Corporations have so much money and power that they're able to control more than they should The Great Prosperity: the period after WWII where the country was experiencing economic success, and focuses on improving itself from the inside out Mid 20th century Income Compression-Egalitarian capitalsim; top 10% of taxpayers earned only 32% of income (not today's 45%)In the 20's began the gilded age; top 10% of taxpayers earn up to 45% (too high); upper class initates decline of middle class, increase in poverty GI Bill helps to improve the middle class -> getting a free education The great U-turn; 1970's is a turning point"post-industrial economy"; women enter the workforce -More job competition, lower pay Education should be a way to enter the skilled workforce but now as middle class citizens are getting more and more educated they aren't seeing the returns that they should Globalization and technology both contribute to the displacement of workers Current economy looks a lot like it did as the 1920's These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.What is the definition of middle class? Economic or Social? -Since 1980 the median income has risen less than 15% Determining the poverty line: -High racial despairity between races-2015 poverty line: for an individual $11,770-Where do you place students?-Working poor; make too much to be below poverty line but not enough to live comfortably Savings and consumer debts2911 CC Debts: 50% of households report debts but lenders report 76% of households owe money-Avg household reports $4,700 balance but lenders report $7,134-Austin is among the most income-segregated metros in the nations Deconstructing Shopping-What we buy defines our cultural class, how much we can spend shows others how muchwe make and are able to spend frivolously -Identity tied to consumption -"in a market economy, social status and distinction can be bought" -Major disaster 9/11; the next day the mayor of NY invited the citizens to go shopping; maybe to stimulate the economy, or create a sense of normalcy Keynesian Economics: Consumerism and the State wrote a book in 1936 called The General Theory of Employment, Interest and Money-Concept: encourage governmental and consumer spending to facilitate borrowing and credit and spur a demand for goods-Intention was to create more cash flow in the marketplace for investment, borrowing andspendingIMPORTANT: book came out in the middle of the depression, many people at this time are very scared to spend and don’t want to establish credit unless they absolutely have to Shopping madness: selling BLACK FRIDAY-Term gained in current popularity in the late 80's and 90's; Friday after thanksgiving where stores have huge sales -> stores finally enter the black-Seen as a way to contribute to the economy and get good deals for yourself Democratic contributions are being negated by retail giants that are beginning to have more pull than citizens themselves-They encourage us to consume while they absorb our wealth and contribute to the destruction of the middle class by decreasing wages Issues of Overconsumption, sustainability and hidden costs: -Human impact on the planet has tripled since 1961; in 2003 our consumption exceeds ability to regenerate resources by 25%-Trash, energy, biodiversity and global warming are increased concernsWhy don't price and wages match