Inequality And Wealth In Society

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According to many sociologists, social class is referred to the people who belong to the same class have similar characteristics and are close to each other in terms of power, prestige and wealth. Wealth basically includes the property possessed by an individual and the income or money he receives in his job etc. income alone does not define the wealth of a person. There can be cases where people own a lot of property but their income is less or vice versa. But income and wealth go hand in hand. More the income or property more is the wealth. The property owned by the people is not distributed evenly among all. A less section of society own the maximum property whereas a large population shares a little left property which includes shares,…show more content…
47% of the total US income is shared by top 20% of the population whereas just 5% income is shared by the bottom 20%. All these statistics indicate the extent of inequality among the citizens. The rich have become richer whereas the poor people have become poorer. After the richest citizens, next comes the population of executive officers of big organizations. 2.8 million dollars per year is their average compensation. Moreover, the average income of CEOs of the companies is 100 times the income of normal middle class citizens of United States. Power is basically defined as the ability to work according to your will and makes others do the same. It is concentrated in the hands of the powerful class which are a few in numbers. The powerful class shares the same mindset and ideologies, belong to the same social groups and clubs and fortify each others’ views. All the prime decisions of the government are taken after their consent. Prestige can be referred to as a sense of admiration, respect or regard that people give to different achievements and occupations. Occupation is directly related to prestige. If the occupation has a high prestige, it pays…show more content…
Acknowledgement of prestige by the people makes it valuable. The elite group has even defined a set of rules in order to lay emphasis on their high status. They have status symbols which make them stand at par with rest of the society. Some of the status symbols in America include expensive cars, costly designer dresses, expensive localities and even high class expensive schools. Thus, the ranking in a society are based on the mixture of wealth, prestige and power and such a situation of people is termed as social inconsistency. There are many who are at the topmost level in terms of all these three characteristics and command a high status. Thus, status is an important parameter in deciding the social ranking of the individuals. When on one side, people with low status seek help of people of esteemed class; the high class on the other hand judges the low class people on their lowest status. Gerhard Lenski, a sociologist, has explained that the people who are the sufferers of status inconsistency are more supportive for the political actions targeted against the rich class. These people are more radical in

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