By Thomas Sowell
How a lot of a racial group's fiscal destiny relies on the encircling society it lives in, and what kind of via inner styles that keep on with that very same staff around the globe? utilizing a global framework to research a gaggle of alterations, Sowell has pioneered a brand new process for pursuing this significant learn, using historic event and empirical information. the implications are interesting and occasionally astonishing. for example, he unearths that the social and monetary styles between Italians in Australia and Argentina are related in lots of respects to these of Italians in Italy or the us. And, notwithstanding blacks haven't confronted a similar large and inflexible oppression in Brazil as within the usa, fiscal adjustments among blacks and whites are considerably better in Brazil.
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Extra info for The Economics and Politics of Race: An International Perspective
Example text
A very rosy scenario says that if you bought a house for $50,000 and sold it twenty-five years later for $150,000, that would be the main source of your retirement income. When the housing market bubble exploded in 2008, many Americans who expected that the values of their homes would continue to rise found themselves with homes that were worth less than their mortgages. What about retirement accounts? As we point out in chapter 5, in 2009 fewer than half of all private-sector workers were covered by any type of employer-provided pension plan.
But ownership may also consist of possessing a large number of shares of stock in one or several corporations in which many other persons may also own stock. However, the ownership of stock is socially and economically meaningful only when (1) the value of shares owned is sufficient to constitute “making a living” or (2) the percentage of shares of stock owned relative to all shares is large enough to permit the owner of said shares to have some say in how the company is run. Members of this superclass segment, along with those in the credentialed class, control most of the wealth in America.
This segment also includes low-income workers with transient work patterns. 28 The excluded segment also includes very-low-income retirees who attempt to supplement their retirement incomes with low-skill, low-wage, part-time, temporary work such as part-time service work. indb 36 5/29/13 1:03 PM The New American Class Structure 37 ments of that structure. It is important to keep in mind that a person’s location in the double-diamond class structure is related to his or her occupation but not determined by it (as is the case in the production and functionalist models of class structure, discussed in chapter 1).