Corporate welfare Reading assignment

caste system a system in which people are born into a social standing that they will retain their entire lives

class a group who shares a common social status based on factors like wealth, income, education, and occupation

class system social standing based on social factors and individual accomplishments

class traits the typical behaviors, customs, and norms that define each class (also called class markers)

conspicuous consumption the act of buying and using products to make a statement about social standing

Davis-Moore thesis a thesis that argues some social stratification is a social necessity

downward mobility a lowering of one’s social class

endogamous marriages unions of people within the same social category

exogamous unions unions of spouses from different social categories

global stratification a comparison of the wealth, economic stability, status, and power of countries as a whole

income the money a person earns from work or investments

intergenerational mobility a difference in social class between different generations of a family

intragenerational mobility a difference in social class between different members of the same generation

meritocracy an ideal system in which personal effort—or merit—determines social standing

primogeniture a law stating that all property passes to the firstborn son

social mobility the ability to change positions within a social stratification system

social stratification a socioeconomic system that divides society’s members into categories ranking from high to low, based on things like wealth, power, and prestige

standard of living the level of wealth available to acquire material goods and comforts to maintain a particular socioeconomic lifestyle

status consistency the consistency, or lack thereof, of an individual’s rank across social categories like income, education, and occupation

structural mobility a societal change that enables a whole group of people to move up or down the class ladder

upward mobility an increase—or upward shift—in social class

wealth the value of money and assets a person has from, for example, inheritance