sociology chapter 12: work & economy

middle class

category of people whose income places them above the poverty line but below the wealthiest fifth of society

triple shift

daily duties within the formal, informal, & household labor markets

second shift

domestic labor responsibilities placed on women after a full day within the formal labor market → men don't spend as long working

worker cooperative

entirely owned & operated by the workers themselves

underemployment

individuals are employed by jobs that do not fully utilize their skills, pay less than a living wage, or do not offer opportunities for full-time employment

mergers

investments to purchase other firms

interlocking boards of directors

majority of largest firms connected by these economic elites who sit as directors on multiple corporate boards

Employee stock option plans (ESOPs)

managers set up ways for employees to buy shares of the company they work for → provides workers shares of the profits their labor helps create & may motivate them to be more productive

managerial revolution

ownership & control considered separate w/ control over corporate decision making decided by professional managers

formal labor market

paid labor (usually outside home)

working poor

people working full time but still under the poverty line

globalization

process that creates a global network of independent persons & activities that are unconnected to a specific place or national economy

runway shops

relocation of production & service facilities elsewhere within the U.S. & overseas for profitable reasons Pattern of closing plants in North & Midwest where labor unions are strong & moving to South & Southwest where unions are nonexistent/weak

glass ceiling

restriction on women & people of color from gaining promotions, especially in managerial levels within corporations Often risen to middle-management but rarely high executive positions Lower for people of color than women

merger mania

tendency for mergers/takeovers in the past two decades

informal labor market

unpaid labor (voluntary & involuntary but excludes domestic labor) Ex. Volunteers at soup kitchens, coaches of little league, classroom parent aids

segmented labor market

women & men compete in different labor markets for different jobs Creates a difference in incomes

domestic labor

work done to maintain home & family (usually unpaid)