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)