Class and Socioeconomic Studies

Class and socio-economic status demonstrate how today’s society is constructed. This essay will focus on the way in which socio-economic status can determine class in relation to both Marx’s and Engel’s theories of class and Weber’s account of class and social stratification, while also taking a brief look at the effects of capitalism regarding social order. Furthermore it will examine the importance of these social phenomena to a changing society.

For Marx, class is defined according to the ownership of the means of production (Holmes, Hughes & Julian, 2012). Class can be described as having three categories; Ruling class, middle class, and working class. Marx has asserted that classes have formed as a result of capitalism. Capitalism, and the competition it entailed, forced the members of society into two groups: workers (the proletariat) and capitalists (the bourgeoisie) (Marx, 1978). It can be stated that, the class in which an individual is placed in is a direct result of their socio-economic status. There are multiple elements included in Marx’s theory of class to depict the way in which class is viewed by individuals in society.

The theory of surplus value is important in illustrating the role of the production industry by highlighting the distinctions between classes in society. In Marx’s theory of surplus value, the difference between the exchange value of the worker’s labour and its use value to the capitalist who buys it represents surplus value (Holmes, Hughes & Julian, 2012). In other words this theory demonstrates the exploitation of the working class as they are the ones who produce items but do not benefit financially from them; instead they are paid minimum wage. Marx’s economic argument is that the workers alwa...

... middle of paper ...

...aid that a multitude of factors lead to the determination of class. Also highlighted through these theories is social inequality within society as a result of its capitalist nature. Overall, socio-economic status can be viewed as a determinant of class highlighting the importance of both these social phenomena to society.

References

Holmes, D., Julian, R., Hughes, K., (2012). Australian Sociology: A Changing Society. NSW, Australia: Pearson Australia.

Kerbo, H.R., (2006). Social Stratification. London: Sage publications Ltd.

Levine, R.F., (1998). Social Class and Stratification. Maryland, USA: Rowman and Littlefield Publishers, Inc.

Marx, K., (1978). The Marx-Engels Reader. Ed. Robert C. Tucker. New York: W.W. Norton & Company

Lenski, G.E., (1966). Power and Privilege. A theory of social stratification. NY, USA: The University of North Carolina Press.