Term
| What other economic barriers might minority groups face besides racism and discrimination according to Iceland? |
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Definition
| Past poverty, economic dislocation, wealth differentials and family instability |
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Term
| In colonial America, who considered "deserving" or "underserving" among the poor? |
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Definition
Deserving
- elderly
- children
- widows
- disabled
Undeserving
- paupers
- able-bodied men
- unwed mothers
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Term
| What were some historical views that society held toward the poor? |
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Definition
They were considered:
tramps
floating proletariat
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Term
| In nineteenth century America, how were "poorhouses" used? |
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Definition
Deter all but most desperate from applying for help.
Form of punishment
Moral training
Education
Reform
Indoor relief |
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Term
| What did the word "pauper" mean and how did it stigmatize the poor? |
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Definition
Referred to the undeserving; generally refers to someone receiving relief or assistance.
stimmatized with other labels such as "dependent, defective and deliquent" |
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Term
| In the early 20th century what constraints and challenges did African Americans face in the labor market? |
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Definition
Black sharecroppers struggled to earn a living
Barred by law or custom from almost all full time jobs
Jim Crow laws
Domestic and personal servants
Opportunities for promotion and advancement were uncommon for blacks in these and other occupations |
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Term
| What effects did rapid industrilization and urbanization have on U.S society in the late 19th century and early 20th century? |
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Definition
The nations urbans population rose from 6.2 to 54.0 million
an increase from 20% to over 50%
Immigrants from Europe poured into Mid Western cities
Migration of blacks with search of opportunites
large factories found a large pool of cheap & willing labor |
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Term
| What casued a decline in poverty among the elderly during the 20th century? |
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Definition
| Decline from 1959 to 2003 due to the Social Security and other programs |
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Term
| Name and describe 3 factors that contributed to increases in concentrated poverty in the 20th century. |
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Definition
Infrastructure
Federal assistance
Federal housing policies |
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Term
| How have rates of educational achievement changed in the United States and how does this impact economic growth? |
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Definition
Changed in size of labor supply, human and capital investment, and technological improvements.
3.9 million - 76.2 million - 281.4 million
Education increased |
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Term
| How did technological changes play a role in increasing inequality? |
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Definition
| Computerization increased the demand |
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Term
|
Definition
| Economist who served as head of the Federal Reserve from 1987-2006. Deeply opposed regulation |
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Term
|
Definition
| Former attorney general of New York who prosecuted multiple companies for corruption and fraud cases during hi time in office 1999-2006 |
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Term
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Definition
| This person headed the CFTC during the Clinton administration and tried to regulate derivative products in the late 1990s |
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Term
|
Definition
| Former CEO of Goldman Sachs and Treasurey Secretary of the U.S during the collapse of 2008 |
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Term
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Definition
| Professor of business at Columbia Business School who has held multiple positions consulting with financial institutions, also serveed as a board member for the Federal Reserve until resignation in 2008 |
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Term
| CDOs (collateralized debt obligations) |
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Definition
| A financial product (security) created by a package of underlying assets. Believed to have greatly increased risk in financial markets. |
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Term
| MBS (mortgage-backed securities) |
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Definition
| Large pools of mortgages repackaged to be sold as a new financial product. Frequently rated AAA, even when including subprime mortgages. |
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Term
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Definition
| Increasing complexity and increasing sales of financial products which led to the housing bubble and the crash of 2008 |
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Term
| SEC, Securities and Exchange |
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Definition
| The federal agency tasked with regulating financial markets, established during the Great Depression |
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Term
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Definition
| Private contracts used as insurance or bets against other finacial products. Not regulated because they're private contracts. |
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Term
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Definition
| The use of credit by companies to increase their assets, usually used for operations or speculation |
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Term
| Gramm-Leach-Biley Act (1999) |
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Definition
| Repealed Glass-Steagall Act which prevented investment banks from merging with savings banks in order to reduce risk in financial markets |
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Term
| Commodity Futures Modernization Act (2000) |
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Definition
| Banned regulation of derivatives which led to a multi-trillion growth in the market trading these financial products |
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Term
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Definition
| A large mortgage company which made about $96 billion in subprime loans, avoided bankruptcy when it was bought by Bank of America in January 2008 |
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Term
| AIG (American International Group) |
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Definition
| Company that went bankrupt because of its overextension in the sale of credit default swaps |
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Term
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Definition
| A global investment and banking firm which has been critisized for its handling of cash bonuses after the collapse and the profit it made from credit default swaps (paid for with taxpayer money) |
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Term
| Quasi-relative measurement (NAS) |
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Definition
| An updated poverty measure based on changes in spending for food, clothing, housing and utilities, adjusted for geographical region |
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Term
|
Definition
| Government by the wealthy/ Government by the few |
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Term
| Absolute measure of poverty |
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Definition
| Poverty measure which is currently the U.S official measure, based on basic needs standard |
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Term
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Definition
| Alienation from mainstream scoiety; a marginalization which can cause linked problems such as unemployment, poor housing, and low income |
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Term
| Economic resources theory |
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Definition
| Lack of financial resources as related to housing and educational opportunities which can cause the continuation of poverty |
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Term
| Non-economic resources theory |
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Definition
| Physiological stress, lack of supervision, lack of role modeling that can cause the continuation of intergenerational poverty |
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Term
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Definition
| The free market system as a model for rich and poor economies alike which has encouraged both material progress and growing inequality around the world |
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Term
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Definition
| Poor ethic/self-defeating attitutdes connect to government aid which cause the continuation of poverty |
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Term
| Spatial mismatch hypothesis |
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Definition
| Outmigration of jobs from inner city to suburbs (or overseas) |
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Term
| Skills mismatch hypothesis |
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Definition
| Shifts in job market which causes a disconnect between skills in the work-force and skills needed in the job market |
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Term
| Structural/Environmental model |
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Definition
| Laor market conditions/migration patterns, racial discrimination, race & class segregation which cause the continuation of poverty |
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Term
|
Definition
| high poverty neighborhoods, typiccally defined as over 40% of population in poverty |
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Term
|
Definition
| increases in overall levels of national income |
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Term
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Definition
the monopolization of goods and/or control of social instituions by particular status groups which reproduces inequality in a society
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Term
|
Definition
| Major shift in the US economy from manufacturing to a service economy |
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Term
| Name and decsribe 2 different effects that globalization has had on US workers |
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Definition
Inequality because of competition of jobs
Poverty because of low paying jobs |
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Term
| How do poverty rates in America compare across time? |
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Definition
| They declined drastically |
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Term
| How did WWII affect the American economy? |
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Definition
| Brought back full employment and rising incomes |
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Term
| What did the GI bill offer? |
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Definition
Disability services
Employment benefits
Educational loans
Family allowances
Subsidized loans for homes, businesses and farms |
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Term
| How did the stock market crash in 1929 affect the economic and politcal landscape? |
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Definition
unemployment climbed from 3.2% to 24.9%
unregulated market
Policies were made to help restore the nation:
Works Progress Admin
Wagner Act
Federal Emergency Relief Act |
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Term
| What iimpact did the Great Depression have on poverty, government policy & the public's attitude about poverty? |
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Definition
Local efforts were insufficient to combat poverty in economic crisis.
resulted from broader structural forces |
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Term
| What are the two types of government porgrams that aattempt to alleviate poverty? |
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Definition
Social assurance
generally dont impose eligibility criterai based on one's income
public assistance
specifically target the low income population |
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Term
| Name and describe two common myths about poverty accroding to Iceland |
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Definition
Myth: Majority of the poor are African American residents of inner cities
Truth: they make up only about one quarter of the poverty population
Myth: poor do no work
Truth: nearly half of the poor of working age work at least part-time |
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Term
| Name 3 reason for studying poverty according to Iceland |
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Definition
1. hardship that often accompanies poverty plainly had adverse affects on individuals' physical and psychological well-being
2. poverty has broader economic consequences
3. high levels of poverty have serious social and political consequences |
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Term
| What arguement did John Galbraith make in his study The Affluent Society? |
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Definition
| While rising standards of living reduced hardships, the materialism of American consumer culture contributed to inequality and that some pockets of poverty were resistant to the effects of economic growth. |
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Term
| Describe the difference between absolute and relative measure of poverty |
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Definition
Absolute
Easy to understand
standard needs
living standars
Relative
measures income |
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Term
| What are the advantages and disadvantages of using absolute and relative measures? |
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Definition
Absolute advantages:
appealing
easy
Disadvantage:
as standars of living change, so does the perception of poverty
Relative advantages:
fits historical record and changing views of poverty
real needs rise in richer countries
Disadvantage
poverty is objective
behave in deceptive ways |
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Term
| Why is the absolute measure used by the US government outdated? |
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Definition
suffered from technical problems
money income is flawed
thresholds arent very refined |
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Term
| Define the term "social exclusion" and explain its significance to studying poverty |
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Definition
A short-hand term for what can happen when people or areas suffer from a combination of linked problems such as unemployment, poor skills, low income, poor housing, high crime environment, bad health and family breakdown
relates to poverty in the sense of exclusion from community, agencies (schools or work), and opportunites |
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Term
| Describe one strength of the quasi-relative poverty measure as recommend by National Academy Sciences |
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Definition
Poverty line increases with inflation-adjusted spending on goods
measures food, shelter, clothing and utilities |
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Term
| How does the rising standard of living affect poverty levels? |
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Definition
As overall standars of living rise so do the thresholds deemed necessary to sustain a minimum level of living.
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|
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Term
| Identify the four categories of material hardships |
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Definition
| food insecurity, insufficient health care, housing problems and inadequate child care |
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Term
| Name and describe 2 of the common theories that examine the correlation of poverty across generations |
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Definition
Noneconomic: deals with economic success
Material hardship associated with poverty also increases psychological stress
Welfare trap: intergenerational poverty is fuled not by a lack of resources but by the government welfare system |
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Term
| What factors contribute to concentrated poverty and what are the effects of concentrated poverty? |
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Definition
government policies
racial and ethnic discrimination
residential segregation
movement of prosperous residents to the suburbs |
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Term
| What arguement about inner cities did William Julius Wilson make in The Truly Disadvantaged? |
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Definition
| Because of economic restructuring and the accompanying flight of blue collr jobs from the city, many middle class black with sufficient money to leave their old inner city neighborhoods did just that |
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Term
| How has globalization affected progress and inequality around the world? |
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Definition
Generated an enormous amount of material progress around the world
contributed to growing inequality across countries and to social and economic exclusion and marginalization |
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Term
| How do poverty rates and government benefits in the US compare to other highly developed countries such as in Western Europe? |
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Definition
- US is higher in rates because of many jobs paying low wages and because benefits are more limited
- the lower government benefits in the US are beneficial effect of universal transfers
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|
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Term
| Compare and contrast poverty in the US in less developed countries |
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Definition
Poverty in developing countries, because its so widespread and severe, differs qualitatively from that in the US and other developed countries.
despite the US having the highest GNP, it has higher levels of both absolute and relative poverty than other rich.
it also has higher levels of relative poverty than just about all European countries |
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Term
|
Definition
determines absolute increases and declines in average standards of living.
refers to increases in overall levels of national income
function of changes in size of labor supply, human and capital investment, and technological improvements |
|
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Term
| Whats the relationship between social stratification and discrimination? |
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Definition
| Social stratification and discrimination are similar in the fact that it has supression of minorities and the abilities and disabilities as a group of people |
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Term
| Why are single parent households more likely to be poor? |
|
Definition
Single mothers face the chanllenge of supporting a family on one income
finding and paying for child care
education causes lower earnings |
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Term
| How have changes in family structures affected poverty rates? |
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Definition
| Rates have increased and single parent homes are more prevalent |
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Term
| In the US what are the limits of policy? |
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Definition
accepted amount of income inequality
favors at least some of the income support structures |
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