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• Stratification


  The arrangement or classification of something into different groups
• Social stratification


  • A society's categorization of its people into groups based on socioeconomic factors like wealth, income, race, education, ethnicity, gender, occupation, social status, or derived power
• Wealth is the main symbol of social stratification
• Income-based stratification


  • Poor (P 11,690 and below)
  • Low income (not poor) (P 11,690 - 23,381)
  • Lower middle income (P 23,381 - 46,761)
  • Middle (middle) class (P 46,761 - 81,832)
  • Upper middle class (P 81,832 - 140,284)
  • Upper income (not rich) (P 140,284 - 233,806)
  • Rich (P 233,806 - above)
• Global stratification


  The hierarchical arrangement of individuals and groups in societies around the world
• Country categories

  • First World (Developed)
  • Second World (Developing)
  • Third World (Least-Developed)
• Modernization theory


  A model of a progressive transition from a 'pre-modern' or 'traditional' to a 'modern' society
• Modernization theory


  • Modernized societies are more productive
  • Children are better educated
  • The needy receive more welfare
• Industrialization


  The transformation of an economy from one that is predominantly agricultural to one that is based on the production of goods
• Capitalism


  A system where private money is invested in the industry in order to make a profit and goods are produced and are for sale in the marketplace rather than for private consumption
• There was the rise of the United States superpower
• There was the spread of a united world communist movement
• There was the disintegration of European colonial empires in Asia, Africa, and Latin America, giving birth to many new nation-states in the Third World
• Walt Rostow's Modernization Theory


  Assumes that all countries follow a similar path to development or modernization advancing thru the 5 stages climbing a ladder to development
• Walt Rostow's Modernization Theory


  • Through increased investment, increased exposure to modernized, Western society, and changes in traditional culture and values, societies will become more highly developed
• Traditional Society


  Agricultural-based economy<|>Intensive labor and low levels of trading<|>No scientific perspective on the world and technology
• Pre-Conditions for Take-Off


  Agriculture becomes more mechanized and more output is traded<|>Has a more national/international, as opposed to regional, outlook<|>Savings and investment grow although they are still a small percentage of national income (GDP)
• Take-Off


  Manufacturing industry assumes greater importance<|>Political and social institutions start to develop<|>Industrialization begins to occur
• Drive to Maturity


  Standards of living rise<|>Use of technology increases<|>The national economy grows and diversifies<|>Increases in real per capita incomes
• Age of Mass Consumption


  The country's economy flourishes in a capitalist system<|>Mass production and consumerism<|>Middle class consumers
• International Financial Institutions


  Goals and Objectives
• The Breton Woods System


  Gold was the basis for the U.S. dollar and other currencies were pegged to the U.S. dollar's value<|>An international financial safety net that helped the global economy recover and grow after World War II by providing a predictable and stable currency environment
• The General Agreement on Tariffs and Trade (GATT)


  A legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas
• World Trade Organization (WTO)


  Deals with the rules of trade between nations<|>Ensures that trade flows as smoothly, predictably and freely as possible
• International Monetary Fund (IMF)


  Ensures the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other
• The Organization for Economic Cooperation and Development (OECD)


  An organisation that works to build better policies for better lives<|>Their goal is to shape policies that foster prosperity, equality, opportunity and well-being for all<|>Made up of 35 rich countries in the world
• The Organization of Petroleum Exporting Countries (OPEC)


  Aims to co-ordinate and unify petroleum policies among Member Countries<|>Aims to secure fair and stable prices for petroleum producers
• The European Union (EU)


  The treaty was designed to enhance European political and economic integration by creating a single currency (the euro)
• North American Free Trade Agreement (NAFTA)


  Aims to make trade and economic collaboration easier and more beneficial for the U.S., Canada, and Mexico by reducing barriers and encouraging fair competition and cooperation
• 30th Anniversary of CHED's Higher Education Week
• Transformative and Resilient Higher Education