Class Structure and Class Relations
DOI link for Class Structure and Class Relations
Class Structure and Class Relations book
This chapter discusses the essence of socialization: the formation of pools of wealth by individual contributions and then the distribution of wealth from pools to individuals. Taxation is one of the oldest and fundamental means of socialization of wealth. As the feudal system declined in competition with the young but vigorous capitalism, a tax was substituted for military service and the principle of primogeniture was rendered useless. The legal and economic structure of land-holding and inheritance of Feudalism gave way to the growing capitalist culture which required an economic system in which individuals, land, and commodities could circulate freely. Capital gain tax is another tax which takes money from an individual and turns it over to society for public purposes. Mutual funds are significant means of socializing a vast amount of corporate wealth among their millions of individual shareholders. Life insurance in the United States is an enormous institution: in terms of persons covered and of sums of money involved.