Introduction

Money is a scarce resource valued and accepted by members of society as a

means of payment for goods and services. Money is characterized by its
functions such as unit of account, medium of exchange, and store of values,
medium of exchange and standard of deferred. Money is the major way of
property acquisition in the society.

The society is differentiated in terms of ownership of capital. The owners of

capital own the means of production while the less privileged exist at the mercy
of the owners of capital. In all known societies, there is some form of inequality
depicted by the manner in which scarce and valued resources are distributed.
People have differences in terms of wealth, power, status and prestige. The rich
and the powerful are at the top while the poor and helpless are at the bottom, the
rest lie in-between.

Two forms of social stratification exist both of which are brought by ownership of
capital (Solon 59). Horizontal is on the basis of social attributes such as race,
gender, ethnicity and religion while vertical stratification is in terms of economic
differences. Horizontal classification plays a big role in stratifying society because
it is out of it that economic order of society is realized.

This paper exposes the existing differentiations in society. It applies the social
stratification theory as postulated by various scholars to support the facts. Social
stratification is important to socialists since it is universal that is, it exists in both
capitalistic and communistic societies.

Max Weber’s Ideas on Economy and Society

Max Weber lived between 1864 and 1920; he discussed three forms of social
stratification. Weber classified that an individual is simultaneously a member of
three different orders in the society. The three orders are intertwined and do
money and resources influence both. Enjoying the high status of one order
enables an individual to acquire another. This is how the society is organized as
far as monetary economy is concerned. The three orders are discussed below
and how they influence the modern societal organization.

Economic Order (Social Class)

Weber used the term to discuss how goods and services are distributed. It is the
way people appropriate property that is, who owns what, who owns property and
who is a non-owner of property. There are those members of society today who
own property through income earning, they posses professional skills. Others
have nothing to offer but their cheap labor, which is readily available in the
market. The main distinguishing factor is ownership and non-ownership of
capital.

The owners of capital are positively privileged while the non-owners are
negatively privileged. Those distinguished by skills are also positively privileged
because of their rare skills. In the society today, there is an emerging social class
called the petty-bourgeoisies who are mainly shopkeepers and retailers. They
also influence the way goods and services are distributed though in minor
extents.

Social Order (Status Groups)

Weber used the term status groups to describe how prestige, status and honor
are distributed in the society. Money is the determining factor in allocating honor
to individuals. People with massive resources occupy high statuses in the
society. Status groups are people who belong to a group that share specific
styles of life and enjoy certain kind of prestige.

According to personal experiences, there are some cultures in society with

unique values. The values are developed and passed from one generation to
another. For example, the entrepreneurial values among Indian community, they
are investors in small-scale but successful businesses.
They dominate most of the East African retail markets. Social order is closely
related to economic order because different economic classes tend to belong to
different status groups. Status group is differs with economic social status
(economic order) because it comprises of collective actions of groups that cannot
be understood or defined in economic terms alone. People are proved having
different cultures, tastes, family values and religions (Weber 85).

Legal Order (Political Parties)

Political parties are normally based on ideologies and are major identifying factor
in society because human beings are power seekers. Power is sought through a
political party in the modern society hence attainment of legal power is tied to
democracy. It facilitates the maintenance and acquisition of status and class
privileges.

People have to come together to seek power collectively through political parties.
People hope that with attainment of power, they will be able to influence
governmental decision-making in their favor. This allows them to make money
and perpetuate others in the society. Some parties are associated with the poor
while others belong to the rich; money is the determining factor in acquisition of
power. Parties with enough resources always sail through in elections.

Parties may be formed along racial lines or even ethnic lines in some societies
but the major distinguishing factor is that political parties are formed within
groups, which associate in character. Political power is important in determining
which social group dominates others in the society; they are closely associated
with economic interests. Actually, they are mechanisms in which people can
attain economic privileges (Lemert 20).

Sources of Power in Modern Society

There are three bases of power in modern society since anarchy and aristocracy
is no longer valid. The sources are traditional, charisma and legal/rational.
We will write a custom Essay on Money and Modern Life specifically for you! Get your
first paper with 15% OFF
LEARN MORE

The traditional power is still exercised especially in Britain but in a more

advanced way. Only one family produces leaders but the leaders undergo
specific training that makes them good leaders. Charisma is found among
leaders who have personal charm or magnetism.

These people easily induce others to follow them especially in times of

revolutions. Legal power is acquired through legal processes meaning that
members of society contest positions. All these are meant to control monetary
flow in the society. Power hands individuals with chances of influencing the
behavior of others including manufacturing and distribution of factor products
(Hurst 45).

Pierre Bourdieu-Sense of Distinction

Bourdieu is a French sociologist who analyzed the society trying to understand

the sense of distinction. Society has different social classes and each class is
characterized by habitus (system of cultural practices). Classes have certain
peculiar interests, which develop over a long period.

Classes are defined by the economic and cultural capital among its members. In
each class, there are fractions, which oppose one another and compete for
domination. Competition among classes is both intra and inter because of the
varying choices that are influenced by experiences especially economic
(Bourdieu 100).

Members of society have different set of preferences, which are influenced by

social conditions of production. Tastes are influenced by cultural practices and
economic history of a group. Those with money have different tastes and
preferences. In the society today for instance, teachers have a taste of works of
art because they are knowledgeable. They know that art is the symbol of status
but because of their level of income, they cannot afford.

They look for cheap reprint of the original and elevate them to distinguished
works of art. Teachers are trying to gain cultural capital by so doing but because
they do not have the means of obtaining works of art in the market, some of them
develop aesthetic ascetism that is, negative attitude. Teachers are against the
existing economic arrangement in the society because it denies them
comfortable life. The subjugated classes can only appropriate art symbolically
through knowledge.

In the upper classes, there is tension between the new and the old bourgeoisie
because the new tend to consume greatly as opposed to the old who are
conservatives and careful in the way they spent their money. The new
bourgeoisie can easily mingle with other members of society in unperturbed, and
are more learned in the society.

Principles of Stratification

After scrutinizing society thoroughly, it was found out that some things are
constant/stable as far as money acquisition is concerned. Certain positions in
society are functionally more important than others are. Different positions
require different skills for their performance.

Not sure if you can write a paper on Money and Modern Life by yourself? We can
help you for only 9.35/page
LEARN MORE

Importance of an individual is determined by his/her relative indispensability and

replacement. Only limited number of people can move to the top classes in the
society hence the elite restrict access to their positions particularly where they
have the power to do so (Moore 245).

Those who can afford training and subsequent social training are usually children
of parents who also occupy/occupied privileged positions in the society (Mulligan
69). The point in which he/she starts influences an individual’s movement in the
social ladder.

The lower the level from which the person starts the greater the capability that an
individual will moves. An individual’s social origins and family background have a
considerate influence towards his/her social mobility. However, the person’s
training and early experience have a strong influence on their chances of
success economically.

The relevance of past carriers increases with an individual’s age, which also has
some impacts on current job. Age influences first jobs and socio-cultural
backgrounds since they decrease with old age. The age of an individual
determines the carriers significance since older people have higher old carrier
significance compared to present carrier significance that is highly significant to
young people. Generally, low social origins can be an impediment to success.
Poor education, large families, ethnicity and race worsen the situation.

Research Methodology

The three articles on stratification that is, Weber’s ideas on society and economy,
Bourdeiu’s sense of distinction and principles of stratification adhere to the
scientific methodology. The research instruments used in collecting data are
accurate and validated. The samples are representative since it was done
randomly hence avoiding biases.

A research conducted in 2006 in Europe confirmed that the new bourgeoisie

mingles freely with the low class as long as they do not interfere with their
expensive lifestyles. The articles are therefore valid since they can be tested
scientifically that it, it is possible to falsify. Whatever must be done is interpreting
the ideas to suit modern life.

The world has changed greatly therefore some things no longer hold such as the
rich restricting prestigious positions. Experts in the modern world cannot be
barred from executing their duties since they are few. Those that cannot be
replaced in the market are made to be shareholders in companies to reduce
conflicts. What is so amusing is that money in the modern world controls all
forms of activities. It is interesting to sociologists because findings can be applied
in any dynamic society that is, economic differentiation exists in every society.

Conclusion

Money is the determining factor in the society, for all activities to be undertaken it
must be present. Karl Max perceived it as the base in the society meaning the
means of production instruments such as tools, raw materials and skills. Money
must be present for all these to be acquired. The means of production are the
most important compared to all other forms of societal activities. Life is
dependent on production and distribution.

The work that people do in society determines their position. It positions them in
relation to culture, ideas, politics, education system and religion. Stratification in
society is brought about by money. The monetary economy is a capitalistic
economy where the markets rearrange consumers. People go for goods that
satisfy their needs in the most cost effective way. The market on the other hand
favors the innovative traders, those who can offer the best value for money
(Birdsall 26).

Works Cited
Birdsall, Graham. New Markets, New Opportunities? Economic and Social
Mobility in a Changing World. Washington, DC: Brookings Institution, 2002.

Bourdieu, Pierre. Distinction: A Social Critique of the Judgment of Taste.

Cambridge, MA: Harvard University Press. 1984.

Hurst, Charles. Social Inequality Forms, Causes and Consequences Sixth

Edition, Boston, MA: Allyn and Bacon, 2007.

Lemert, Charles. Social Theory: The Multicultural and Classic Readings Third
Edition. Colorado: Westview Press Boulder, 2004.

Moore, Williams. Some Principles of Stratification. American Sociological

Review, 10.1 1945: 242–249.

Mulligan, Charles. Parental Priorities and Economic Inequality. Chicago:

University of Chicago Press, 1997.

Solon, Gill. Cross-country differences in Intergenerational Earnings

Mobility. Journal of Economic Perspectives 16.3 2002: 59–66.

Weber, Max .The distribution of power within the community: Classes, Stände,
Parties,” Translated by Dagmar Waters, Tony Waters, Elisabeth Hahnke, Maren
Lippke, Eva Ludwig-Glück, Daniel Mai, Nina Ritzi-Messner, Christina Veldhoen
and Lucas Fassnacht, Journal of Classical Sociology, 2010.