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Required Reading: "Diversity in Families" - Chapters 4 & 5 Instructions: As discussed in Chapters 4 & 5, today’s families are affected by macro-level forces such as the economy, immigration, and aging. Discuss how the following macro forces below have shaped your family. "Globalization and the transformation from a modern to the post-modern economy over the past thirty years, as well as the recent economic crisis have significantly affected American families. The outsourcing of jobs, a decline in unionized jobs, job insecurity, housing woes, and financial debt, have contributed to downward social mobility, making it more difficult for families to achieve the middle-class American dream. Discuss how larger shifts in the economy have affected your family’s economic situation." Assignment Format: Word document 2.0 (double-spaced) 1 inch margins 12pt Times New Roman font MLA citation
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Sociology of Family
The economic situation of many families in America has been greatly affected by the
shifts that have been experienced over the past three decades (Piketty 48). These shifts have been
greatly attributed to changes from modern to the present post-modern economy as well as
globalization events. The economy is the system that involves the production, distribution, and
consumption of goods and services (Pettinicchi and Axel 119). On this whole supply chain, the
family tends to be classified as the consumers who usually buy and use the finished products
arising from the previous supply chain activities (Bernardes 35). As consumers, the family has
been influenced economically by different factors such as inflation of prices for different goods
and services, employment, consumer confidence, the interest rates associated with different
credit services and the market (Maverick 1). This article assesses these different factors and the
ways in which they affect the economic situation of families in America.
Employment and wages are other important factors that affect the economic situation of
many families. This is because when there are more people employed with a stable income, then
there is also likely to be greater demand for goods and services, leading to an increase in the
spending rates of families (Maverick 1). This is an indicator of a better living standard in
families as they can cater to their needs (Pettinicchi and Axel 119). It is only through
employment that families can meet their needs. This could be through either self-employment or
employment by other institutions (Piketty 48). A family that has more people employed is likely
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to be more economically stable as compared to one with fewer people (Bernardes 38). However,
this also depends on the number of wages and salaries that the workers earn.
On the other hand, employment is essential because it contributes to the Gross Domestic
Productivity (GDP) of the entire country. High employment rates are an ...
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