Final answer:
The subject of the question is Social Studies, focusing on the consequences of capitalism, such as mass income disparity and social inequalities, including poverty and lack of access to essential goods and services for lower-income individuals.
Step-by-step explanation:
Capitalism can also lead to mass income disparity and a disregard for the well-being of individuals, where an extreme example of the negative consequences can be child labor. The market economy, while promoting wealth creation, has, according to scholars like Levine, also exacerbated poverty and inequality. This situation is compounded by institutional factors that determine economic outcomes based on the quality of education and family support one receives, rather than individual talent or effort alone. Furthermore, social inequality, driven by prejudice and discrimination, can compound and exacerbate economic inequalities.
Social stratification in capitalist systems creates classes where social hierarchy is often tied to wealth and social status. This emphasis on class differences can lead to a society that undervalues the contributions of lower-wage workers, while providing significant praise and respect to those who have accumulated more wealth, like business elites and successful entrepreneurs.
In terms of ensuring equity, capitalism without awareness or adjustment can neglect the needs of the poor or lower-income populations, by not providing the necessary access to goods and services that are readily available to the affluent. The labor market typically does not consider the family needs for basic essentials or the effects of job losses on communities, which further contributes to inequality.