Three-component theory of stratification

The three-component theory of stratification, more widely known as Weberian stratification or the three class system, was developed by German sociologist Max Weber with class, status and party as distinct ideal types. Weber developed a multidimensional approach to social stratification that reflects the interplay among wealth, prestige and power. Weber argued that power can take a variety of forms. A person's power can be shown in the social order through their status, in the economic order through their class, and in the political order through their party. Thus, class, status and party are each aspects of the distribution of power within a community. Class, status and power have not only a great deal of effect within their individual areas but also a great deal of influence over the other areas. Wealth: includes property such as buildings, lands, farms, houses, factories and as well as other assets – Economic Situation Prestige: the respect with which a person or status position is regarded by others – Status Situation Power: the ability of people or groups to achieve their goals despite opposition from others – Parties According to Weber, there are two basic dimensions of power: the possession of power and the exercising of power. This essay was written shortly before World War I and was published posthumously in 1922 as part of Weber's Wirtschaft und Gesellschaft. It was translated into English in the 1940s as "Class, Status, Party"; reproduced with modifications in Weber 1978:926–939. and has been re-translated as "The distribution of power within the community: Classes, Stände, Parties". According to Weber, the ability to possess power derives from the individual's ability to control various "social resources". "The mode of distribution gives to the propertied a monopoly on the possibility of transferring property from the sphere of use as 'wealth' to the sphere of 'capital,' that is, it gives them the entrepreneurial function and all chances to share directly or indirectly in returns on capital".