Definition of Social Stratification. Social stratification refers to a system by which a society ranks categories of people in a hierarchy.In the United States, it is perfectly clear that some groups have greater status, power, and wealth than other groups. These differences are what lead to social stratification.ocial stratification refers to a system by which a society ranks categories of people in a hierarchy. Theoretically, we can analyze social stratification from three major perspectives.
For another use, see Economic, social and cultural rights. Economic freedom or economic liberty is the ability of members of a society to undertake economic actions. This is a term used in economic and policy debates as well as in the philosophy of economics. One approach to economic freedom comes from classical liberal and libertarian traditions emphasizing free markets, free trade, and private property under free enterprise.
Other conceptions of economic freedom include freedom from want and the freedom to engage in collective bargaining. The free market viewpoint defines economic liberty as the freedom to produce, trade and consume any goods and services acquired without the use of force, fraud or theft.