| Capital
Mode of Production (food to buy etc)
•What kind of mode is significant) – stuff is the specific coombination of two elements = forces & means (economic goods e.g. computer+organization) of production (produces value, raw material…) & social relations.
•Persons who own the productive forces + non-owners relations
•forces/means of production + social relations of productions
(contradiction)
-> history changes bec.of the above mentioned two things, convert the cost of the raw material; cost of labour has to be low to gain profit
| Urbanization
Vertically integrated
-Railroads
-demographic population
-long labor hours. Low wages, unsafe conditions of labor market
| •Carnegie
(vertical integrated) aquire mines etc, created the 1st vertically integrated* production = everything under control of one company (e.g. Amazon)
•General Electric
swallowed up their competitors
•Vaderbilt speculators
1.Absence of meaningful government control over business
-some organizations were allowed to have private police, armed force against workers
-in Europe they were concentrated on creating scientific perfection
2.Concerned with profit maximization /maximization of profit above all
3.”Self-made”men (not born rich)
•Robber Barons
legacy – brilliant at making money, often worried about their reputation, in old age they became philantropists, 1st they were speculators
dominated the economy
•Standard Oil (Jon D. Rockefeller) = horizontal integration*=buy/swallow competitors
•Finance Capital (J.P. Morgan) producing money out of money
bought Carnegie’s steel + owned 5% of American economy
->Banks helped corporations/gave them money to swallow corporation
| 1869 Trans-continental Railroad (connected California with the Eastern railroad) helped to launch the industrial era.
1840-1870 coal/iron multiplied by the number of 5.
Mass production of steel became possible
•1886 corporate personhood
Supreme Court decided the 14th amendment equal corporations were like persons
•Bessamer Process
(new chemical process allowed still production)
1890 the US surpassed the UK steel
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