Themes in American History: Capitalism, Slavery, Democracy

Capitalism (James Fulcher)

In the beginning of the reading Fulcher starts off with the genesis of capitalism. Starting in the 17th century he mentions the English Europeans trade with the East India company. He states the amount voyages the English took in order to gain some kind of profit. However, along the way and during the process the English had taken much losses in whereas, their method of transportation had been demolished along with many working men dying which cost them more of an investment than their actual profit. Amongst the English’s trade with the East Indians also came competitors to decrease their chances in profit and economic status. Once they noticed, they decided to monopolize their trade Between the 3rd world countries, in order to control their limits of production. Thus explain how capitalism started its form.

During the time of the Late 18th century and early 19th century Fulcher announces the discovery of ┬áJames M’Connel and John Kennedys success in capitalism by monopoly. He states the huge investments these two scots have high risked in order to receive a initial amount of 1,770 Euros. However, during the years of the industrial industry of cotton, Both M’Connel and Kennedy exceed their profits due to the exponential increase of labour workers. This was called ” Industrial capitalism”where Fulcher states”conflict over wages became increasingly organized.”(Fulcher,6) Furthermore, Fulcher mentions how “Leisure was all the creation of capitalism”(Fulcher,8) where labor workers had days off to spent their money and will amongst other pastimes that involved the industry of railroads to be in common use, that also started to become monopolized.

Thus towards the end of the reading Fulcher explains that “Capitalism involves the investment of money to make more money” Interestingly enough he mentions “Capitalist Production depends on the exploitation of wage labour, Which also fuels the consumption of the goods and services produced by capitalist enterprises”(Fulcher ,18) In speculation this particular stuck out because throughout the events the same occurrence has happen. Where the poor work for the rich to become wealthier. Along with Markets with competition generated fluctuations of capitalism, which also plays a role in product and consumption for Capitalism.

One thought on “Capitalism (James Fulcher)”

  1. Apart from monopolies, how else did merchants, investors, or factory owners try to limit the risks and increase the profits associated with ocean-going trade and industrial production, and how did these innovations contribute, first to Merchant Capitalism, and later to Industrial Capitalism? You identify an important point about the latter with your quote from p. 18 at the end, but try putting this in your own words, and explaining and spelling out its significance more clearly.

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