ipl-logo

Summary Of Tuesday's Class By Dr. Malott

702 Words3 Pages

On Tuesday’s class, Dr. Malott gave a technical lecture on capitalism. He was very thorough and provided many graphics and examples to explain the concepts imbedded within capitalism in terms of the labor force. The first graphic that he presented to the class analyzed both feudalism and capitalism. In his commodity, money, commodity graphic, his direct focus was feudalism and how products of labor are directly measured by labor hours. In this concept, there is an exchange of equivalents. Next, he explained capitalism through his money, commodity, change in value model. Capitalism begins with a summation of money, which is then changed for a commodity. The exchange of money for a commodity results in an increase in money. In this model, the producers were creating large workshops that were centered around planning production and socialized labor. Through this model, there was an increased division of labor that extended over time. Dr. Malott provided an example of the division of labor through the making of a chair. One worker typically will make the chair as a solo job. However, over time, other workers begin to help …show more content…

Malott honed in on the concept of the composition of capitalism through a graphic and he also provided two charts that explain the crucial components of this concept. In his graphic, he explained how the cost of raw materials is less than the value of the final product. With such, the value of the commodities and money are increased. Further, he gave a scenario from the view of the capitalists. He stated that if you are a capitalist, you need to acquire a specific amount of labor hours and means of production to produce a product. This was shown with his cough drops taped to the whiteboard. He defined the means of production as everything needed to produce the product. In regards to his cough drop example, the means of production would include the sugar, the eucalyptus, the building, the machines, and the raw

Show More
Related
990 Words | 4 Pages

Capitalism is when a company has a new product out and you buy it and that same company makes a profit. The problem with capitalism is that it is not overlooked like it should be. An example of capitalism is how bad the working

Read More
605 Words | 3 Pages

In the first chapter of Capitalism: A Very Short Introduction, James Fulcher explores the definition of capitalism by outlining its history and development over time. Within the first paragraph, the reader quickly recognizes that capitalism cannot simply be defined by a fixed set of characteristics. Rather, it contains different phases that derive from the same foundation. Fulcher categorizes capitalism into three phases: merchant capitalism, industrial capitalism, and finance capitalism, all of which involve the “investment of money in order to make a profit.” Although each of these is rooted in the same principle, they have distinct characteristics.

Read More
1119 Words | 5 Pages

The idea behind this modern economic system, capitalism, is that it is not an economic activity’s usefulness- it’s the fulfillment of the actual need of an individual-that is vital, but it’s only its commodification

Read More
1246 Words | 5 Pages

There is a connection between exchange and competition, value and the devaluation of property, monopoly and competition, and estrangement and the money system. He claims that the laborers get poorer the more wealth they produce. The more

Read More
390 Words | 2 Pages

In the beginning of the 19th century, the Industrial Revolution caused a massive economic spike from small-scale production to large factories and mass production. Capitalism became the prevalent mode of the economy, which put all means of production in the hands of the bourgeoisie, or the upper class. Karl Marx and Frederick Engels argue that capitalism centralizes all the wealth and power in the bourgeoisie, despite the proletariat, or the working class, being the overwhelming majority of the population. The manufacturers would exploit the common proletariat and force them to would work in abysmal conditions and receive low wages, furthering the working class poverty. “The Communist Manifesto” predicts that as a result of the mistreatment

Read More
938 Words | 4 Pages

The book covers the increasingly dominance of the world by capitalism and commerce. He gives his observation after visiting a pin making factory. One man draws out the wire, another straights it, a third cuts it, a fourth points it, a fifth grinds it at

Read More
951 Words | 4 Pages

Industrialization also enhanced the capitalism which is focused on the issue of more profit and conflict between capital and workers. While owner of productions take more profit with less labor, workers take less profit even with much more labor force. Karl Marx is one of the thinkers who criticizes this situation of capitalism in terms of workers and capitals in industry, especially he focuses on the situation of

Read More
787 Words | 4 Pages

Capitalism is an economic system which is defined by 3 major characteristics; private ownership and control of the means of production, a market of goods and services, and wage labor. Private ownership of the means of production is when an individual or corporation has control over the factors of production, a market of goods and services is the competition between businesses to sell those goods or services to consumers, and wage labor is when an individual sells his labor to an employer under a contract. This essay will elaborate on why capitalism isn’t the only viable option and how alternatives such as economic democracy or socialism are possible. Karl Marx criticized capitalism and one of his main arguments was how it was alienating.

Read More
1519 Words | 7 Pages

Capitalists are motivated not by social but by private interest. Capitalists have the power to exploit labour because they live without engaging in economic activity whereas workers have to sell their labour to survive. It is not society that remunerates labour but capitalists. Capitalists are individuals who concern themselves not with social interests but their own. In this Durkhein reflects Adam Smith’s “hidden hand” where self interest is the driving force of wealth creation.

Read More
773 Words | 4 Pages

Labour can therefore be exchanged for money at a certain ratio. This, argues Marx and Engels (1992), forms the foundation of the relationship between the capitalists and the working class. Marx believes that the value of any commodity directly correlates to the amount of labour time that goes into it. This is Marx’s Law of Value (Marx as cited by Weeks, 1981 p.

Read More
846 Words | 4 Pages

Capitalism is understood to be the “economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.” In modern society, capitalism has become the dominant economic system and has become so integrated that it has resulted in a change in the relationships individuals have with other members of society and the materials within society. As a society, we have become alienated from other members of society and the materials that have become necessary to regulate ourselves within it, often materials that we ourselves, play a role in producing. Capitalism has resulted in a re-organization of societies, a more specialized and highly segmented division of labour one which maintains the status quo in society by alienating the individual. Karl Marx and Emile Durkheim theorize on how power is embodied within society and how it affects the individuals of society.

Read More
541 Words | 3 Pages

My paper will develop and communicate with a position on capitalism and other economic models such as socialism and communism. I will be talking about capitalism and it means an economic system in which investments, ownership of the production, distribution and exchanges of wealth is made with maintained chiefly by private individuals or corporations and especially as contrasted or state-owned means of wealth. But with capitalism individual entrepreneurs were creating all new industries and amassing wealth and socialism, communism was the two majors competing and its meaning to encompass a related system, theory, and practice. Capitalism was formed to describe the-the emerging economies of the West, Capitalism is referring to an economic system

Read More
720 Words | 3 Pages

The division of labor is monumental to the growth of the capitalist economy because of its profound effects on efficiency, work ethics, and worker solidarity. However, certain deficiencies such as alienation of the worker can cause challenges in the work place. Theorist Adam Smith believed that an efficiency work ethic was the key to a prosperous capitalist economy. Smith stated that his theory of labor division focuses on specialization (as cited in

Read More
1009 Words | 5 Pages

5- Capital: Critique of Political Economy This Marxist masterpiece is composed of three parts, the first of which was published in 1867, the other two parts did so once Marx had already died, with Engels' compilation of all the material he left written. In it, he explains the theory of surplus value where the capitalist class gives the working class only the just and necessary to survive, in this way it remains with the value that has produced the worker that is much greater than he has paid.

Read More
1433 Words | 6 Pages

(Division of labour) Smith goes into great detail about how a factory or business is a division of labour. He talks about three key factors, increase dexterity, saving time, and application of machinery, that create a division of labour and increase productivity. This concept can be seen in the quote, “the greatest improvement in the productive powers of labour, and the greater part of the skill, dexterity, and judgement with which it is anywhere directed, or applied, seem to have been the effects of the division of labour,” (Smith 2000:3). The three concepts that Smith talks about can be

Read More

More about Summary Of Tuesday's Class By Dr. Malott

Related Topics

Open Document