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DSOC 101 9.6 - power to mining textile manufacturing and...

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Capitalism: an economic system in which the means of production and distribution are privately owned, and people obtain their means of living by buying and selling, especially within a labor market The origins of capitalism are in merchant capital, or trading for profit. By the time Columbus sailed to the western hemisphere there were well developed circuits of merchant capital between and within Asia, Europe, and Africa The next important stage is industrial capitalism which began in the North Atlantic during the final decades of the 19 th century. Industrial capitalism was inaugurated by innovations in steam technology by james watt and others who harnessed its mechanical
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Unformatted text preview: power to mining, textile manufacturing, and other industries. Most historians agree that industrialization began in the us during the 1830s. Several decades after its initiation in Europe. There is no widespread consensus among social scientists about the character of the current stage of capitalism. In dsoc 101, the stage information capitalism is characterized by labor displacement by “smarttechnology” (computuers, robotics, biotech, telecomm, and related machines). These technologies originated in the 1930s with the discovery of new theories of matter… Video Notes •...
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