Chapter 10 Capitalism and the Economy

Chapter 10 Capitalism and the Economy - C hapter 10...

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Chapter 10 Capitalism and the Economy Creative Class The creative class is a category of workers in multiple occupations and industries united by the fact that creativity is central to their productive work. It is in high demand by companies and, as an extension, by cities and towns, which are going to great efforts to attract them. American workers are more productive than ever, yet job insecurity is high. As a result, many people are working longer hours, especially people at higher income levels, in order to prove loyalty or achieve marginal benefits. A Brief History of Capitalism The feudal system, which preceded capitalism in Europe, began to change as early as the fifteenth century with the enclosure movement , which forced people off what had been public land and sent them looking for work in cities. Beginning in the eighteenth century, new farming technologies led to an agricultural revolution that helped increase the population and the value of land, and innovations in manufacturing and transportation technology created a demand for this larger labor pool to fill new jobs. Also connected to industrialization was the transition from barter to the use of a legal currency to buy and sell goods and from agreements between individuals to contracts between corporations. Theorizing the Transition to Capitalism Adam Smith argued that competition, driven by people's inherent self-interest and drive to trade, helps maintain a cohesive society. He also stated that specialization is a key to increased productivity and
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