Renewal capitalists buy new machines less than the

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Renewal- capitalists buy new machines less than the true value where stronger capitalists eliminate weaker onesEffect is tahat existing workers must accept sub-par wages----Gradual demise of capitalismDavid Ricardo---Disproportionate advantage of landowning class“Escalator of progress”People, as they go up in terms of success, will bump others downCorn LawsOver a period of 30-40 years, landowning class passed the corn laws because the wanted to keep local grain prices high Any time cheaper imports of grain would come in, they would raise tariff thereby making the prices go up1813 wheat crisisPrices of wheat spiked up due to poor harvest and war. Impact of corn laws were showing through and dealt withLandlords vs. CapitalistsLandlords have unfair advantage over capitalists Capitalists worked, saved, and invested money wisely. Landlords would simply raise prices of living, and make it so capitalist's cost of living was higher than profitsJohn Stuart MillInequality is a necessary solution for economic growthUnderlying assumption---inequality is a necessary condition for economic growthAny questioning of this is inciting “class warfare” or playing the “politics
of envy”Mill’s retort: Inequality is a false rationale, an absolutist guise for greedAbsolutist laws have everything to do w production but not distributionHow wealth is distributed is solely dictated by laws society sets upDistribution of wealth can be adjusted more equitably if society so chooses Community alternative in 1848Abandon notions of private property in order to re-distribute wealth equallyCapitalists worked, saved, and invested money wiselyLandlords would simply raise prices of living, and make it so capitalist's cost of living was higher than profitsThose who do the least get the mostEmpire--increase profit, decrease equality---imperialismIndia/OPIUMTransformation of Indian economy into a cash-crop economyOpium became the most lucrative cash cropPlantations---requires very extensive infrastructureBuilt infrastructure to facilitate this new system of mass productionIrrigation systems, teleportationManaging the Opium MonopolySubtle methods of labor coercion and extortionIn past peasants can pay taxes w food they growBut British changed this by requiring them to pay taxes in cashCreates a system of debtDebt extortion and cash dependency in Benares and BiharPeasants fall to money lendersPeasants do work for them in returnStop subsistence farmingPlanting coffeehad to grow opium insteadMillions of peasants died of starvation bc of forced plantingof opiumNo more food to growLabor-intensive work/Cheap pricesEveryone had to get involved in this production i.e women and childrenVery little income bc British bought opium at very low priceBritish selling opium at almost 100% profitProfits never reached the peasantsBritish empire willing to do anything to protect their commodity

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