SOCI 1002H Chapter Notes - Chapter 4: The Roots, New Class, Financialization
5 Apr 2016
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Document Summary
Capital developed out of the feudal system, beginning in england and gradually spreading to parts of europe. Commodity: any object that is exchanged in the marketplace. Decline is linked to many things: new class relaions (classes existed prior to capitalism, but the dominant class usually had to use force to get what they wanted, development of the bourgeoisie. Proletariat: class that do not own any means of producion, members must instead sell their labor power for a wage in order to survive: people began having capital, were not spending all their riches on rich people stuf. Capital: money invested with the purpose of increasing its value: advances in technology and the growth of the labor force, poliical transformaion in europe and the rise of naion-states. In feudalism people did not think of themselves as belonging to a country (the idea that turkish people are from turkey did not exist)
