GLOBL 1 Lecture Notes - Lecture 7: Deterritorialization, Offshoring, Urban Decay
Document Summary
An economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations. New mode of production = labor is used to extract energy from nature with tools, skills, organization, knowledge. Capitalists obtain and retain control of the means of production. Denied access to those means, laborers are forced to sell their labor power to capitalists. Capitalists then induce laborers to produce a surplus of goods to maximize profits for the sake of ceaseless accumulation. Accumulation os justified on the ideological principle that fee agents pursuing their own self-interest . capitalism in general. Broad, vague term covering societies of us, japan, sweden, britain, france. Reflects ideological preference for private property over communal ownership, free enterprise and individual entrepreneurship vs central okaying and government control of the economy. Yet all capitalist societies reflect mixture of public and private . colonial mercantilism 1500-1875.
