A (BRIEF) HISTORY OF INDUSTRIAL CAPITALISM

Scarcity in Traditional Society
 From the Ancient World to the 1700s, it took the labor of 80% of the people to produce enough food to feed the whole population
 Nearly everywhere rulers regulated the growing, selling and exporting of essential crops
Hungry subjects tend to be unruly subjects
 Custom [not incentives or innovations] prompted most action and dictated the flow of work throughout the year

THE ORIGINS OF CAPITALISM
 There had, of course, always been commerce
 But, the 18th century marked the point at which commerce broke free from societal restrictions to impose its “system of thought” upon the laws, class structure, individual behavior, and “values” of “the people”

A DEFINITION OF CAPITALISM
 Capitalism is a cultural system rooted in economic practices that rotate around the central and absolute demand that private investors turn a profit
A system that places the profit motives of entrepreneurs above all else
 Industrial Capitalism is the above “system” based first and foremost on the commercial production and trade of mass-produced consumer goods

SLAVERY & AMERICAN INDUSTRIAL CAPITALISM
Pre-Civil War U.S. economic growth was driven by slavery
 The country’s leading merchants (global and domestic trade) developed out of the Triangle Trade
 After the slave trade was outlawed (1808), the nation’s leading merchants traded in cotton
 The nation’s first industrial factories produced cotton textiles.
 Private investors in cotton textile factories used their profits to expand cotton production, finance new banks, and build new factories
 Slaves (as property) represented 1/3rd of all wealth in the U.S.
 Slaveowners mortgaged their slaves, and then turned those mortgages into bonds that were marketed all over the country (and world). Slaves, as property, were the “security” for these bonds.
 Slaveowners used those bonds to expand their businesses and buy more slaves
 Many of the nation’s largest banks and companies invested in those bonds, using their profits to grow their companies and the U.S. economy
 Rapid economic growth (spurred by slavery) encouraged large-scale immigration, which provided the industry with factory workers.

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