GEOG1200 1st Edition Lecture 7Outline of Previous LectureI. Mode of Production (continued)Outline of Current LectureI. Capitalism and Marx II. Contradictions III. How to Resolve the Crisis? Current LectureAccording to Marx a capitalist society consists of two societies - Class society – modes of production occurs here - Capitalist class owns machines factories - Laboring class do not have access to machines have to sell labor - Capitalist compete with other capitalist and give labor, labor compete with labor for wages - Wage: what labor receives for an amount of time, enough for the whole family- Family wage: enough money for the family so can reproduce and send their son to work Marx believed that it was an exploitative method- Cost of production = price= no profit - Marx says in order to get to profit, have to do two things1. Reduce wages 2. Increase amount of hour in work days - Usually deploy a mix of two- resistance to reduction of wages- Reduction of surplus values- Extraction of surplus value by the capitalist by the sale of a product at profit = exploitation - Individual reserve army – there will always be someone willing to work for less wages Marx says that capitalism is an unequal systemThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- Capitalist reinvest into production process-- Scale of production always expands - Production is self-expandingo Production through expanded production - Capitalism must be an expansive cycle Contradictions - Crisis of over-accumulation - Too much capital created in a commodity ex. TV’s 1. Labor has low wage2. Live labor is replaced by machines (dead labor)a. Labor = no money adds to over-accumulation 3. Capitalists as a class must plow back profit a. Adds to crisis of over-accumulation How to resolve the crisis? - Must find something outside itself - Spatiotemporal fix o Pre-cap spaces, third world economies (colonies 1. Establish mines2. Pushing/ forcing production of cash crops 3. Forced capture of laboro Spatiotemporal fix for the short term: colonies o Long term: new settler colonies, where secondary but independent capital can
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