During the Gilded Age, greed is what motivated industrial innovation and for people to improve their ways of living. But with great responsibilities come great consequences, the consequence of greed is people seeing greed to be the same as being selfish. Despite this, the
Amongst other notions, such as habitus, field and symbolic violence, Bourdieu developed the theory of capital, which he divided into four forms of capital, cultural, economic, social and symbolic (Wacquant 2007, 268) in order to explain the “realities of social inequality” (Gauntlett 2011). Regarding the notion of cultural capital, which to some extent is based on Karl Marx’s capitalistic approach when describing class struggle, Bourdieu mentions the “scarce symbolic goods, skills and titles” (L. Wacquant 2007, 268) that a part of society possesses. In fact, the elite detains cultural knowledge that they use in order to maintain their status in society, and keep their position above the working-class. Bourdieu also emphasizes how this scheme is reproduced within education, and thereby how social hierarchy not only occurs, but is also conserved (ibid, 262). Indeed, Bourdieu assesses that the educational system replicates the social inequalities that rely within society, which undeniably favors students from upper-class families.
In the United States of America, the capitalist system dominates our economy by fostering production, competition, and private ownership. Although capitalism appears to be effective, especially for large corporations and the ruling class, it can be a problematic and unfavorable system for many others. An economic stratification has always existed in the Modern Western European society. As countries aimed for nationalism, or unity among the people, divisions in economic class emerged. The working class of the nineteenth and twentieth centuries frequently endured long production hours, low wages, unemployment, and poverty.
In 21st century America, it is important to understand these aspects of commodity fetishism that creates the problem of distorted consumerist practices that have become common in the marketplace. Sociologically, the “magical” process of abstracting the value of a product is critical to understanding why many Americans blindly follow a consumerist culture in this form of capitalist economy. Commodity fetishism describes many of the key problems with the valuation of products that trick Americans into over-consuming in a Marxist
There was a breakdown in the previous methods of production, and this began in the agrarian areas. Wood notes that Britain, relative to the rest of the world, had conditions that favoured the development of industrial capitalism. In England at that time, the old feudal system, which did not give optimum productivity of land to obtain profit, was systematically done away with, and several factors contributed to the rise of a more productivity and profit oriented system – capitalism. As the focus shifted to productivity and maximizing profit, those who were benefiting from this system, i.e, improving landlords and capitalists felt that “land had to be liberated from any such obstruction to their productive and profitable use of property.” (Meiksins Wood, 108) Thus, England faced changes such as the transition from common ownership of property, to the private ownership of property, through the enclosure movement. The emergence of enclosures caused much discord in English society, and was one of the reasons for the English Civil War.
He contends that underdevelopment is generated by the same historical process that generated development. Underdevelopment is a result of country’s participation in the same capitalist system. Frank thus rejects the notion that underdevelopment is traditional or original. He challenges the notion that underdevelopment follows a linear path. He rather argues that ‘’underdevelopment is in large part the historical product of past and continuing economic and other relations...” His approach takes into account the capitalist system as a whole.
It is the “stormy growth” of industry in England that transformed slavery in the United States into a form of commercial exploitation. This transition from pre-capitalist slavery to capitalist slavery comes about when the system devoted to earning subsistence evolves to a system that aims to generate surplus-value. In this process, the working condition is worsened. This becomes the seed for violent crises. Wage labour emerges from the breakdown of the system of slavery and serfdom however if slavery does survive as an anomaly, the slave owners become the capitalist, slaves the proletariats and the product becomes commodity.
Marxist criticism challenges the time period in which Gatsby lived in. According to Marx the old money ruled above the new money and the working class and this created inequality in society. In order for civilization to overcome the divisions in society created through money there must be an economic and social equality collectively owned. There can only be a change when the working class revolts against the higher class. Although various new money individuals possess an equal amount of money as certain old money, what is of importance is how the money is obtained.
Neoliberalism is the main cause of the difference between the rich and the poor in the states. It expanded the market efficiency by competitions between individuals, raised a gap between the rich and the poor. Rich people are becoming much richer based on their original properties while poor people are becoming poorer and suffer great economic problems in their lives. This does not only happen between individuals but also between companies. The unemployment rate increased because of neoliberalism.
(Heywood, 2011) With capitalism’s socio-economic ideals and tendencies that supports private property; the importance, independence, and significance of the market; and the growing reliance of waged labour in shaping the economy of a state was ingrained in the processes through which colonialism was done (State model). (Comaroff, 1989) On a much related note, Post-colonialists interprets the effects of colonialism as the way Europeans “subverted indigenous cultures which led to the spread of soulless consumerism.” Consumerism on which the capitalist ideas are founded on have been one of the greatest implications of colonialism on many parts of the world in such a way that most states of today are promoting and advocating the use of democracy and with it, the use of capitalism in which an economy is built on. The decolonization of states after WWII in which Western ideals were still ingrained to the states that was colonized despite the fact that they are already independent states—instilled Eurocentric ideals—is due to the effects of colonialism in such a