lawrence glickman

Who coined the word "capitalism" and why is that surprising?

Critics of the system coined it in the late 19th century — neither Adam Smith nor Marx ever used the term. It spiked in usage in the early 20th century and again in the Reagan 1980s.

What did John Keogh argue before the 1882 Senate investigation?

He refused to call himself a capitalist — he saw himself as an employee/operative.

What was the definition of a "capitalist" according to the Knights of Labor?

Someone who worked without honest labor — who exploited others' work for profit.

What did Abraham Lincoln mean by "free labor ideology"?

Labor is prior to capital — capital is only the fruit of labor, so labor deserves higher consideration.

What did the Gilded Age debate over capitalism reveal about democracy?

People worried "railroad kings" and "cotton lords" would buy up legislatures and destroy democracy.

What did Adam Smith actually fear, and how does that complicate his reputation?

Smith feared mercantilism and monopolies, complicating his reputation as a laissez-faire ideologist.

What is Adam Smith's "Theory of Moral Sentiments" and why does it matter?

Smith argued self-interest includes sympathy with others, making him harder to co-opt as a free-market fundamentalist.

What did John Locke argue about property, and what assumption does it smuggle in?

Property comes from labor under the right conditions, smuggling in assumptions about whose labor and conditions count.

What is Marx's "primitive accumulation" argument?

Capitalism was bootstrapped through colonial looting and state-backed force, shaping everything that followed.

What is Max Weber's argument about Protestantism and capitalism?

Calvinist theology treated holy work as a path to salvation, which secularized into an industrial work ethic.

What was the Headright System and what does it reveal?

It incentivized the importation of enslaved people as a land-accumulation strategy.

What is "ethnogenesis" as discussed in class?

The legal definition of whiteness and blackness through slave laws and capture laws.

What were mercantilist policies and who did they serve?

Tariffs and colonial trade restrictions served the classes in power seeking stability and growth.

What is Pomeranz's "ghost acres" argument?

Colonization and slavery provided the land and labor for European industrialization.

What were the American colonists' main economic grievances before the Revolution?

They sought representative government, trade access, westward expansion, protection of slavery, and local control.

What economic crisis did Shays' Rebellion reveal?

The weakness of the post-Revolutionary government, which struggled to enforce contracts and tax effectively.

What were the key economic provisions of the Constitution?

The 3/5 Compromise, fugitive slave clause, protection of the slave trade, and federal regulation of commerce.

What did Alexander Hamilton do with the national debt?

Converted chaotic debt into national strength through the First Bank of the U.S.

What was Jefferson's vision of American capitalism and how did it conflict with Hamilton's?

Jefferson envisioned an agrarian republic while Hamilton favored a financial state and industrial development.

What did Jefferson's rectangular land survey accomplish economically?

It standardized land commodification, creating a market in land.

Why did subsistence culture break down in early 19th century America?

The person-to-land ratio couldn't hold, leading people to depend on wage labor.

What was Henry Clay's "American System"?

Federal investment in infrastructure to promote market integration.

What role did cotton play in building American capitalism?

By the 1820s, raw cotton was the most traded commodity, driving economic growth and requiring forced labor.

What was the "Bank War" and what did it create?

Andrew Jackson's actions against the Second Bank of the U.S. led to financial chaos and the creation of the Whig and Democratic parties.

What was the Panic of 1837 and what caused it?

A collapse in the banking system caused by falling cotton prices and widespread debt.

What was the total wealth in enslaved people compared to other U.S. assets in 1860?

Wealth in enslaved individuals was between $3-4 billion, more than all other U.S. assets combined.

Was the Civil War a conflict between capitalism and non-capitalism?

No, it was a conflict between two types of capitalism: industrial free-labor North vs. slave-based agricultural South.

What major laws did the Republican-dominated Congress pass in 1862?

Homestead Act, Internal Revenue Act, Pacific Railroad Act, Morrill Act, and Militia Act.

What was James Henry Hammond's "mudsill theory"?

Every society has a class whose labor is extracted and must be kept ignorant.

What were the gendered consequences of the Market Revolution?

Women shifted to invisible domestic labor as work diverged into paid and unpaid forms.

Why did Reconstruction fail?

White resistance, KKK power, and the federal government withdrawing troops.

What was Henry George's "single tax" argument?

A single tax on land would break up monopolies and enable lower-class success.

What does Richard White argue about the Transcontinental Railroad?

It was built through corruption and not entrepreneurial genius.

What is the significance of the "Grain Elevator" in Chicago?

It showcased how commodity futures markets abstracted value from physical goods.

What were the defining features of Gilded Age corporations?

Economies of scale, separation of ownership from control, and operation at national scale.

Why did Sombart ask "Why is there no socialism in the United States?"

American workers were both inspired by upward mobility and constrained by race and class divisions.

What were the major labor uprisings of the Gilded Age?

Great Strike of 1877, Haymarket Riot 1885, Homestead Strike 1892, Pullman Strike 1894.

What did the Sherman Antitrust Act (1890) accomplish?

Intended to break up trusts, but was used mostly against unions.

What did Populists demand and why did the movement collapse?

They demanded economic reforms but were ultimately crushed by racial terror and political exclusion.

What was the "sit-down strike" at Flint and why was it significant?

Workers occupied factories, controlling production and eventually leading GM to recognize the UAW.

What was Henry Ford's $5/day wage and what logic drove it?

Ford aimed to boost consumption by paying workers enough to buy the cars they made.

What is Thorstein Veblen's "conspicuous consumption"?

Wealthy individuals display status through visible spending, creating a culture of status competition.

What was Silvia Federici's argument about housework?

Capitalism relies on unpaid reproductive labor, predominantly done by women.

What were Progressive-era reforms and who did they leave out?

Reforms served primarily white workers and consumers while often excluding Black individuals.

What is Keynes's core argument about depressions?

Government must act as a spender of last resort during depressions rather than relying on self-correcting markets.

What caused the Great Depression structurally?

Stagnant wages, ballooning consumer debt, and overproduction led to a banking system collapse.

How did Hoover respond to the Depression and why did it fail?

Hoover's laissez-faire approach and his forced removal of the Bonus Army destroyed his credibility.

What was FDR's approach and what did the New Deal entail?

Pragmatic experimentation focused on saving capitalism and providing security.

What was the "Southern Cage" of the New Deal?

Southern Democrats excluded Black workers from New Deal benefits, highlighting systemic racism.

What is Polanyi's "double movement"?

Marketization generates social reform from below, opposing pure marketization.

How did WWII end the Depression?

Massive government defense spending revived the economy and restored full employment.

What was A. Philip Randolph's contribution?

He threatened a March on Washington, leading to Executive Order 8802 against discrimination.

What did the New Deal Order look like at its peak?

High unionization, rising wages, and substantial public investment characterized the New Deal Order.

What was the racial exclusion built into the New Deal Order?

Benefits of the New Deal were often racially biased, serving predominantly white Americans.

What was Walt Rostow's "Stages of Economic Growth" and why did it matter?

It framed capitalism as the model for development, contrasting it with communism.

How did Friedman's ideas go from ignored to dominant?

His ideas gained traction starting with Barry Goldwater's 1964 campaign, culminating during Reagan's presidency.

What did Reagan's inaugural address signal?

A rejection of government intervention in favor of neoliberal policies.

What was "stagflation" and why did it matter politically?

Simultaneous inflation and unemployment in the 1970s led to political shifts and Reagan's election.

What did Friedman oppose beyond big government?

He opposed civil rights legislation and maintained that economic and political freedoms are inseparable.

What is the "Great Risk Shift"?

Economic risk has shifted from institutions to individual workers since the 1970s.

What happened to the federal minimum wage and top tax rates since the 1980s?

The minimum wage has stagnated while the top marginal tax rate has drastically decreased.

What does Smith Corona in Cortland/Groton, NY illustrate?

The human cost of deindustrialization, as jobs have moved overseas.

What does the Hamlet, NC fire (1991) show about deregulation?

Lax regulations led to tragedy, highlighting the consequences of reduced oversight.

What is Piketty's r > g formula?

Concentration of wealth occurs when the return on capital exceeds economic growth.

What is Cassidy's argument about the corporate plutocracy?

The corporate plutocracy has systematically reversed New Deal gains through political influence.

What era was America "great" in, according to Trump's implicit nostalgia?

The New Deal Order's peak era — high unionization, public investment, and rising wages.

What is Trump's actual business record?

Multiple bankruptcies and legal troubles, raising questions about his business acumen.

What does the Hamlet fire and "poultry capitalism" tell us about Trump's America?

It illustrates the exploitation and deregulation that characterized the system he endorsed.

What is "personalist autocracy" and how does it apply to Trump?

A leader operating through personal loyalty rather than principles, often leading to incoherent policies.

What is Mark Fisher's argument about imagining alternatives to capitalism?

It is easier to conceive of the end of the world than the end of capitalism, reflecting corporate power's dominance.

What does Octavia Butler's Parable of the Sower offer the course?

A vision of a future shaped by inequality and privatization, raising questions about escaping capitalism.

Main idea of Marx's "Primitive Accumulation"?

Capitalism's origins are rooted in violence and exploitation, shaping its current form.

Main idea of Federici's "Wages for Housework"?

Capitalism relies on unpaid women's labor, and demanding wages for housework exposes this injustice.

Main idea of Keynes's General Theory?

In depressions, government intervention is necessary as markets don't self-correct.

Main idea of Polanyi's Great Transformation?

Markets are not natural but socially constructed; marketization generates a counter-movement.

Main idea of Friedman's Capitalism and Freedom?

Economic and political freedom are inseparable; government intervention undermines both.

Main idea of Beckert/Rockman's Slavery's Capitalism?

Slavery was integral to American industrial capitalism, not separate from it.