{"id":61,"date":"2022-01-20T15:26:58","date_gmt":"2022-01-20T20:26:58","guid":{"rendered":"https:\/\/pressbooks.library.ryerson.ca\/theunderstory\/?post_type=chapter&#038;p=61"},"modified":"2022-05-16T17:07:15","modified_gmt":"2022-05-16T21:07:15","slug":"module-1-3","status":"publish","type":"chapter","link":"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/chapter\/module-1-3\/","title":{"raw":"Back Up, What is Capitalism?","rendered":"Back Up, What is Capitalism?"},"content":{"raw":"<div class=\"textbox textbox--exercises\"><header class=\"textbox__header\">\r\n<h2 class=\"textbox__title\"><span style=\"color: #000000\"><strong><img src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-292\" \/>Reflection 2<\/strong><\/span><\/h2>\r\n<\/header>\r\n<div class=\"textbox__content\">\r\n\r\nBefore you begin, enter your reflection journal and respond to the following questions:\r\n<ul>\r\n \t<li style=\"font-weight: 400\">Where do you notice capitalism operating in your daily life?<\/li>\r\n \t<li style=\"font-weight: 400\">What may not look or seem like capitalism, but actually is?<\/li>\r\n<\/ul>\r\n<strong>Note<\/strong>: to access your reflection journal please review the <a href=\"https:\/\/pressbooks.library.ryerson.ca\/theunderstory\/chapter\/module-1-1\/\">Introduction section<\/a> of the Racial Capitalism and Colonialism module.\r\n\r\n<\/div>\r\n<\/div>\r\nOkay, let\u2019s dig a bit deeper into what capitalism is about. In Video 1: Racial Capitalism and Colonialism, our narrator began to describe Capitalism. Listen to the audio clip or read the transcript below for a refresher.\r\n<div class=\"textbox\">\r\n<h2><strong><img src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-353\" \/>Audio Clip from Video 1<\/strong><\/h2>\r\n[audio mp3=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Module-1-Capitalism.mp3\"][\/audio]\r\n<p style=\"text-align: justify\"><strong>Transcript\r\n<\/strong>\r\n\u201cMost of us think we know, or at least have a loose idea of what capitalism means. You may even be familiar with some form of this definition: An economic system where private entities own the factors of production. The four factors of production are entrepreneurship, capital goods, natural resources and labor. The system is supported by laws, policies and regulations. It lays out a set of norms that we all follow, as well as pieces we don\u2019t really feel like we have much say in. We all support capitalism in numerous ways, even if we don\u2019t want to, even if we don\u2019t notice. It might even seem to be both normal and like the only - and best - system we have. Since the effects of capitalism are broad and far-reaching, even if you live completely off the grid in a community and culture that is anti-capitalist, you are touched by capitalism.\" (Video 1, 0:44 to 1:42)<\/p>\r\n\r\n<\/div>\r\n&nbsp;\r\n\r\nLet\u2019s break this down a bit further. Click on each image to learn more.\r\n<div class=\"textbox\">[h5p id=\"2\"]<\/div>\r\nTo explore the Four Factors of Production further, check out the video below.\r\n\r\nhttps:\/\/www.youtube.com\/watch?v=RSyvcANRaOE\r\n\r\nIn capitalism, individuals are seen as <strong>private entities<\/strong> who supposedly own their own labour and sell it for a wage. <strong>Classic scholars of capitalism<\/strong> say it starts with the industrial revolution and with what is often understood as the advent of modern society. You may have heard about Adam Smith (1723-1790) and Karl Marx (1818-1883), two key economic and political theorists whose extensive work on capitalism continues to form the basis of our understanding today. Let\u2019s take a deeper look at their theories.\r\n<h1><a id=\"Adam Smith\"><\/a>Adam Smith<\/h1>\r\n<img src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Adam_Smith_The_Muir_portrait-246x300.jpg\" alt=\"Portrait of Adam Smith\" width=\"457\" height=\"557\" class=\"wp-image-355 aligncenter\" \/>\r\n\r\nThe first most popular theorist of capitalism is Adam Smith, who in 1776 wrote \u201cThe Wealth of Nations\u201d which argues for \u201claissez-faire\u201d economic policies in which the market is free to self-regulate. With minimal government intervention and taxation of free markets, Smith said, an<strong> \u201cinvisible hand\u201d would regulate the market itself<\/strong>. Supply and demand would be managed naturally according to consumer needs: if suppliers met the needs and wants of consumers in a satisfactory way, they would be paid well for it.\r\n\r\nSmith argued that this invisible hand was a natural phenomenon that would work out well for everyone because humans are naturally competitive and the need to turn a profit would make us do our best to create good products other people would want to buy. For Smith, <strong>the market would help to create a \u201cwealthy\u201d nation- full of productive hard-working citizens<\/strong> reaping the rewards of their hard work.\r\n<div class=\"textbox textbox--exercises\"><header class=\"textbox__header\">\r\n<h2 class=\"textbox__title\"><strong><span style=\"color: #000000\"><img src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-292\" \/>Reflection 3<\/span><\/strong><\/h2>\r\n<\/header>\r\n<div class=\"textbox__content\">\r\n\r\nThe video below provides an overview of Adam Smith\u2019s work. Remember to engage with this content with critical thinking, discernment and intellectual generosity.\r\n\r\nWatch the video below and consider the following in your reflection journal:\r\n<ul>\r\n \t<li style=\"font-weight: 400\">What may be <strong>missing<\/strong> from this particular video? For example, what about the <strong>context and times<\/strong> in which Smith lived? What was happening globally to sustain the growth of consumerism?<\/li>\r\n<\/ul>\r\n<strong>Note<\/strong>: to access your reflection journal please review the <a href=\"https:\/\/pressbooks.library.ryerson.ca\/theunderstory\/chapter\/module-1-1\/\">Introduction section<\/a> of the Racial Capitalism and Colonialism module.\r\n\r\n&nbsp;\r\n\r\nhttps:\/\/www.youtube.com\/watch?v=ejJRhn53X2M\r\n\r\n<\/div>\r\n<\/div>\r\n<h1><a id=\"Karl Marx\"><\/a>Karl Marx<\/h1>\r\n[caption id=\"attachment_69\" align=\"aligncenter\" width=\"580\"]<img src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/KarlMarx-225x300.jpg\" alt=\"Black and white photograph of Karl Marx.\" width=\"580\" height=\"773\" class=\" wp-image-69\" \/> UNSPECIFIED - CIRCA 1865: Karl Marx (1818-1883), philosopher and German politician. (Photo by Roger Viollet Collection\/Getty Images)[\/caption]\r\n\r\nThe other most famous theorist of capitalism is Karl Marx, who comes along 100 years later. <strong>Marx\u2019s critiques of and predictions about capitalism remain some of the most important of our time<\/strong>, and people continue to study and dissect them with gusto. Marx made eerily accurate predictions about the trajectory of capitalism. First, some basics on Marx\u2019s theories.\r\n\r\nMarx observes the driving force of capitalism is the endless accumulation of profits, which come from surplus value that can be squeezed out of the goods and services you and I purchase. Since there are often fixed prices for things like an egg or a plank of wood, Marx observed that the<strong> easiest way to acquire surplus value was through labour<\/strong>, or rather, acquiring labour for the cheapest possible price.\r\n\r\nAs an employer, you get labour out of people in a couple of ways: you can make your workplace really appealing to work at, or you could make sure the people you employ are really desperate for work.\r\n\r\nRemember that Marx lived during the <strong>industrial revolution<\/strong>, one of the most miserable moments of all time to be a worker: many of the regulations and norms we have today did not yet exist. Being a factory worker meant long hours, six days a week of work, child labour, no days off, exposure to dangerous conditions and no protections. The people who needed to work these kinds of jobs had no other options. The people they worked for were generally rich and getting richer off of the accumulated surplus of the wage workers.\r\n\r\nMarx argued that under capitalism, <strong>this idea that individuals could own their labour- thus selling it at their own decided price<\/strong> and nurturing a society in which goods and services are exchanged through a healthy system where everyone benefits- <strong>is false<\/strong>. Under capitalism, workers don\u2019t own the means of production, so when they sell their labour, they don\u2019t set the prices: their employers do. Essentially this means that workers are treated as machines working to produce profits for owners, who make profits by not giving workers their fair share of the profits. The employers in fact have an incentive to maximize profits while minimizing worker\u2019s rights to share in the profits.\r\n\r\nMarx thus observes that<strong> society is characterized by a class struggle<\/strong>: between the proletariat (workers) and the bourgeoisie\u2013the employer class who own the means of production. This observation has been a driving force in social movements fighting for the rights of workers, including unions formed to establish labour protection laws, and political movements toward communism that advocate for major government intervention in the production and distribution of goods.\r\n\r\nIn recent decades, theorists have argued that capitalism didn\u2019t just start with factories circa the 19th century, but actually began much earlier, with the<strong> enclosure of the commons<\/strong> and the beginning of an agrarian economy in which rural landholders were pushed from their lands and forced into wage labour, which happened throughout Europe in the 17th and 18th centuries. Those who were seizing land from rural populations required laws of private property. We will continue to explore this in the next section on the Modern Nation-State System (section 1.4)\r\n<div class=\"textbox textbox--exercises\"><header class=\"textbox__header\">\r\n<h2 class=\"textbox__title\"><strong><span style=\"color: #000000\"><img src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-292\" \/>Reflection 4<\/span><\/strong><\/h2>\r\n<\/header>\r\n<div class=\"textbox__content\">\r\n\r\nWatch the video below and consider the following in your reflection journal<span>:<\/span>\r\n<ul>\r\n \t<li style=\"font-weight: 400\">After watching the video about Karl Marx, consider why the<strong> concept of race<\/strong> does not feature in Marx\u2019s analysis.<\/li>\r\n<\/ul>\r\n<strong>Note<\/strong>: to access your reflection journal please review the <a href=\"https:\/\/pressbooks.library.ryerson.ca\/theunderstory\/chapter\/module-1-1\/\">Introduction section<\/a> of the Racial Capitalism and Colonialism module.\r\n\r\n&nbsp;\r\n\r\nhttps:\/\/www.youtube.com\/watch?v=fSQgCy_iIcc\r\n\r\n<\/div>\r\n<\/div>\r\n<h1><span style=\"text-align: initial;font-size: 1em\">Cedric Robinson<\/span><\/h1>\r\n<img src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/252606426_bed4a2b75b_o-300x233.jpg\" alt=\"Photograph of Cedric Robinson\" width=\"492\" height=\"382\" class=\" wp-image-344 aligncenter\" style=\"margin-top: 0.5em;margin-bottom: 4.44444em;text-align: center\" \/>Let\u2019s go back to Video 1: Racial Capitalism and Colonialism, where our narrator discusses how Cedric Robinson builds on these ideas to identify what he calls racial capitalism. Listen to the audio clip or read the transcript from video 1 below.\r\n\r\n&nbsp;\r\n<div class=\"textbox\">\r\n<h2><strong><strong><img src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-300x300.png\" alt=\"\" width=\"81\" height=\"81\" class=\"alignnone wp-image-353\" \/>Audio from Video 1<\/strong><\/strong><\/h2>\r\n[audio mp3=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Module-1-Cedric-Robinson.mp3\"][\/audio]\r\n\r\n<strong>Transcript\r\n<\/strong>\r\n\u201cCedric Robinson points out that capitalist production thrives on creating surplus value by devaluing labour, or making labour as cheap as possible. He argues that therefore, the perfect way to devalue labour is to create levels of unequal humans. In the Atlantic slave trade, people were dehumanized, stolen from their lands and forced to work for free. This was the ultimate way to create surplus value and power for the ruling classes. Robinson calls this \u201cracial capitalism.\u201d Racism and capitalism are not separate. Capitalism requires the construction of the idea of race. The slave and the indentured labourer are fundamental to capitalist production. Economic and political theorists during the rise of capitalism, like Adam Smith and John Locke, spoke of \u2018natural human rights and laws\u2019. These were based on the idea that the natural human was the Western European man. The Western European man had the right to private property and other forms of ownership while the rest of humanity was excluded from these rights.\u201d (Video 1, 4:27 to 5:38)\r\n\r\n<\/div>\r\n<div><header class=\"textbox__header\">\r\n<h2 class=\"textbox__title\"><strong><span style=\"color: #000000\"><img src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/icon-set_learning-activites-1-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-320\" \/>Check Your Understanding<\/span><\/strong><\/h2>\r\n<\/header>\r\n<div class=\"textbox__content\">\r\n<div class=\"textbox\">[h5p id=\"6\"]<\/div>\r\n<\/div>\r\n<\/div>\r\n<div class=\"textbox\">\r\n<h2><strong>Recommended Further Reading<\/strong><\/h2>\r\n<ul>\r\n \t<li style=\"font-weight: 400\">Kimberly Amadeo, \u201c<a href=\"https:\/\/perma.cc\/3CHH-D76Z\" target=\"_blank\" rel=\"noopener\">What is Capitalism?<\/a>\u201d, the balance, October 21st, 2021 (article)<\/li>\r\n<\/ul>\r\n<ul>\r\n \t<li style=\"font-weight: 400\">Todd Gordon and Geoffrey McCormack, \u201c<a href=\"https:\/\/perma.cc\/4STB-BH77\" target=\"_blank\" rel=\"noopener\">Canada and the crisis of capitalism<\/a>,\u201d Briarpatch magazine, February 25th, 2020, (article)<\/li>\r\n<\/ul>\r\n<ul>\r\n \t<li style=\"font-weight: 400\">Annie Lowrey, \u201c<a href=\"https:\/\/perma.cc\/888N-DLAX\" target=\"_blank\" rel=\"noopener\">Why the Phrase \u2018Late Capitalism\u2019 Is Suddenly Everywhere<\/a>,\u201d The Atlantic, May 1st, 2017 (article + video)<\/li>\r\n<\/ul>\r\n<header class=\"textbox__header\">\r\n<p class=\"textbox__title\"><\/p>\r\n\r\n<\/header><\/div>\r\n<div>\r\n<div class=\"textbox__content\">\r\n<div class=\"textbox__content\">\r\n\r\n&nbsp;\r\n\r\n<\/div>\r\n<\/div>\r\n<div class=\"textbox\">\r\n<h2><strong><strong><img src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_music_ver2-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-289\" \/>Music<\/strong><\/strong><\/h2>\r\n[embed]https:\/\/www.youtube.com\/watch?v=MV7n6CyJqaA[\/embed]\r\n\r\nFor a transcript of the lyrics for the above song <span style=\"background-color: initial;font-size: 1em\">visit Genius\u2019s page for <\/span><a href=\"https:\/\/genius.com\/Haviah-mighty-thirteen-lyrics\" style=\"background-color: initial;font-size: 1em\">Thirteen<\/a><span style=\"background-color: initial;font-size: 1em\">.\u00a0<\/span>\r\n\r\n&nbsp;\r\n\r\n[embed]https:\/\/www.youtube.com\/watch?v=nzCRPjmfm30[\/embed]\r\n\r\nFor a transcript of the lyrics for the above song visit Genius\u2019s page for <a href=\"https:\/\/genius.com\/Chicano-batman-the-taker-story-lyrics\">The Taker<\/a>.\r\n\r\n<\/div>\r\n<div>\r\n<div class=\"textbox textbox--exercises\"><header class=\"textbox__header\">\r\n<h2 class=\"textbox__title\"><span style=\"color: #000000\"><strong><img src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-292\" \/>Reflection 5<\/strong><\/span><\/h2>\r\n<\/header>\r\n<div class=\"textbox__content\">\r\n\r\nOpen your reflection journal and respond to the following questions:\r\n<ul>\r\n \t<li style=\"font-weight: 400\">How may your response from the beginning of this chapter (reflection 2) be different (or not) when considering Cedric Robinson\u2019s contributions?<\/li>\r\n \t<li style=\"font-weight: 400\">Reflect on the ways that capitalism and colonialism are inextricably linked.<\/li>\r\n<\/ul>\r\n<strong>Note<\/strong>: to access your reflection journal please review the <a href=\"https:\/\/pressbooks.library.ryerson.ca\/theunderstory\/chapter\/module-1-1\/\">Introduction section<\/a> of the Racial Capitalism and Colonialism module.\r\n\r\n<\/div>\r\n<\/div>\r\n&nbsp;\r\n\r\n<\/div>\r\n&nbsp;\r\n\r\n<\/div>\r\n<h2><\/h2>\r\n&nbsp;","rendered":"<div class=\"textbox textbox--exercises\">\n<header class=\"textbox__header\">\n<h2 class=\"textbox__title\"><span style=\"color: #000000\"><strong><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-292\" srcset=\"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-300x300.png 300w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-1024x1024.png 1024w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-150x150.png 150w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-768x768.png 768w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-1536x1536.png 1536w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-2048x2048.png 2048w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-65x65.png 65w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-225x225.png 225w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-350x350.png 350w\" sizes=\"auto, (max-width: 80px) 100vw, 80px\" \/>Reflection 2<\/strong><\/span><\/h2>\n<\/header>\n<div class=\"textbox__content\">\n<p>Before you begin, enter your reflection journal and respond to the following questions:<\/p>\n<ul>\n<li style=\"font-weight: 400\">Where do you notice capitalism operating in your daily life?<\/li>\n<li style=\"font-weight: 400\">What may not look or seem like capitalism, but actually is?<\/li>\n<\/ul>\n<p><strong>Note<\/strong>: to access your reflection journal please review the <a href=\"https:\/\/pressbooks.library.ryerson.ca\/theunderstory\/chapter\/module-1-1\/\">Introduction section<\/a> of the Racial Capitalism and Colonialism module.<\/p>\n<\/div>\n<\/div>\n<p>Okay, let\u2019s dig a bit deeper into what capitalism is about. In Video 1: Racial Capitalism and Colonialism, our narrator began to describe Capitalism. Listen to the audio clip or read the transcript below for a refresher.<\/p>\n<div class=\"textbox\">\n<h2><strong><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-353\" srcset=\"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-300x300.png 300w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-1024x1024.png 1024w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-150x150.png 150w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-768x768.png 768w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-1536x1536.png 1536w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-2048x2048.png 2048w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-65x65.png 65w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-225x225.png 225w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-350x350.png 350w\" sizes=\"auto, (max-width: 80px) 100vw, 80px\" \/>Audio Clip from Video 1<\/strong><\/h2>\n<p><!--[if lt IE 9]><script>document.createElement('audio');<\/script><![endif]--><br \/>\n<audio class=\"wp-audio-shortcode\" id=\"audio-61-1\" preload=\"none\" style=\"width: 100%;\" controls=\"controls\"><source type=\"audio\/mpeg\" src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Module-1-Capitalism.mp3?_=1\" \/><a href=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Module-1-Capitalism.mp3\">http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Module-1-Capitalism.mp3<\/a><\/audio><\/p>\n<p style=\"text-align: justify\"><strong>Transcript<br \/>\n<\/strong><br \/>\n\u201cMost of us think we know, or at least have a loose idea of what capitalism means. You may even be familiar with some form of this definition: An economic system where private entities own the factors of production. The four factors of production are entrepreneurship, capital goods, natural resources and labor. The system is supported by laws, policies and regulations. It lays out a set of norms that we all follow, as well as pieces we don\u2019t really feel like we have much say in. We all support capitalism in numerous ways, even if we don\u2019t want to, even if we don\u2019t notice. It might even seem to be both normal and like the only &#8211; and best &#8211; system we have. Since the effects of capitalism are broad and far-reaching, even if you live completely off the grid in a community and culture that is anti-capitalist, you are touched by capitalism.&#8221; (Video 1, 0:44 to 1:42)<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p>Let\u2019s break this down a bit further. Click on each image to learn more.<\/p>\n<div class=\"textbox\">\n<div id=\"h5p-2\">\n<div class=\"h5p-iframe-wrapper\"><iframe id=\"h5p-iframe-2\" class=\"h5p-iframe\" data-content-id=\"2\" style=\"height:1px\" src=\"about:blank\" frameBorder=\"0\" scrolling=\"no\" title=\"Capitalism: Four Factors of Production\"><\/iframe><\/div>\n<\/div>\n<\/div>\n<p>To explore the Four Factors of Production further, check out the video below.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-3\" title=\"The Four Factors of Production\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/RSyvcANRaOE?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>In capitalism, individuals are seen as <strong>private entities<\/strong> who supposedly own their own labour and sell it for a wage. <strong>Classic scholars of capitalism<\/strong> say it starts with the industrial revolution and with what is often understood as the advent of modern society. You may have heard about Adam Smith (1723-1790) and Karl Marx (1818-1883), two key economic and political theorists whose extensive work on capitalism continues to form the basis of our understanding today. Let\u2019s take a deeper look at their theories.<\/p>\n<h1><a><\/a>Adam Smith<\/h1>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Adam_Smith_The_Muir_portrait-246x300.jpg\" alt=\"Portrait of Adam Smith\" width=\"457\" height=\"557\" class=\"wp-image-355 aligncenter\" srcset=\"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Adam_Smith_The_Muir_portrait-246x300.jpg 246w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Adam_Smith_The_Muir_portrait-65x79.jpg 65w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Adam_Smith_The_Muir_portrait-225x274.jpg 225w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Adam_Smith_The_Muir_portrait-350x426.jpg 350w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Adam_Smith_The_Muir_portrait.jpg 738w\" sizes=\"auto, (max-width: 457px) 100vw, 457px\" \/><\/p>\n<p>The first most popular theorist of capitalism is Adam Smith, who in 1776 wrote \u201cThe Wealth of Nations\u201d which argues for \u201claissez-faire\u201d economic policies in which the market is free to self-regulate. With minimal government intervention and taxation of free markets, Smith said, an<strong> \u201cinvisible hand\u201d would regulate the market itself<\/strong>. Supply and demand would be managed naturally according to consumer needs: if suppliers met the needs and wants of consumers in a satisfactory way, they would be paid well for it.<\/p>\n<p>Smith argued that this invisible hand was a natural phenomenon that would work out well for everyone because humans are naturally competitive and the need to turn a profit would make us do our best to create good products other people would want to buy. For Smith, <strong>the market would help to create a \u201cwealthy\u201d nation- full of productive hard-working citizens<\/strong> reaping the rewards of their hard work.<\/p>\n<div class=\"textbox textbox--exercises\">\n<header class=\"textbox__header\">\n<h2 class=\"textbox__title\"><strong><span style=\"color: #000000\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-292\" srcset=\"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-300x300.png 300w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-1024x1024.png 1024w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-150x150.png 150w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-768x768.png 768w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-1536x1536.png 1536w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-2048x2048.png 2048w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-65x65.png 65w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-225x225.png 225w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-350x350.png 350w\" sizes=\"auto, (max-width: 80px) 100vw, 80px\" \/>Reflection 3<\/span><\/strong><\/h2>\n<\/header>\n<div class=\"textbox__content\">\n<p>The video below provides an overview of Adam Smith\u2019s work. Remember to engage with this content with critical thinking, discernment and intellectual generosity.<\/p>\n<p>Watch the video below and consider the following in your reflection journal:<\/p>\n<ul>\n<li style=\"font-weight: 400\">What may be <strong>missing<\/strong> from this particular video? For example, what about the <strong>context and times<\/strong> in which Smith lived? What was happening globally to sustain the growth of consumerism?<\/li>\n<\/ul>\n<p><strong>Note<\/strong>: to access your reflection journal please review the <a href=\"https:\/\/pressbooks.library.ryerson.ca\/theunderstory\/chapter\/module-1-1\/\">Introduction section<\/a> of the Racial Capitalism and Colonialism module.<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-4\" title=\"POLITICAL THEORY - Adam Smith\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/ejJRhn53X2M?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<\/div>\n<\/div>\n<h1><a><\/a>Karl Marx<\/h1>\n<figure id=\"attachment_69\" aria-describedby=\"caption-attachment-69\" style=\"width: 580px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/KarlMarx-225x300.jpg\" alt=\"Black and white photograph of Karl Marx.\" width=\"580\" height=\"773\" class=\"wp-image-69\" srcset=\"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/KarlMarx-225x300.jpg 225w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/KarlMarx-769x1024.jpg 769w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/KarlMarx-768x1023.jpg 768w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/KarlMarx-65x87.jpg 65w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/KarlMarx-350x466.jpg 350w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/KarlMarx.jpg 900w\" sizes=\"auto, (max-width: 580px) 100vw, 580px\" \/><figcaption id=\"caption-attachment-69\" class=\"wp-caption-text\">UNSPECIFIED &#8211; CIRCA 1865: Karl Marx (1818-1883), philosopher and German politician. (Photo by Roger Viollet Collection\/Getty Images)<\/figcaption><\/figure>\n<p>The other most famous theorist of capitalism is Karl Marx, who comes along 100 years later. <strong>Marx\u2019s critiques of and predictions about capitalism remain some of the most important of our time<\/strong>, and people continue to study and dissect them with gusto. Marx made eerily accurate predictions about the trajectory of capitalism. First, some basics on Marx\u2019s theories.<\/p>\n<p>Marx observes the driving force of capitalism is the endless accumulation of profits, which come from surplus value that can be squeezed out of the goods and services you and I purchase. Since there are often fixed prices for things like an egg or a plank of wood, Marx observed that the<strong> easiest way to acquire surplus value was through labour<\/strong>, or rather, acquiring labour for the cheapest possible price.<\/p>\n<p>As an employer, you get labour out of people in a couple of ways: you can make your workplace really appealing to work at, or you could make sure the people you employ are really desperate for work.<\/p>\n<p>Remember that Marx lived during the <strong>industrial revolution<\/strong>, one of the most miserable moments of all time to be a worker: many of the regulations and norms we have today did not yet exist. Being a factory worker meant long hours, six days a week of work, child labour, no days off, exposure to dangerous conditions and no protections. The people who needed to work these kinds of jobs had no other options. The people they worked for were generally rich and getting richer off of the accumulated surplus of the wage workers.<\/p>\n<p>Marx argued that under capitalism, <strong>this idea that individuals could own their labour- thus selling it at their own decided price<\/strong> and nurturing a society in which goods and services are exchanged through a healthy system where everyone benefits- <strong>is false<\/strong>. Under capitalism, workers don\u2019t own the means of production, so when they sell their labour, they don\u2019t set the prices: their employers do. Essentially this means that workers are treated as machines working to produce profits for owners, who make profits by not giving workers their fair share of the profits. The employers in fact have an incentive to maximize profits while minimizing worker\u2019s rights to share in the profits.<\/p>\n<p>Marx thus observes that<strong> society is characterized by a class struggle<\/strong>: between the proletariat (workers) and the bourgeoisie\u2013the employer class who own the means of production. This observation has been a driving force in social movements fighting for the rights of workers, including unions formed to establish labour protection laws, and political movements toward communism that advocate for major government intervention in the production and distribution of goods.<\/p>\n<p>In recent decades, theorists have argued that capitalism didn\u2019t just start with factories circa the 19th century, but actually began much earlier, with the<strong> enclosure of the commons<\/strong> and the beginning of an agrarian economy in which rural landholders were pushed from their lands and forced into wage labour, which happened throughout Europe in the 17th and 18th centuries. Those who were seizing land from rural populations required laws of private property. We will continue to explore this in the next section on the Modern Nation-State System (section 1.4)<\/p>\n<div class=\"textbox textbox--exercises\">\n<header class=\"textbox__header\">\n<h2 class=\"textbox__title\"><strong><span style=\"color: #000000\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-292\" srcset=\"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-300x300.png 300w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-1024x1024.png 1024w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-150x150.png 150w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-768x768.png 768w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-1536x1536.png 1536w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-2048x2048.png 2048w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-65x65.png 65w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-225x225.png 225w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-350x350.png 350w\" sizes=\"auto, (max-width: 80px) 100vw, 80px\" \/>Reflection 4<\/span><\/strong><\/h2>\n<\/header>\n<div class=\"textbox__content\">\n<p>Watch the video below and consider the following in your reflection journal<span>:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\">After watching the video about Karl Marx, consider why the<strong> concept of race<\/strong> does not feature in Marx\u2019s analysis.<\/li>\n<\/ul>\n<p><strong>Note<\/strong>: to access your reflection journal please review the <a href=\"https:\/\/pressbooks.library.ryerson.ca\/theunderstory\/chapter\/module-1-1\/\">Introduction section<\/a> of the Racial Capitalism and Colonialism module.<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-5\" title=\"POLITICAL THEORY - Karl Marx\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/fSQgCy_iIcc?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<\/div>\n<\/div>\n<h1><span style=\"text-align: initial;font-size: 1em\">Cedric Robinson<\/span><\/h1>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/252606426_bed4a2b75b_o-300x233.jpg\" alt=\"Photograph of Cedric Robinson\" width=\"492\" height=\"382\" class=\"wp-image-344 aligncenter\" style=\"margin-top: 0.5em;margin-bottom: 4.44444em;text-align: center\" srcset=\"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/252606426_bed4a2b75b_o-300x233.jpg 300w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/252606426_bed4a2b75b_o-1024x795.jpg 1024w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/252606426_bed4a2b75b_o-768x596.jpg 768w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/252606426_bed4a2b75b_o-1536x1192.jpg 1536w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/252606426_bed4a2b75b_o-2048x1590.jpg 2048w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/252606426_bed4a2b75b_o-65x50.jpg 65w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/252606426_bed4a2b75b_o-225x175.jpg 225w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/252606426_bed4a2b75b_o-350x272.jpg 350w\" sizes=\"auto, (max-width: 492px) 100vw, 492px\" \/>Let\u2019s go back to Video 1: Racial Capitalism and Colonialism, where our narrator discusses how Cedric Robinson builds on these ideas to identify what he calls racial capitalism. Listen to the audio clip or read the transcript from video 1 below.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"textbox\">\n<h2><strong><strong><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-300x300.png\" alt=\"\" width=\"81\" height=\"81\" class=\"alignnone wp-image-353\" srcset=\"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-300x300.png 300w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-1024x1024.png 1024w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-150x150.png 150w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-768x768.png 768w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-1536x1536.png 1536w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-2048x2048.png 2048w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-65x65.png 65w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-225x225.png 225w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_audio_ver2-350x350.png 350w\" sizes=\"auto, (max-width: 81px) 100vw, 81px\" \/>Audio from Video 1<\/strong><\/strong><\/h2>\n<p><audio class=\"wp-audio-shortcode\" id=\"audio-61-2\" preload=\"none\" style=\"width: 100%;\" controls=\"controls\"><source type=\"audio\/mpeg\" src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Module-1-Cedric-Robinson.mp3?_=2\" \/><a href=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Module-1-Cedric-Robinson.mp3\">http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/Module-1-Cedric-Robinson.mp3<\/a><\/audio><\/p>\n<p><strong>Transcript<br \/>\n<\/strong><br \/>\n\u201cCedric Robinson points out that capitalist production thrives on creating surplus value by devaluing labour, or making labour as cheap as possible. He argues that therefore, the perfect way to devalue labour is to create levels of unequal humans. In the Atlantic slave trade, people were dehumanized, stolen from their lands and forced to work for free. This was the ultimate way to create surplus value and power for the ruling classes. Robinson calls this \u201cracial capitalism.\u201d Racism and capitalism are not separate. Capitalism requires the construction of the idea of race. The slave and the indentured labourer are fundamental to capitalist production. Economic and political theorists during the rise of capitalism, like Adam Smith and John Locke, spoke of \u2018natural human rights and laws\u2019. These were based on the idea that the natural human was the Western European man. The Western European man had the right to private property and other forms of ownership while the rest of humanity was excluded from these rights.\u201d (Video 1, 4:27 to 5:38)<\/p>\n<\/div>\n<div>\n<header class=\"textbox__header\">\n<h2 class=\"textbox__title\"><strong><span style=\"color: #000000\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/icon-set_learning-activites-1-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-320\" srcset=\"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/icon-set_learning-activites-1-300x300.png 300w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/icon-set_learning-activites-1-1024x1024.png 1024w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/icon-set_learning-activites-1-150x150.png 150w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/icon-set_learning-activites-1-768x768.png 768w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/icon-set_learning-activites-1-1536x1536.png 1536w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/icon-set_learning-activites-1-2048x2048.png 2048w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/icon-set_learning-activites-1-65x65.png 65w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/icon-set_learning-activites-1-225x225.png 225w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/01\/icon-set_learning-activites-1-350x350.png 350w\" sizes=\"auto, (max-width: 80px) 100vw, 80px\" \/>Check Your Understanding<\/span><\/strong><\/h2>\n<\/header>\n<div class=\"textbox__content\">\n<div class=\"textbox\">\n<div id=\"h5p-6\">\n<div class=\"h5p-iframe-wrapper\"><iframe id=\"h5p-iframe-6\" class=\"h5p-iframe\" data-content-id=\"6\" style=\"height:1px\" src=\"about:blank\" frameBorder=\"0\" scrolling=\"no\" title=\"Check Your Understanding of Capitalism\"><\/iframe><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"textbox\">\n<h2><strong>Recommended Further Reading<\/strong><\/h2>\n<ul>\n<li style=\"font-weight: 400\">Kimberly Amadeo, \u201c<a href=\"https:\/\/perma.cc\/3CHH-D76Z\" target=\"_blank\" rel=\"noopener\">What is Capitalism?<\/a>\u201d, the balance, October 21st, 2021 (article)<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400\">Todd Gordon and Geoffrey McCormack, \u201c<a href=\"https:\/\/perma.cc\/4STB-BH77\" target=\"_blank\" rel=\"noopener\">Canada and the crisis of capitalism<\/a>,\u201d Briarpatch magazine, February 25th, 2020, (article)<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400\">Annie Lowrey, \u201c<a href=\"https:\/\/perma.cc\/888N-DLAX\" target=\"_blank\" rel=\"noopener\">Why the Phrase \u2018Late Capitalism\u2019 Is Suddenly Everywhere<\/a>,\u201d The Atlantic, May 1st, 2017 (article + video)<\/li>\n<\/ul>\n<header class=\"textbox__header\">\n<p class=\"textbox__title\">\n<\/header>\n<\/div>\n<div>\n<div class=\"textbox__content\">\n<div class=\"textbox__content\">\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"textbox\">\n<h2><strong><strong><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_music_ver2-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-289\" srcset=\"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_music_ver2-300x300.png 300w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_music_ver2-1024x1024.png 1024w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_music_ver2-150x150.png 150w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_music_ver2-768x768.png 768w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_music_ver2-1536x1536.png 1536w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_music_ver2-2048x2048.png 2048w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_music_ver2-65x65.png 65w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_music_ver2-225x225.png 225w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_music_ver2-350x350.png 350w\" sizes=\"auto, (max-width: 80px) 100vw, 80px\" \/>Music<\/strong><\/strong><\/h2>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"Haviah Mighty - Thirteen (Official Music Video)\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/MV7n6CyJqaA?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>For a transcript of the lyrics for the above song <span style=\"background-color: initial;font-size: 1em\">visit Genius\u2019s page for <\/span><a href=\"https:\/\/genius.com\/Haviah-mighty-thirteen-lyrics\" style=\"background-color: initial;font-size: 1em\">Thirteen<\/a><span style=\"background-color: initial;font-size: 1em\">.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-2\" title=\"The Taker Story\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/nzCRPjmfm30?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>For a transcript of the lyrics for the above song visit Genius\u2019s page for <a href=\"https:\/\/genius.com\/Chicano-batman-the-taker-story-lyrics\">The Taker<\/a>.<\/p>\n<\/div>\n<div>\n<div class=\"textbox textbox--exercises\">\n<header class=\"textbox__header\">\n<h2 class=\"textbox__title\"><span style=\"color: #000000\"><strong><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pressbooks.library.ryerson.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-300x300.png\" alt=\"\" width=\"80\" height=\"80\" class=\"alignnone wp-image-292\" srcset=\"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-300x300.png 300w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-1024x1024.png 1024w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-150x150.png 150w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-768x768.png 768w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-1536x1536.png 1536w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-2048x2048.png 2048w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-65x65.png 65w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-225x225.png 225w, https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-content\/uploads\/sites\/308\/2022\/02\/icon-set_reflection-1-350x350.png 350w\" sizes=\"auto, (max-width: 80px) 100vw, 80px\" \/>Reflection 5<\/strong><\/span><\/h2>\n<\/header>\n<div class=\"textbox__content\">\n<p>Open your reflection journal and respond to the following questions:<\/p>\n<ul>\n<li style=\"font-weight: 400\">How may your response from the beginning of this chapter (reflection 2) be different (or not) when considering Cedric Robinson\u2019s contributions?<\/li>\n<li style=\"font-weight: 400\">Reflect on the ways that capitalism and colonialism are inextricably linked.<\/li>\n<\/ul>\n<p><strong>Note<\/strong>: to access your reflection journal please review the <a href=\"https:\/\/pressbooks.library.ryerson.ca\/theunderstory\/chapter\/module-1-1\/\">Introduction section<\/a> of the Racial Capitalism and Colonialism module.<\/p>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<h2><\/h2>\n<p>&nbsp;<\/p>\n","protected":false},"author":401,"menu_order":3,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-61","chapter","type-chapter","status-publish","hentry"],"part":53,"_links":{"self":[{"href":"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-json\/pressbooks\/v2\/chapters\/61","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-json\/wp\/v2\/users\/401"}],"version-history":[{"count":62,"href":"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-json\/pressbooks\/v2\/chapters\/61\/revisions"}],"predecessor-version":[{"id":877,"href":"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-json\/pressbooks\/v2\/chapters\/61\/revisions\/877"}],"part":[{"href":"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-json\/pressbooks\/v2\/parts\/53"}],"metadata":[{"href":"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-json\/pressbooks\/v2\/chapters\/61\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-json\/wp\/v2\/media?parent=61"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-json\/pressbooks\/v2\/chapter-type?post=61"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-json\/wp\/v2\/contributor?post=61"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.library.torontomu.ca\/theunderstory\/wp-json\/wp\/v2\/license?post=61"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}