Modern Economic Issues Existed Before the Industrial Revolution
#1 There Was Inequality Before the Industrial Revolution
In her book, The mushroom at the end of the world, Professor of Anthropology at the University of California, Anna Lowenhaupt Tsing, defined capitalism as
a system for concentrating wealth, which makes possible new investment which further concentrates wealth
She went further to describe what she calls a feature of capitalism — Salvage accumulation.
Salvage accumulation is the process through which lead firms amass capital without controlling the condition under which commodities are produced. Salvage is not an ornament on ordinary capitalist processes; it is a feature of how capitalism works.
Capitalism is only defined as “an economic system based on the private ownership of the means of production and their operation for profit”, in economics classes and textbooks. In social and political gatherings, it is defined in the extremes of two spectrums. The anticapitalists see capitalism as a means of exploitation, a system of greed and selfishness.
To them, capitalism is a means to enslave and put others into subjection as they work for meager capital and accrue more capital for the capitalist. For the procapitalist, it…
