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Study Questions for Fulcher’s “What is Capitalism?”
Fulcher defines capitalism as the investment of money or reserouces by individuals or
business entities in the expectation of making profit
1)What is the overall theme of this article and what is the definition of capitalism?
The evolution of capitalism since 1600
2)What was the East India Company and how did it operate?
•Official trading company for the state in the East Indies
•Monopoly within one country
•Funded by rich merchants
•Use gold trade precious goods with foreigners and bring them back for resell at a
high profit margin
3)Was merchant capitalism governed by principles of the free market?
•NO. No domestic competition.
•Little impact on people
4)What were the industrial capitalist activities of James M’Connel and John Kennedy in
the cotton industry?
•Used to be apprentices
•Set up a firm
•Make good profits and accumulate capital
•Corporate expansion to increase production capacity
•Investment in machinery and new plants
•Exploitation of child labour, corporal punishment, long hours
•MAJORITY OF PEOPLE WORK FOR WAGE LABOUR
5)How did the rise of the factory system impact workers in Britain during the eighteenth
and nineteenth centuries?
•Exploitation of labour, especially child labour
•Wage labour, consumerism in leisure market
•Conflict over wages
oUnions and organized strikes
oMoney to spent
•Introduction of Disciplined Work
oOrganized work days with specific break times and holidays