Flashcards in DR-CAPITAL Netflix Deck (2)
Capital in the twentieth century. Documentary about wealth inequality. How we got to here.
1. In the Industrial Age, machines took jobs away from men.
2. The machines became standardized.
3. In America, there was massive amounts of land but few people to work the land. People had more children to get more farming done. This was how people got food and shelter to survive.
4. Problem was getting enough workers. Families would go to New Orleans, buy slaves as an asset. Slaves were easy to move around to where the work became available. The purchased slaves provided more collateral. Then the farmer borrowed more money and the cycle continued.
5. This new prosperity created a new market. FASHION,
6. People created a desire to have latest fashion, latest car, latest housing with modern inventions.
7. Christmas was originally a huge street party to celebrate with friends. It was rowdy with drunks, fights etc. Capitalist created an untapped new market of gift giving. The idea exploded worldwide and capitalist got super rich. Merchants got super rich also and they started building larger and larger stores. This created massive job markets!
8. Now this became social pressure to buy and exchange gifts, buy Christmas trees and Christmas decorations. Christmas parties. The whole idea became self feeding and people were bankrupting themselves.
9. The manufacturers made a huge amounts of money. They started advertising and this self fed another giant market of spending and jobs.
10. Technology created lots of monopolies.
11. In 1917, 1% of the population owned 70% of all assets!
12. Two thirds of people die without any assets. This imbalance creates a huge inequality worldwide. It brings the First World War in 1914.
13. The British empire was so powerful, it had a quarter of the world’s population.
14. The other countries wanted their piece of the cake. Especially GERMANY, so they just took it!
15. Britain takes on the Germans and thinks the fight will be over in a few months. Instead, it goes on for years and decimates both populations.
16. WWI becomes a war about capital. It creates a massive economic crash.
17. In the 20’s the middle class begins to rise in power. Women suddenly have rights and can vote. Prosperity takes popularity stocks go wild and the roaring 20’s turns into a big party.
18. Stocks go up. Stocks are used as collateral to buy even more stocks and a stock bubble is created.