The era of Reconstruction up-to the 19th C, the economic transformation U.S. underwent marked the maturity of industrial economy. This was facilitated with the cheap labor services provided by the slaves. The availability of huge capital ensured acquisition of expensive machines, mechanization and long-term venture locations.
Fundamental ideology of capitalism
This entails the considerable attention towards the way in which capital stock employs labor in the rapid extension of the division and the market exchange resulting to a commercial society. Whereas, individualism agitated for a society in which there is freedom of action for every individual over state or collective control.
A historian viewpoint of capitalism
Marx argued that in the mid-nineteenth century, the system of enterprise factory had been firmly established (Burgan, 2013). The struggles between labor and capital had intensified, consequently cycles of economic contraction and expansion increased severely and frequently. By the end of the century, much attention had been given to the expansion of the banking system and the rapidly growing role of the capital markets.
The war between labor and capital
Capitalist structure necessitates the antagonistic relations between labor and capital. The industrial workers and the unions were labor whereas the capital constituted the financiers and the industrialists. The war triggered on the grounds of wages, aggregation from wartime inflation, working conditions, immigration pressures and union recognition (Haggard, 2001).
The capitalist ideologies still dominate because of their objectives of first wanting to produce a use-value that gives a value in exchange, for instance, a commodity to be sold. Secondly, their desire to produce a commodity which is considered to have a value greater than the total sum of the values used in producing it.
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