The Age of Capital, 1848-1875

Synopsis

The first and best, major treatment of the crucial years 1848-1875, a penetrating analysis of the rise of capitalism throught the world.

In the 1860s a new word entered the economic and political vocabulary of the world: 'capitalism'. The global triumph of capitalism is the major theme of history in the decades after 1848. It was the triumph of a society which believed that economic growth rests on competitive private enterprise, on success in buying everything in the cheapest market (including labour) and selling it in the dearest. An economy so based, and therefore nestling naturally on the sound foundations of a bourgoisie composed of those whom energy, merit and intelligence had raised to their position and kept there, would - it was believed - not only create a world of suitably distributed material plenty but of ever-growing enlightenment, reason and human opportunity, an advance of the sciences and the arts, in brief a world of continuous and accelerating material and moral progress.

Summary

Chapter 1: The Year of Revolutions

* Summary: 1848 was a year of widespread political and social unrest across Europe, sparked by economic hardship and the aspirations of the working class.
* Example: The February Revolution in France, which overthrew the monarchy and established the Second Republic.

Chapter 2: The Rise of Capitalism

* Summary: The industrial revolution and the growth of global trade led to the emergence of capitalism as the dominant economic system, leading to significant social, economic, and cultural changes.
* Example: The development of the railroad industry in the United States and Britain, which spurred economic growth and interconnected nations.

Chapter 3: The Struggle for Labor Rights

* Summary: As capitalism expanded, workers faced exploitation and poor working conditions. They organized into labor unions and demanded improved wages, benefits, and working hours.
* Example: The formation of the National Labor Union in the United States, which advocated for workers' rights and social reforms.

Chapter 4: The Rise of Nationalism

* Summary: Industrialization and economic growth led to a surge in nationalism, as people developed a sense of belonging to their nation-states.
* Example: The Franco-Prussian War of 1870-1871, which resulted in the unification of Germany and the decline of French power.

Chapter 5: The Age of Imperialism

* Summary: European powers sought to expand their influence and control over overseas territories, leading to the era of imperialism.
* Example: The Scramble for Africa, where European countries competed to colonize and exploit the continent's resources.

Chapter 6: The Transformation of Cities

* Summary: Industrialization and population growth led to a rapid expansion of cities, resulting in overcrowding, pollution, and social problems.
* Example: New York City's transformation from a small town into a bustling metropolis, becoming a hub for immigration and industry.

Chapter 7: The Arts and Culture

* Summary: The Age of Capital witnessed significant changes in the arts and culture, as artists and intellectuals responded to the social and economic transformations of the era.
* Example: The rise of realism and impressionism in painting, which reflected the experiences and perspectives of ordinary people.

Chapter 8: The Legacy of the Age of Capital

* Summary: The Age of Capital had a profound impact on the world, shaping its economic, political, and social structures. It also left a legacy of inequality, exploitation, and technological advancements.
* Example: The ongoing debates over the role of government in regulating capitalism and ensuring social justice in the 21st century.