1.As we learned thus far, the capitalist class consists of people who own wealth, as well as the means of production in American society. An important question in understanding how this class works is to ask: how does a capitalist remain wealthy? The answer to this question depends largely on understanding the diagram M-C-M\u2019. So, let\u2019s practice by explaining what happens in this diagram in our own words (but basing our ideas on Reading 5.1). Respond to the following question: Explain M-C-M\u2019 to show how capitalists maintain and increase their wealth. (hint: your answer should weave a summary that includes what you reviewed in the self-assessment exercise question 1-7)<\/p>\n\n\n\n
The first M of the diagram \u201cM-C-M\u201d stands for money, the idea is using money to buy commodities, here C stands for commodity or goods. However the commodity one buys not for one\u2019s own use, but in order to sell if to make more money. The last M describes how capitalists get wealthy. Capitalists have the power to allocate resources, they rely on the allocation of resources to make more money. Also Capitalists optimize the value of commodities to increase the social value of capital operations. Because capital has value-added properties, capitalists can pursue maximization of profits. In the end, capitalists’ advantages and interests are getting bigger and bigger like “snowballs”. That\u2019s why they are becoming more wealthy. <\/p>\n","protected":false},"excerpt":{"rendered":"
1.As we learned thus far, the capitalist class consists of people who own wealth, as well as the means of production in American society. An important question in understanding how this class works is to ask: how does a capitalist remain wealthy? The answer to this question depends largely on understanding the diagram M-C-M\u2019. So,…<\/p>\n","protected":false},"author":3735,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"portfolio_post_id":0,"portfolio_citation":"","portfolio_annotation":"","openlab_post_visibility":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-3143","post","type-post","status-publish","format-standard","hentry","category-discussion-board-5-2"],"_links":{"self":[{"href":"https:\/\/openlab.bmcc.cuny.edu\/pol-100-0503-introduction-to-american-government-summer-2021\/wp-json\/wp\/v2\/posts\/3143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/openlab.bmcc.cuny.edu\/pol-100-0503-introduction-to-american-government-summer-2021\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/openlab.bmcc.cuny.edu\/pol-100-0503-introduction-to-american-government-summer-2021\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/openlab.bmcc.cuny.edu\/pol-100-0503-introduction-to-american-government-summer-2021\/wp-json\/wp\/v2\/users\/3735"}],"replies":[{"embeddable":true,"href":"https:\/\/openlab.bmcc.cuny.edu\/pol-100-0503-introduction-to-american-government-summer-2021\/wp-json\/wp\/v2\/comments?post=3143"}],"version-history":[{"count":1,"href":"https:\/\/openlab.bmcc.cuny.edu\/pol-100-0503-introduction-to-american-government-summer-2021\/wp-json\/wp\/v2\/posts\/3143\/revisions"}],"predecessor-version":[{"id":3144,"href":"https:\/\/openlab.bmcc.cuny.edu\/pol-100-0503-introduction-to-american-government-summer-2021\/wp-json\/wp\/v2\/posts\/3143\/revisions\/3144"}],"wp:attachment":[{"href":"https:\/\/openlab.bmcc.cuny.edu\/pol-100-0503-introduction-to-american-government-summer-2021\/wp-json\/wp\/v2\/media?parent=3143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/openlab.bmcc.cuny.edu\/pol-100-0503-introduction-to-american-government-summer-2021\/wp-json\/wp\/v2\/categories?post=3143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/openlab.bmcc.cuny.edu\/pol-100-0503-introduction-to-american-government-summer-2021\/wp-json\/wp\/v2\/tags?post=3143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}