Surplus store

Dick Stack, being only eighteen years old, was the founder of DICK’S Sporting Goods in 1948. Dick was an employee at an Army surplus store in Birmingham, New York. He was a devoted fisherman, and the owner of the store Dick worked at asked him to come up with a list of products to get into the fishing tackle business. Dick gave him his list that he came up with, not expecting this output. The store owner told Dick that he was dumb and did not know what he was doing. Dick then quit the store, and went and told his grandmother what had happened. Dick’s grandmother gave him three-hundred dollars to open up his own bait-and-tackle shop. In 1958, he expanded his product line to include much of what you will find at Dick’s Sporting Goods today. The current CEO and Chairman of Dick’s Sporting Goods is Dick’s son, Ed Stack. Dick’s children bought the store from him and are responsible for making Dick’s Sporting Goods a growing industry. Dick’s family has a real passion for sports. Hence the name, Dick’s Sporting Goods sells a full-line of sporting good retails. They offer a broad assortment of many different name brands sporting goods equipment, apparel, and footwear (DICKS, 2016). I.…

As with the property-owning proletariat, these contractors do not sell their labor in fixed increments to capitalists but for a duration of their own choosing. Capitalists cannot extract increase profits by either lengthening the working day, which Marx called absolute surplus value, or by increasing the productivity of the contractors through technological improvements to the means of production, or relative surplus value. Instead, the bourgeoisie must extract surplus value from the contractors…

Summary Karl Marx proposes several ideas about the political economy from modes of production to labor power and wages. With laborers and their labor power, Marx hypothesizes the the true minimum wage should be enough to ensure subsistence. Subsistence is defined as the minimal amount of necessities, such as food and shelter, for laborers to maintain their health in order to return to work the following day (Marx, “Labour-Power and Capital,” p.50). I propose to test this hypothesis by looking…

Accounting for the production of wealth under capitalism, Marx notes that the profit made on any commodity is decided on the outcome of the tension between necessary labor time and surplus labor time.[1] Necessary labor time refers to the amount of labor required for the worker to reproduce themselves as a commodity. That is to say, it is how much money a worker needs to continue performing their tasks as a laborer. Generally, Marx notes the wages a worker accepts reflect the monetary value of…

into earlier eras, capitalists struggled to gather money, which restricted them from filtering it back into the economy. Marx explained how the capitalist’s expansion theory in the modern 19th century has developed that convention degree of prodigality doesn’t take much change of surplus value, and has little effect on the rate of accumulation. In Marx’s time, a conventional degree of prodigality shows wealth. This degree becomes a necessity in doing…

In today’s capitalist society, those who own the means of production must devise ways to rationalize paying their workers at relatively low wages while still trying to earn a profit for their businesses. In this scenario, I will explain how “Moneybags”, the owner of the means of production, rationalizes paying his workers at a factory that assembles cell phone parts, through a Marxist perspective. According to Marx, every day, the worker’s means of subsistence “must therefore be sufficient to…

price. The product is sold under the market price easily since it’s value is of production is now lower. Also the lower market price gives this industry an opportunity to outsell the other firms because the output is being sold below the market price. The innovative industry becomes a price leader and gains super profit because the lower price draws consumers away from its competitors. As a result of this, the other nineteen firms must catch up to the innovative firm that instigated the change…

proletariat sells to the capitalists in supplemental payments. The price of wages, or labor power, hinges on components entirely unrelated and separate of the real value produced by workers. This contrast is the core element of what Marx called, "surplus value.” The capitalist takes advantage of the proletariat’s diminished human nature and desperation to work in order to maintain the standard of living that Marx expresses, “the price of his labor will, therefore, be determined by the price of…

exposure to toxic chemicals, and explosions are a daily danger to these people all in exchange for a wage. Why don 't we see about these poor conditions in the media? Why don 't we read about the labor that is put into these commodities? Well for starters many of our media sources are sponsored by big companies such as Apple. Imagine one of these media companies exposing what goes on in an Apple factory, it is of no doubt that this company will lose their sponsorship and funding provided by…

industries. As ironic as this sounds, there is significant amount of evidence in modern society of that capitalism can turn into its reciprocal. Globalization, within the economic value helped stimulate more accessible movement of capital and labor among developed and developing nations in the 20th century after the second World War. Ironically enough, while the many nations that were fighting Communism, actually embraced the echoes that were sounded by Marx (1894), almost a century earlier. As…