The German catastrophe was of course the vortex of other catastrophes : Jewish, French, Gypsy, Polish and Russian, to name but a few way stations on the descent into hell. What the National Socialists wrought is, without a doubt, a cause of moral outrage, but outrage is not enough. It is vital that we gain an analytic purchase on what transpired, precisely because it embodied a possibility for humankind, and what was humanly possible can happen again.

Where Adam Smith and David Ricardo had envisaged a growing worldwide division of labor, they had thought that each country would freely select the commodities it was most qualified to produce, and that each would exchange its optimal commodity for the optimal commodity of others. Thus in Ricardo's example, Britain would send Portugal its textiles, while Britons would consume Portuguese wines in turn. What his vision of free commodity exchange omits are the constraints that governed the selection of particular commodities, and the political and military sanctions used to ensure the continuation of quiet asymmetrical exchanges that benefited one party while diminishing the assets of another.

Wealth in the hands of the holders of wealth is not capital until it controls the means of production, buys labor power, and puts it to work, continuously expanding surpluses by intensifying productivity through an ever-rising curve of technological inputs.

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American wheat, sold in Europe at lower prices than the domestic product, brought on a crisis in European peasant agriculture, sending a migrant stream of ruined peasants to seek new sources of livelihood in the burgeoning Americas. Ironically many of them made the journey westward on the same ships that carried to Europe the wheat that proved their undoing.

The capitalist mode acts to accumulate capital through the hiring of labor power, but is marked by the cyclical alternation of labor mobilization and labor displacement; each intake of labor power uproots some prior adaptation, while each sloughing off of labor power creates a new cohort of the unemployed.

The major vehicle of for the transition to the capitalist mode of production was the textile industry of eighteenth - century England. In cloth production mercantile wealth was visibly transformed into capital, as it acquired the dual function of purchasing machines and raw materials, on the one hand, and buying human energy to power their operation on the other.