The essential characteristic of capitalism

  1) What, according to the author, James Fulcher, is the essential characteristic of capitalism? (Word limit: 25). 2) In the English cotton industry of the early nineteenth century, what was the main cost to a cotton manufacturer of producing cotton? (Word limit: 25) 3) What does the answer to the previous question imply about the source of conflict as industrial capitalism developed? (Fulcher 2004, p. 6)? (Word limit: 50) 4) What is “speculation”? Elucidate your answer with the example of housing – how can housing be used as a tool of speculation? (Word limit: 75) 5) What are the “means of production” in a capitalist society and who owns them? (Word limit: 50)