Southern Capitalism challenges prevailing views of Southern development by arguing that the persisting peculiarities of the Southern economy-such as low wages and high poverty rates-have not resulted from barriers to capitalist development, nor from the lingering influence of planter values. Wood argues that these peculiarities can instead be best understood as the consequence of a strategy of capitalist development, based on the creation and preservation of social conditions and relations conducive to the above-average exploitation of labor by capital. focusing on the evolving relationship between capital and labor as the core of this strategy, Wood follows the process of capitalist industrialization in North Carolina from its beginnings in the aftermath of the Civil War to the 1980s.
Tables and Figures ix Acknowledgments xiii 1. Introduction 1 2. The Origins of Industrial Capitalism in North Carolina 22 3. The Relocation of the Cotton Textile Industry, 1895-1939: The Political Economy of the "Stretch-Out" 59 4. Capital, Exploitation, and the State of North Carolina: Theoretical Considerations 94 5. Capital, Exploitation, and the State in North Carolina: From the Civil War to the New Deal and Beyond 106 6. State Economic Development Policy and the Pattern of Postwar Industrialization 157 7. Conclusion: Prospects for the Future 200 Appendix 206 Notes 209 Bibliography 250 Index 268