Science is the last—and after labor the most important—social property to be turned into an adjunct of capital. The story of its conversion from the province of amateurs, “philosophers,” tinkerers, and seekers after knowledge to its present highly organized and lavishly financed state is largely the story of its incorporation into the capitalist firm and subsidiary organizations. At first science costs the capitalist nothing, since he merely exploits the accumulated knowledge of the physical sciences, but later the capitalist systematically organizes and harnesses science, paying for scientific education, research, laboratories, etc., out of the huge surplus social product which either belongs directly to him or which the capitalist class as a whole controls in the form of tax revenues. A formerly relatively free-floating social endeavor is integrated into production and the market.

By the last quarter of the nineteenth century, what Landes called “the exhaustion of the technological possibilities of the Industrial Revolution” had set in.20 The new scientific-technical revolution which replenished the stock of technological possibilities had a conscious and purposive character largely absent from the old. In place of spontaneous innovation indirectly evoked by the social processes of production came the planned progress of technology and product design. This was accomplished by means of the transformation of science itself into a commodity bought and sold like the other implements and labors of production. From an “external economy,” scientific knowledge has become a balance-sheet item.21 Like all commodities, its supply is called forth by demand, with the result that the development of materials, power sources, and processes has become less fortuitous and more responsive to the immediate needs of capital. The scientific-technical revolution, for this reason, cannot be understood in terms of specific innovations—as in the case of the Industrial Revolution, which may be adequately characterized by a handful of key inventions—but must be understood rather in its totality as a mode of production into which science and exhaustive engineering investigations have been integrated as part of ordinary functioning. The key innovation is not to be found in chemistry, electronics, automatic machinery, aeronautics, atomic physics, or any of the products of these science-technologies, but rather in the transformation of science itself into capital.*