Capitalism Wikipedia.Capitalism is an economic system and an ideology based on private ownership of the means of production and their operation for profit.Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets.In a capitalist market economy, decision making and investment are determined by the owners of the factors of production in financial and capital markets, whereas prices and the distribution of goods are mainly determined by competition in the market.Economists, political economists, sociologists, and historians have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice.These include laissez faire or free market capitalism, welfare capitalism and state capitalism.Different forms of capitalism feature varying degrees of free markets, public ownership,8 obstacles to free competition and state sanctioned social policies.The degree of competition in markets, the role of intervention and regulation and the scope of state ownership vary across different models of capitalism.The extent to which different markets are free, as well as the rules defining private property, are matters of politics and policy.Most existing capitalist economies are mixed economies, which combine elements of free markets with state intervention and in some cases economic planning.Market economies have existed under many forms of government, in many different times, places and cultures.However, the development of capitalist societies marked by a universalization of money based social relations, a consistently large and system wide class of workers who must work for wages and a capitalist class which dominates control of wealth and political power developed in Western Europe in a process that led to the Industrial Revolution.Capitalist systems with varying degrees of direct government intervention have since become dominant in the Western world and continue to spread.Capitalism has been criticized for establishing power in the hands of a minority capitalist class that exists through the exploitation of a working class majority for prioritizing profit over social good, natural resources and the environment and for being an engine of inequality and economic instabilities.Simple Private Money System ExerciserSupporters argue that it provides better products through competition, creates strong economic growth, yields productivity and prosperity that greatly benefits society, as well as being the most efficient system known for allocation of resources.EtymologyeditThe term capitalist, meaning an owner of capital, appears earlier than the term capitalism and it dates back to the mid 1.Capitalism is derived from capital, which evolved from capitale, a late Latin word based on caput, meaning head also the origin of chattel and cattle in the sense of movable property only much later to refer only to livestock.Capitale emerged in the 1.By 1. 28. 3, it was used in the sense of the capital assets of a trading firm and it was frequently interchanged with a number of other words wealth, money, funds, goods, assets, property and so on.Find out what natural nutritious foods boosts you mental and physical energy.This is my story about how I bought a 12unit apartment building with private money.Learn from my mistakes and how to raise money for your deals.Are you a coder or whitehat hacker looking to make some money on the side Bug bounty hunting might be the perfect gig for you.The Hollandische Mercurius uses capitalists in 1.In French, tienne Clavier referred to capitalistes in 1.English usage by Arthur Young in his work Travels in France 1.In his Principles of Political Economy and Taxation 1.David Ricardo referred to the capitalist many times.Samuel Taylor Coleridge, an English poet, used capitalist in his work Table Talk 1.Pierre Joseph Proudhon used the term capitalist in his first work, What is Property Benjamin Disraeli used the term capitalist in his 1.Sybil. 2. 4The initial usage of the term capitalism in its modern sense has been attributed to Louis Blanc in 1.What I call capitalism that is to say the appropriation of capital by some to the exclusion of others and Pierre Joseph Proudhon in 1.Economic and social regime in which capital, the source of income, does not generally belong to those who make it work through their labour.Karl Marx and Friedrich Engels referred to the capitalistic system3.The Capital 1. 86.The use of the word capitalism in reference to an economic system appears twice in Volume I of The Capital, p.German edition and in Theories of Surplus Value, tome II, p.German edition. Marx did not extensively use the form capitalism, but instead those of capitalist and capitalist mode of production, which appear more than 2,6.The Capital. According to the Oxford English Dictionary OED, the term capitalism first appeared in English in 1. Chatter Reduction Through Active Vibration Damping Rubber there. The Newcomes by novelist William Makepeace Thackeray, where he meant having ownership of capital.Also according to the OED, Carl Adolph Douai, a German Americansocialist and abolitionist, used the phrase private capitalism in 1.HistoryeditCapital has existed incipiently on a small scale for centuries,3.Simple commodity exchange, and consequently simple commodity production, which are the initial basis for the growth of capital from trade, have a very long history.The capitalistic era according to Karl Marx dates from 1.Marx knew that wage labour existed on a modest scale for centuries before capitalist industry.Early Islam promulgated capitalist economic policies, which migrated to Europe through trade partners from cities such as Venice.Capitalism in its modern form can be traced to the emergence of agrarian capitalism and mercantilism in the Renaissance.Thus for much of history, capital and commercial trade existed, but it did not lead to industrialisation or dominate the production process of society.That required a set of conditions, including specific technologies of mass production, the ability to independently and privately own and trade in means of production, a class of workers willing to sell their labour power for a living, a legal framework promoting commerce, a physical infrastructure allowing the circulation of goods on a large scale, and security for private accumulation.Many of these conditions do not currently exist in many Third World countries, although there is plenty of capital and labour.Thus, the obstacles for the development of capitalist markets are less technical and more social, cultural and political.Agrarian capitalismeditThe economic foundations of the feudal agricultural system began to shift substantially in 1.England the manorial system had broken down, and land began to become concentrated in the hands of fewer landlords with increasingly large estates.Instead of a serf based system of labor, workers were increasingly employed as part of a broader and expanding money based economy.The system put pressure on both landlords and tenants to increase the productivity of agriculture to make profit the weakened coercive power of the aristocracy to extract peasant surpluses encouraged them to try better methods, and the tenants also had incentive to improve their methods, in order to flourish in a competitive labor market.Terms of rent for land were becoming subject to economic market forces rather than to the previous stagnant system of custom and feudal obligation.Simple Private Money System Exercises' title='Simple Private Money System Exercises' />By the early 1.England was a centralized state in which much of the feudal order of Medieval Europe had been swept away.This centralization was strengthened by a good system of roads and by a disproportionately large capital city, London.The capital acted as a central market hub for the entire country, creating a very large internal market for goods, contrasting with the fragmented feudal holdings that prevailed in most parts of the Continent.Mercantilismedit.A painting of a French seaport from 1.The economic doctrine prevailing from the 1.This period, the Age of Discovery, was associated with the geographic exploration of the foreign lands by merchant traders, especially from England and the Low Countries.Mercantilism was a system of trade for profit, although commodities were still largely produced by non capitalist methods.Most scholars consider the era of merchant capitalism and mercantilism as the origin of modern capitalism,4.Karl Polanyi argued that the hallmark of capitalism is the establishment of generalized markets for what he called the fictitious commodities land, labor, and money.Accordingly, he argued that not until 1.
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