Benjamin Disraeli used the term in his 1845 work Sybil. Pierre-Joseph Proudhon used the term in his first work, What is Property? (1840), to refer to the owners of capital. English poet Samuel Taylor Coleridge used "capitalist" in his work Table Talk (1823). In his Principles of Political Economy and Taxation (1817), David Ricardo referred to "the capitalist" many times. : 234 In French, Étienne Clavier referred to capitalistes in 1788, four years before its first recorded English usage by Arthur Young in his work Travels in France (1792). The Hollantse ( German: holländische) Mercurius uses "capitalists" in 16 to refer to owners of capital. : 232 By 1283, it was used in the sense of the capital assets of a trading firm and was often interchanged with other words-wealth, money, funds, goods, assets, property and so on. Capitale emerged in the 12th to 13th centuries to refer to funds, stock of merchandise, sum of money or money carrying interest. "Capitalism" is derived from capital, which evolved from capitale, a late Latin word based on caput, meaning "head"-which is also the origin of " chattel" and " cattle" in the sense of movable property (only much later to refer only to livestock). The term "capitalist", meaning an owner of capital, appears earlier than the term "capitalism" and dates to the mid-17th century. Etymology Other terms sometimes used for capitalism: Economic growth is a characteristic tendency of capitalist economies. Modern industrial capitalist societies developed in Western Europe in a process that led to the Industrial Revolution. Market economies have existed under many forms of government and in many different times, places and cultures. During the 19th century, capitalism was largely unregulated by the state, but became more regulated in the post- World War II period through Keynesianism, followed by a return of more unregulated capitalism starting in the 1980s through neoliberalism. Through the process of globalization, capitalism spread across the world in the 19th and 20th centuries, especially before World War I and after the end of the Cold War. The Industrial Revolution of the 18th century established capitalism as a dominant mode of production, characterized by factory work and a complex division of labor. Ĭapitalism in its modern form emerged from agrarianism in 16th century England and mercantilist practices by European countries in the 16th to 18th centuries. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning. The extent to which different markets are free and the rules defining private property are matters of politics and policy. The degree of competition in markets and the role of intervention and regulation, as well as the scope of state ownership, vary across different models of capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social policies. These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism, and welfare capitalism. Įconomists, historians, political economists, and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets-whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets. Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor. Capitalism is an economic system based on the private ownership of the means of production and their operation for profit.
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