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Emergence And Development Of Capitalism
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Emergence And Development Of Capitalism
EMERGENCE AND DEVELOPMENT OF CAPITALISMCapitalism is understood as an economic and social system in which capital, the non-labor factors of production (also known as the means of production), is privately owned; labor, goods and capital are traded in markets; and profits distributed to owners or invested in technologies and industries. This is economic system has been dominant in the Western world since the breakup of feudalism. The key features of the capitalist economy are commodities (capital and consumer goods), money (a means of exchange and standard value), labor (human capital), means of production and production.
Capitalism has developed incrementally from the 16th century in Europe following the demise of feudalism, although capitalist-like organizations and economies existed in the ancient world, and early aspects of merchant capitalism flourished during the late Middle Ages.
Capitalism gradually spread throughout Europe, and in the 19th and 20th centuries, it provided the main means of industrialization throughout much of the world.
KEY PHASES IN THE EMERGENCE AND DEVELOPMENT OF CAPTALISM
1. ISLAMIC CAPITALISM 8TH TO 12TH CENTURY AD
What is referred by some historians as the ‘Islamic capitalism’ is considered by many to be the earliest forms of capitalism and free markets; it flourished during the Islamic Golden Age and the Muslim Agricultural Revolution.
This era was characterized by:
a. A vigorous monetary economy – Based on the expanding circulation of a stable high value currency (the dinar).
b. Integration of previously independent monetary areas
c. Innovative new business techniques and forms of business organization – such as trading companies, big businesses, contracts, bills of exchange, long-distance international trade, partnerships (mufawada), limited partnership (mudaraba), credit, debt, profit, loss, capital (al-mal), capital accumulation (nama al-mal), double entry bookkeeping, lawsuits etc.
Many of these early...
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