Search results
Results from the WOW.Com Content Network
Modern capitalism resembles some elements of mercantilism in the early modern period between the 16th and 18th centuries. [20] [21] Early evidence for mercantilist practices appears in early modern Venice, Genoa, and Pisa over the Mediterranean trade in bullion. The region of mercantilism's real birth, however, was the Atlantic Ocean. [22]
Most scholars consider the era of merchant capitalism and mercantilism as the origin of modern capitalism, [48] [50] although Karl Polanyi argued that the hallmark of capitalism is the establishment of generalized markets for what he called the "fictitious commodities", i.e. land, labor and money. Accordingly, he argued that "not until 1834 was ...
The Origin of Capitalism is a 1999 book on history and political economy, specifically the history of capitalism, by the political theorist Ellen Meiksins Wood, written from the perspective of political Marxism. It was reviewed as an "Outstanding Academic Book" by Michael Perelman. [1]
Ayn Rand defined capitalism as a social system based on the recognition of individual rights, including property rights, in which all property is privately owned, and called it the unknown ideal. [1] Robert LeFevre , an American libertarian and primary theorist of autarchism , defined capitalism as savings and capital —in essence—as savings ...
The means of production (or capital goods) and the means of consumption (or consumer goods) are mainly produced for market sale; output is produced with the intention of sale in an open market; and only through sale of output can the owner of capital claim part of the surplus-product of human labour and realize profits.
Capital accumulation is the dynamic that motivates the pursuit of profit, involving the investment of money or any financial asset with the goal of increasing the initial monetary value of said asset as a financial return whether in the form of profit, rent, interest, royalties or capital gains.
In the national accounts (e.g., in the United Nations System of National Accounts and the European System of Accounts) gross capital formation is the total value of the gross fixed capital formation (GFCF), plus net changes in inventories, plus net acquisitions less disposals of valuables for a unit or sector.
In Marxian economics and preceding theories, [1] the problem of primitive accumulation (also called previous accumulation, prior accumulation, or original accumulation) of capital concerns the origin of capital and therefore how class distinctions between possessors and non-possessors came to be.