Portal:Capitalism

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Capitalism is an economic system based on the private ownership of the means of production and their use for the purpose of obtaining profit. This socioeconomic system has developed historically through several stages, and is defined by a number of basic constituent elements: private property, profit motive, capital accumulation, competitive markets, commodification, wage labor, and an emphasis on innovation and economic growth. Capitalist economies may experience business cycles of economic growth followed by recessions.

Economists, historians, political economists, and sociologists 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, state capitalism, and welfare capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social policies. 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. The extent to which different markets are free and the rules defining private property are matters of politics and policy. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning.

Capitalism in its modern form emerged from agrarianism in England, as well as mercantilist practices by European countries between the 16th and 18th centuries. 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. 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. 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. (Full article...)

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Norwich Market (also known as Norwich Provision Market) is an outdoor market consisting of around 200 stalls in central Norwich, England. Founded in the latter part of the 11th century to supply Norman merchants and settlers moving to the area following the Norman conquest of England, it replaced an earlier market a short distance away. It has been in operation on the present site for over 900 years.

By the 14th century, Norwich was one of the largest and most prosperous cities in England, and Norwich Market was a major trading hub. Control of, and income from, the market was ceded by the monarchy to the city of Norwich in 1341, from which time it provided a significant source of income for the local council. Freed from royal control, the market was reorganised to benefit the city as much as possible. Norwich and the surrounding region were devastated by plague and famine in the latter half of the 14th century, with the population falling by over 50%. Following the plague years, Norwich came under the control of local merchants and the economy was rebuilt. In the early 15th century, a Guildhall was built next to the market to serve as a centre for local government and law enforcement. The largest surviving mediaeval civic building in Britain outside London, it remained the seat of local government until 1938 and in use as a law court until 1985. (Full article...)

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Carl Menger (German: [ˈmɛŋɐ]; February 23, 1840 – February 26, 1921) was an Austrian economist and the founder of the Austrian School of economics. Menger contributed to the development of the theory of marginalism, (marginal utility), which rejected the cost-of-production theories of value, such as were developed by the classical economists such as Adam Smith and David Ricardo. Menger used his “Subjective Theory of Value” to arrive at what he considered one of the most powerful insights in economics: both sides gain from exchange. (Full article...)

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Because Soviet enterprises were not under the same financial constraints as capitalist enterprises, they acquired more machines than they needed, "which then gather dust in warehouses or rust out of doors," as the Soviet economists put it. In short, Soviet enterprises were not forced to economize-that is, to treat their resources as both scarce and valuable in alternative uses, for the alternative users were not bidding for those resources, as they would in a market economy. While such waste cost individual Soviet enterprises little or nothing, they cost the Soviet people dearly, in the form of a lower standard of living than their resources and technology were capable of producing.

Such a waste of inputs as these economists described could not of course continue in the kind of economy where these inputs would have to be purchased in competition with alternative users, and where the enterprise itself could survive only be keeping its costs lower than its sales receipts. In such a price-coordinated capitalist system, the amounts of inputs ordered would be based on the enterprise's most accurate estimate of what was really required, not on how much its managers could persuade higher government officials to let them have.

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— Thomas Sowell (1930)
Basic Economics , 2015

General images

The following are images from various capitalism-related articles on Wikipedia.

Image 1British East India Company 1801 (from History of capitalism)
Image 2An industrial worker among heavy steel machine parts (Kinex Bearings, Bytča, Slovakia, c. 1995–2000) (from Capitalism)
Image 3The gold standard formed the financial basis of the international economy from 1870 to 1914. (from Capitalism)
Image 4A painting of a French seaport from 1638 at the height of mercantilism (from Capitalism)
Image 5Decaying hedges mark the lines of the straight field boundaries created by an inclosure act. (from History of capitalism)
Image 6Portrait of traders at the Børsen, Copenhagen (Peder Severin Krøyer, 1895) (from History of capitalism)
Image 7Augsburg, the centre of early capitalism (from Capitalism)
Image 8The Watt steam engine, fuelled primarily by coal, propelled the Industrial Revolution in Britain. (from Capitalism)
Image 9Adam Smith (from Capitalism)
Image 10The New York stock exchange traders' floor (1963) (from History of capitalism)
Image 11The New York Stock Exchange (from History of capitalism)
Image 12The Industrial Workers of the World poster "Pyramid of Capitalist System" (1911) (from Capitalism)
Image 13The Anglo-Dutch Wars were fought between the English and the Dutch for control over the seas and trade routes. (from History of capitalism)
Image 14Sir Josiah Child, an influential proponent of mercantilism. Painting attributed to John Riley. (from History of capitalism)
Image 15The gold standard formed the financial basis of the international economy from 1870 to 1914. (from History of capitalism)
Image 16The subscription room at Lloyd's of London in the early 19th century (from Capitalism)
Image 17The Spinning mule, built by the inventor Samuel Crompton (from History of capitalism)
Image 18The economic model of supply and demand states that the price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D): the diagram shows a positive shift in demand from D₁ to D₂, resulting in an increase in price (P) and quantity sold (Q) of the product. (from Capitalism)
Image 19Map of a medieval manor. Notice the large commons area and the division of land into small strips. The mustard-colored areas are part of the demesne, the hatched areas part of the glebe.
William R. Shepherd, Historical Atlas, 01923 (from History of capitalism)
Image 20The city of Genoa, one of the birthplaces of capitalism (from History of capitalism)
Image 21The New York stock exchange traders' floor (1963) (from Capitalism)
Image 22Gustave Doré's 19th-century engraving depicted the dirty, overcrowded slums where the industrial workers of London lived. (from History of capitalism)
Image 23Cosimo de' Medici (pictured in a 16th-century portrait by Pontormo) built an international financial empire and was one of the first Medici bankers. (from Capitalism)
Image 24The Rothschild family revolutionised international finance. The Frankfurt terminus of the Taunus Railway was financed by the Rothschilds and opened in 1840 as one of Germany's first railways. (from History of capitalism)
Image 2519th-century Great Britain become the first global economic superpower, because of superior manufacturing technology and improved global communications such as steamships and railroads. (from History of capitalism)
Image 26Robert Clive with the Nawabs of Bengal after the Battle of Plassey which began the British rule in Bengal (from Capitalism)

Did you know

... that John C. Osgood strongly opposed labor unions and tried welfare capitalism at his company town of Redstone, Colorado, to discourage his workers from forming unions and striking?
... that William Douglass was an 18th century American physician whose pamphlets on paper money led Adam Smith to call him "honest and downright"?
... that Japanese historian and economist Taguchi Ukichi has often been referred to as the Adam Smith of Japan?

Other "Did you know" facts...

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Capitalism topics

Capitalism .. Private property .. Economic freedom .. Laissez-faire .. British Agricultural Revolution .. Industrial Revolution .. Klondike Gold Rush .. Marketplace .. Prices .. Money .. Wage .. Taxes .. Patent .. Capitalist mode of production .. Criticisms of socialism .. Adam Smith .. Milton Friedman .. Ludwig Von Mises .. Murray N. Rothbard .. The Wealth of Nations .. The Protestant Ethic and the Spirit of Capitalism .. Capital and Interest .. Capitalism and Freedom .. American capitalism .. Corporate capitalism .. Democratic capitalism .. Anarcho-capitalism .. State capitalism .. Welfare capitalism .. Ronald Reagan

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