Capitalism
Capitalism is can be simply defined as an economic system, marked by open competition in a free market, in which the means of production and distribution are privately or corporately owned and development is proportionate to increasing accumulation and reinvestment of profits. However, capitalism tends to incorporate a certain "way of thinking", driven by greed, the search for ever-increasing profits, worldwide expansion, and internal development. Starting from the earliest origins of capitalism, only societies with the capabilities and the appropriate mindset could flourish amidst this period of economic, social, and religious dispersion. The earliest form of capitalism is seen in feudalism, the political and economic system based on the relation of lord to vassal held on conditions of homage and service. Feudalism was characterized by a surplus of agriculture and monopolistic rights, as only the members of town guilds could practice certain trades. Essentially, monopolistic redistribution of the product of society has been the essence of capitalism from the beginning, which originated from Feudalism. The earliest establishment of capitalism originated in Rome through mercantilism. Mercantilism involves the distribution
of goods in order to realize a profit, which is the fundamental goal of capitalism. Goods were bought at one site for a certain price and then moved to another site and sold at a higher price. As the Roman Empire expanded, mercantilism correspondingly expanded. But the fall of the Roman Empire caused European economies do eventually lose its focus of mercantilism and localize their economies. However, these mercantilist ideas gradually evolved into capitalism in the era after the fall of Rome. The absence of empires created the social space for capitalism. Capitalism was similar to mercantilism in its large-scale search for profit by acquiring goods at lower prices than one sells them. The Second Industrial Revolution was a flourish of new technology and application of new sources of power. England, whose capital was invested into older machinery, became less efficient. Subsequently, England lost its sea power to the Germans in World War I. Companies became as big as countries in terms of net income in smaller nations. Oligopolies and monopolies thrived and controlled vital markets. "This Second Industrial Revolution promoted the shift from competitive to monopoly capitalism."(Stav. 258). Developments achieved in the Second Industrial Revolution were responsible for the shift from waning colonialism to a worldwide scramble for colonies. England was easily suited to inc
Some common words found in the essay are:
Industrial Revolution, , Roman Empire, Western Europe, Western Europeans, Europe Capitalism's, China Chinese, War Companies, industrial revolution, Subsequently England, third world, world nations, third world nations, economic system, raw materials, merchants forbidden, merchant class, technological advancements, roman empire, population increase,
Approximate Word count = 940
Approximate Pages = 4 (250 words per page double spaced)
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