History of capitalism

The history of capitalism is diverse and the concept of capitalism has many debated roots. The history of the past 500 years is concerned with the development of capitalism in its various forms. Capital accumulated by a variety of methods, at a variety of scales, became associated with much variation in the concentration of wealth and economic power. Capitalism gradually became the dominant economic system throughout the world. The processes by which capitalism emerged, evolved, and spread are the subject of extensive research and debate among historians. Debates sometimes focus on how to bring substantive historical data to bear on key questions. Key parameters of debate include: the extent to which capitalism is a natural human behavior, versus the extent to which it arises from specific historical circumstances; whether its origins lie in towns and trade or in rural property relations; the role of class conflict; the role of the state; the extent to which capitalism is a distinctively European innovation; its relationship with European imperialism; whether technological change is a driver or merely a secondary byproduct of capitalism; and whether or not it is the most beneficial way to organize human societies. The historiography of capitalism can be divided into two broad schools. One is associated with economic liberalism, with the 18th-century economist Adam Smith as a foundational figure. The other is associated with Marxism, drawing particular inspiration from the 19th-century economist Karl Marx. Liberals view capitalism as an expression of natural human behaviors that have been in evidence for millennia and the most beneficial way of promoting human well-being. They see capitalism as originating in trade and commerce, and freeing people to exercise their entrepreneurial natures. Marxists view capitalism as a unique mode of production involving the bourgeoisie and the proletariat that emerged as a result of the fall of feudalism and the beginning of the Industrial Revolution.

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History of capitalism

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