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class="vector-toc-numb">2</span> <span>Merchant capitalism and mercantilism</span> </div> </a> <button aria-controls="toc-Merchant_capitalism_and_mercantilism-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Merchant capitalism and mercantilism subsection</span> </button> <ul id="toc-Merchant_capitalism_and_mercantilism-sublist" class="vector-toc-list"> <li id="toc-Precedents" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Precedents"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Precedents</span> </div> </a> <ul id="toc-Precedents-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Emergence" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Emergence"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Emergence</span> </div> </a> <ul id="toc-Emergence-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Doctrines" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Doctrines"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Doctrines</span> </div> </a> <ul id="toc-Doctrines-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Chartered_trading_companies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Chartered_trading_companies"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Chartered trading companies</span> </div> </a> <ul id="toc-Chartered_trading_companies-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Industrial_capitalism" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Industrial_capitalism"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Industrial 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vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" 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Available in 14 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-14" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">14 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE_%D8%A7%D9%84%D8%B1%D8%A3%D8%B3%D9%85%D8%A7%D9%84%D9%8A%D8%A9" title="تاريخ الرأسمالية – Arabic" lang="ar" hreflang="ar" data-title="تاريخ الرأسمالية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Kapitalizmin_tarixi" title="Kapitalizmin tarixi – Azerbaijani" lang="az" hreflang="az" data-title="Kapitalizmin tarixi" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Hist%C3%B2ria_del_capitalisme" title="Història del capitalisme – Catalan" lang="ca" hreflang="ca" data-title="Història del capitalisme" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Historia_del_capitalismo" title="Historia del capitalismo – Spanish" lang="es" hreflang="es" data-title="Historia del capitalismo" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Kapitalismoaren_historia" title="Kapitalismoaren historia – Basque" lang="eu" hreflang="eu" data-title="Kapitalismoaren historia" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Histoire_du_capitalisme" title="Histoire du capitalisme – French" lang="fr" hreflang="fr" data-title="Histoire du capitalisme" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Historia_do_capitalismo" title="Historia do capitalismo – Galician" lang="gl" hreflang="gl" data-title="Historia do capitalismo" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9E%90%EB%B3%B8%EC%A3%BC%EC%9D%98%EC%9D%98_%EC%97%AD%EC%82%AC" title="자본주의의 역사 – Korean" lang="ko" hreflang="ko" data-title="자본주의의 역사" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Sejarah_kapitalisme" title="Sejarah kapitalisme – Indonesian" lang="id" hreflang="id" data-title="Sejarah kapitalisme" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%AF_%D9%BE%D8%A7%D9%86%DA%AB%D9%88%D8%A7%D9%84_%D9%86%D8%B8%D8%A7%D9%85_%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE" title="د پانګوال نظام تاريخ – Pashto" lang="ps" hreflang="ps" data-title="د پانګوال نظام تاريخ" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%D9%85%DB%8E%DA%98%D9%88%D9%88%DB%8C_%D8%B3%DB%95%D8%B1%D9%85%D8%A7%DB%8C%DB%95%D8%AF%D8%A7%D8%B1%DB%8C" title="مێژووی سەرمایەداری – Central Kurdish" lang="ckb" hreflang="ckb" data-title="مێژووی سەرمایەداری" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Kapitalizmin_tarihi" title="Kapitalizmin tarihi – Turkish" lang="tr" hreflang="tr" data-title="Kapitalizmin tarihi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/L%E1%BB%8Bch_s%E1%BB%AD_ch%E1%BB%A7_ngh%C4%A9a_t%C6%B0_b%E1%BA%A3n" title="Lịch sử chủ nghĩa tư bản – Vietnamese" lang="vi" hreflang="vi" data-title="Lịch sử chủ nghĩa tư bản" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E8%B5%84%E6%9C%AC%E4%B8%BB%E4%B9%89%E7%9A%84%E5%8E%86%E5%8F%B2" title="资本主义的历史 – Chinese" lang="zh" hreflang="zh" data-title="资本主义的历史" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span 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title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economic_history_sidebar" title="Special:EditPage/Template:Economic history sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Capitalism" title="Category:Capitalism">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="padding:0.2em;"><a href="/wiki/Capitalism" title="Capitalism">Capitalism</a></th></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Austerity" title="Austerity">Austerity</a></li> <li><a href="/wiki/Business" title="Business">Business</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Businessperson" title="Businessperson">Businessperson</a></li> <li><a href="/wiki/Capital_(economics)" title="Capital (economics)">Capital</a></li> <li><a href="/wiki/Capital_accumulation" title="Capital accumulation">Capital accumulation</a></li> <li><a href="/wiki/Capital_market" title="Capital market">Capital markets</a></li> <li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competitive markets</a></li> <li><a href="/wiki/Economic_interventionism" class="mw-redirect" title="Economic interventionism">Economic interventionism</a></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic liberalism</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Economic surplus</a></li> <li><a href="/wiki/Entrepreneurship" title="Entrepreneurship">Entrepreneurship</a></li> <li><a href="/wiki/Fictitious_capital" title="Fictitious capital">Fictitious capital</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Free_price_system" title="Free price system">Free price system</a></li> <li><a href="/wiki/Free_market" title="Free market">Free market</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Invisible_hand" title="Invisible hand">Invisible hand</a></li> <li><a href="/wiki/Visible_hand_(economics)" title="Visible hand (economics)">Visible hand</a></li> <li><a href="/wiki/Liberalization" title="Liberalization">Liberalization</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Money" title="Money">Money</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Rent_seeking" class="mw-redirect" title="Rent seeking">Rent seeking</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a></li> <li><a href="/wiki/Surplus_value" title="Surplus value">Surplus value</a></li> <li><a href="/wiki/Value_(economics)" title="Value (economics)">Value</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic systems</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anglo-Saxon_capitalism" class="mw-redirect" title="Anglo-Saxon capitalism">Anglo-Saxon</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Free_market#General_principles" title="Free market">Free-market</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><i><a href="/wiki/Laissez-faire_capitalism" class="mw-redirect" title="Laissez-faire capitalism">Laissez-faire</a></i></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Market_capitalism" class="mw-redirect" title="Market capitalism">Market</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Mixed_capitalism" class="mw-redirect" title="Mixed capitalism">Mixed</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">Monopoly</a></li> <li><a href="/wiki/National_capitalism" class="mw-redirect" title="National capitalism">National</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Nordic_capitalism" class="mw-redirect" title="Nordic capitalism">Nordic</a></li> <li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Private</a></li> <li><a href="/wiki/Raw_capitalism" class="mw-redirect" title="Raw capitalism">Raw</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated market</a></li> <li><a href="/wiki/Regulatory_capitalism" title="Regulatory capitalism">Regulatory</a></li> <li><a href="/wiki/Rhine_capitalism" class="mw-redirect" title="Rhine capitalism">Rhine</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Social</a></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State</a></li> <li><a href="/wiki/State-sponsored_capitalism" class="mw-redirect" title="State-sponsored capitalism">State-sponsored</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic theories</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/American_School_(economics)" title="American School (economics)">American</a></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_Monetary_Theory" class="mw-redirect" title="Modern Monetary Theory">MMT</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a></li></ul></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxist</a></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarist</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Origins</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Age_of_Enlightenment" title="Age of Enlightenment">Age of Enlightenment</a></li> <li><a href="/wiki/Capitalism_and_Islam" title="Capitalism and Islam">Capitalism and Islam</a></li> <li><a href="/wiki/Commercial_Revolution" class="mw-redirect" title="Commercial Revolution">Commercial Revolution</a></li> <li><a href="/wiki/Feudalism" title="Feudalism">Feudalism</a></li> <li><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Simple_commodity_production" title="Simple commodity production">Simple commodity production</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Development</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advanced_capitalism" title="Advanced capitalism">Advanced</a></li> <li><a href="/wiki/Consumer_capitalism" title="Consumer capitalism">Consumer</a></li> <li><a href="/wiki/Community_capitalism" title="Community capitalism">Community</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Crony_capitalism" title="Crony capitalism">Crony</a></li> <li><a href="/wiki/Finance_capitalism" title="Finance capitalism">Finance</a></li> <li><a href="/wiki/Global_capitalism" class="mw-redirect" title="Global capitalism">Global</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Illiberal</a></li> <li><a href="/wiki/Late_capitalism" title="Late capitalism">Late</a></li> <li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Marxist</a></li> <li><a href="/wiki/Merchant_capitalism" title="Merchant capitalism">Merchant</a></li> <li><a href="/wiki/Progressive_capitalism" title="Progressive capitalism">Progressive</a></li> <li><a href="/wiki/Rentier_capitalism" title="Rentier capitalism">Rentier</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">State monopoly</a></li> <li><a href="/wiki/Technocapitalism" title="Technocapitalism">Technological</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Intellectuals</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Ayn_Rand" title="Ayn Rand">Rand</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Richard_M._Weaver" title="Richard M. Weaver">Weaver</a></li> <li><a href="/wiki/Max_Weber" title="Max Weber">Weber</a></li> <li><a href="/wiki/Ronald_Coase" title="Ronald Coase">Coase</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anti-capitalism" title="Anti-capitalism">Anti-capitalism</a></li> <li><a href="/wiki/Capitalist_propaganda" title="Capitalist propaganda">Capitalist propaganda</a></li> <li><a href="/wiki/Capitalist_realism" title="Capitalist realism">Capitalist realism</a></li> <li><a href="/wiki/Capitalist_state" title="Capitalist state">Capitalist state</a></li> <li><a href="/wiki/Consumerism" title="Consumerism">Consumerism</a></li> <li><a href="/wiki/Crisis_theory" title="Crisis theory">Crisis theory</a></li> <li><a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">Criticism of capitalism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Cronyism" title="Cronyism">Cronyism</a></li> <li><a href="/wiki/Culture_of_capitalism" title="Culture of capitalism">Culture of capitalism</a></li> <li><a href="/wiki/Evergreening" title="Evergreening">Evergreening</a></li> <li><a href="/wiki/Exploitation_of_labour" title="Exploitation of labour">Exploitation of labour</a></li> <li><a href="/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a class="mw-selflink selflink">History</a></li> <li><a href="/wiki/History_of_capitalist_theory" title="History of capitalist theory">History of theory</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market economy</a></li> <li><a href="/wiki/Periodizations_of_capitalism" title="Periodizations of capitalism">Periodizations of capitalism</a></li> <li><a href="/wiki/Perspectives_on_capitalism" class="mw-redirect" title="Perspectives on capitalism">Perspectives on capitalism</a></li> <li><a href="/wiki/Post-capitalism" title="Post-capitalism">Post-capitalism</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li> <li><a href="/wiki/Venture_philanthropy" title="Venture philanthropy">Venture philanthropy</a></li> <li><a href="/wiki/Wage_slavery" title="Wage slavery">Wage slavery</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Ideologies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Anarcho</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Classical_liberalism" title="Classical liberalism">Classical liberalism</a></li> <li><a href="/wiki/Democratic_capitalism" title="Democratic capitalism">Democratic</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigisme</a></li> <li><a href="/wiki/Eco-capitalism" title="Eco-capitalism">Eco</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><a href="/wiki/Inclusive_capitalism" title="Inclusive capitalism">Inclusive</a></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Liberalism" title="Liberalism">Liberalism</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Neo-Capitalism" class="mw-redirect" title="Neo-Capitalism">Neo</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></li> <li><a href="/wiki/Objectivism" title="Objectivism">Objectivism</a></li> <li><a href="/wiki/Ordoliberalism" title="Ordoliberalism">Ordoliberalism</a></li> <li><a href="/wiki/Privatism" title="Privatism">Privatism</a></li> <li><a href="/wiki/Right-libertarianism" title="Right-libertarianism">Right-libertarianism</a></li> <li><a href="/wiki/Third_Way" title="Third Way">Third Way</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Capitalismlogo.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/16px-Capitalismlogo.svg.png" decoding="async" width="16" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/24px-Capitalismlogo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/32px-Capitalismlogo.svg.png 2x" data-file-width="959" data-file-height="912" /></a></span> </span><a href="/wiki/Portal:Capitalism" title="Portal:Capitalism">Capitalism portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Capitalism_sidebar" title="Template:Capitalism sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Capitalism_sidebar" title="Template talk:Capitalism sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Capitalism_sidebar" title="Special:EditPage/Template:Capitalism sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><a href="/wiki/Capitalism" title="Capitalism">Capitalism</a> is an economic system based on the private ownership of the means of production. This is generally taken to imply the moral permissibility of profit, free trade, capital accumulation, voluntary exchange, wage labor, etc. Its emergence, evolution, and spread are the subjects of extensive research and debate. Debates sometimes focus on how to bring substantive historical data to bear on key questions.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Key parameters of debate include: the extent to which capitalism is natural, 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.<sup id="cite_ref-Ellen_Meiksins_Wood_2002_2-0" class="reference"><a href="#cite_note-Ellen_Meiksins_Wood_2002-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Agrarian_capitalism">Agrarian capitalism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=1" title="Edit section: Agrarian capitalism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Crisis_of_the_14th_century">Crisis of the 14th century</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=2" title="Edit section: Crisis of the 14th century"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Plan_mediaeval_manor.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Plan_mediaeval_manor.jpg/300px-Plan_mediaeval_manor.jpg" decoding="async" width="300" height="443" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Plan_mediaeval_manor.jpg/450px-Plan_mediaeval_manor.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Plan_mediaeval_manor.jpg/600px-Plan_mediaeval_manor.jpg 2x" data-file-width="1458" data-file-height="2154" /></a><figcaption>Map of a <a href="/wiki/Manorialism" title="Manorialism">medieval manor</a>. Notice the large commons area and the division of land into small strips. The mustard-colored areas are part of the <b><a href="/wiki/Demesne" title="Demesne">demesne</a></b>, the <a href="/wiki/Hatching" title="Hatching">hatched</a> areas part of the <b><a href="/wiki/Glebe" title="Glebe">glebe</a></b>.<br />William R. Shepherd, <i>Historical Atlas</i>, 01923</figcaption></figure> <p>According to some historians,<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> the modern capitalist system originated in the "<a href="/wiki/Crisis_of_the_Late_Middle_Ages" class="mw-redirect" title="Crisis of the Late Middle Ages">crisis of the Late Middle Ages</a>", a conflict between the land-owning aristocracy and the agricultural producers, or <a href="/wiki/Serfdom" title="Serfdom">serfs</a>. <a href="/wiki/Manorial" class="mw-redirect" title="Manorial">Manorial</a> arrangements inhibited the development of capitalism in a number of ways. Serfs had obligations to produce for lords and therefore had no interest in technological innovation; they also had no interest in cooperating with one another because they produced to sustain their own families. The lords who owned the land<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2015)">citation needed</span></a></i>]</sup> relied on force to guarantee that they received sufficient food. Because lords were not producing to sell on the market, there was no competitive pressure for them to innovate. Finally, because lords expanded their power and wealth through military means, they spent their wealth on military equipment or on <a href="/wiki/Conspicuous_consumption" title="Conspicuous consumption">conspicuous consumption</a> that helped foster alliances with other lords; they had no incentive to invest in developing new productive technologies.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Medieval_demography" title="Medieval demography">demographic</a> crisis of the 14th century upset this arrangement. This crisis had several causes: agricultural productivity reached its technological limitations and stopped growing, bad weather led to the <a href="/wiki/Great_Famine_of_1315%E2%80%931317" title="Great Famine of 1315–1317">Great Famine of 1315–1317</a>, and the <a href="/wiki/Black_Death" title="Black Death">Black Death</a> of 1348–1350 led to a population crash. These factors led to a decline in agricultural production. In response, <a href="/wiki/Feudal_lord" class="mw-redirect" title="Feudal lord">feudal lords</a> sought to expand agricultural production by extending their domains through warfare; therefore they demanded more tribute from their serfs to pay for military expenses. In England, many serfs rebelled. Some moved to towns, some bought land, and some entered into favorable contracts to rent lands from lords who needed to repopulate their estates.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>In effect, <a href="/wiki/Feudalism" title="Feudalism">feudalism</a> began to lay some of the foundations necessary for the development of <a href="/wiki/Mercantilism" title="Mercantilism">mercantilism</a>, a precursor of capitalism. Feudalism lasted from the medieval period through the 16th century. Feudal manors were almost entirely self-sufficient, and therefore limited the role of the market. This stifled any incipient tendency towards capitalism. However, the relatively sudden emergence of new technologies and discoveries, particularly in agriculture<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> and exploration, facilitated the growth of capitalism. The most important development at the end of feudalism<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2015)">citation needed</span></a></i>]</sup> was the emergence of what Robert Degan calls "the dichotomy between wage earners and capitalist merchants".<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The competitive nature meant there are always winners and losers, and this became clear as feudalism evolved into mercantilism, an economic system characterized by the private or corporate ownership of capital goods, investments determined by private decisions, and by prices, production, and the distribution of goods determined mainly by competition in a free market.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2015)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Enclosure">Enclosure</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=3" title="Edit section: Enclosure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Enclosure" title="Enclosure">Enclosure</a></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Decaying_hedge_-_geograph.org.uk_-_1715089.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Decaying_hedge_-_geograph.org.uk_-_1715089.jpg/300px-Decaying_hedge_-_geograph.org.uk_-_1715089.jpg" decoding="async" width="300" height="240" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Decaying_hedge_-_geograph.org.uk_-_1715089.jpg/450px-Decaying_hedge_-_geograph.org.uk_-_1715089.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Decaying_hedge_-_geograph.org.uk_-_1715089.jpg/600px-Decaying_hedge_-_geograph.org.uk_-_1715089.jpg 2x" data-file-width="640" data-file-height="512" /></a><figcaption>Decaying hedges mark the lines of the straight field boundaries created by an <a href="/wiki/Inclosure_act" class="mw-redirect" title="Inclosure act">inclosure act</a>.</figcaption></figure> <p>England in the 16th century was already a centralized state, in which much of the feudal order of <a href="/wiki/Medieval_Europe" class="mw-redirect" title="Medieval Europe">Medieval Europe</a> had been swept away. This centralization was strengthened by a good system of roads and a disproportionately large capital city, <a href="/wiki/London" title="London">London</a>.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The capital acted as a central market for the entire country, creating a large internal market for goods, in contrast to the fragmented feudal holdings that prevailed in most parts of the <a href="/wiki/Continental_Europe" title="Continental Europe">Continent</a>. The economic foundations of the agricultural system were also beginning to diverge substantially; the manorial system had broken down by this time, and land began to be concentrated in the hands of fewer landlords with increasingly large estates. The system put pressure on both the landlords and the tenants to increase agricultural productivity to create profit. The weakened coercive power of the <a href="/wiki/Aristocracy" title="Aristocracy">aristocracy</a> to extract peasant <a href="/wiki/Excess_supply" title="Excess supply">surpluses</a> encouraged them to try out better methods. The tenants also had an incentive to improve their methods to succeed in an increasingly competitive <a href="/wiki/Labour_market" class="mw-redirect" title="Labour market">labour market</a>. Land rents had moved away from the previous stagnant system of custom and feudal obligation, and were becoming directly subject to economic market forces. </p><p>An important aspect of this process of change was the <a href="/wiki/Enclosure" title="Enclosure">enclosure</a><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> of the <a href="/wiki/Common_land" title="Common land">common land</a> previously held in the <a href="/wiki/Open_field_system" class="mw-redirect" title="Open field system">open field system</a> where peasants had traditional rights, such as <a href="/wiki/Mowing" class="mw-redirect" title="Mowing">mowing</a> <a href="/wiki/Meadow" title="Meadow">meadows</a> for <a href="/wiki/Hay" title="Hay">hay</a> and <a href="/wiki/Grazing" title="Grazing">grazing</a> <a href="/wiki/Livestock" title="Livestock">livestock</a>. Once enclosed, these uses of the land became restricted to the owner, and it ceased to be land for commons. The process of enclosure began to be a widespread feature of the English agricultural landscape during the 16th century. By the 19th century, unenclosed commons had become largely restricted to rough pasture in mountainous areas and to relatively small parts of the lowlands. </p><p><a href="/wiki/Marxist_historiography" title="Marxist historiography">Marxist and neo-Marxist historians</a> argue that rich landowners used their control of state processes to appropriate public land for their private benefit. This created a landless <a href="/wiki/Working_class" title="Working class">working class</a> that provided the labour required in the new industries developing in the <a href="/wiki/North_of_England" class="mw-redirect" title="North of England">north of England</a>. For example: "In agriculture the years between 1760 and 1820 are the years of wholesale enclosure in which, in village after village, common rights are lost".<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> "Enclosure (when all the sophistications are allowed for) was a plain enough case of class robbery".<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Anthropologist <a href="/wiki/Jason_Hickel" title="Jason Hickel">Jason Hickel</a> notes that this process of enclosure led to myriad peasant revolts, among them <a href="/wiki/Kett%27s_Rebellion" title="Kett's Rebellion">Kett's Rebellion</a> and the <a href="/wiki/Midland_Revolt" title="Midland Revolt">Midland Revolt</a>, which culminated in violent repression and executions.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>Other scholars<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> argue that the better-off members of the European <a href="/wiki/Peasant" title="Peasant">peasantry</a> encouraged and participated actively in enclosure, seeking to end the perpetual poverty of <a href="/wiki/Subsistence_farming" class="mw-redirect" title="Subsistence farming">subsistence farming</a>. "We should be careful not to ascribe to [enclosure] developments that were the consequence of a much broader and more complex process of historical change."<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> "[T]he impact of eighteenth and nineteenth century enclosure has been grossly exaggerated...."<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Merchant_capitalism_and_mercantilism">Merchant capitalism and mercantilism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=4" title="Edit section: Merchant capitalism and mercantilism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Merchant_capitalism" title="Merchant capitalism">Merchant capitalism</a> and <a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></div> <div class="mw-heading mw-heading3"><h3 id="Precedents">Precedents</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=5" title="Edit section: Precedents"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Genova_panorama_Porto_Antico.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Genova_panorama_Porto_Antico.jpg/220px-Genova_panorama_Porto_Antico.jpg" decoding="async" width="220" height="106" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Genova_panorama_Porto_Antico.jpg/330px-Genova_panorama_Porto_Antico.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3e/Genova_panorama_Porto_Antico.jpg/440px-Genova_panorama_Porto_Antico.jpg 2x" data-file-width="1000" data-file-height="480" /></a><figcaption>The city of <a href="/wiki/Genoa" title="Genoa">Genoa</a>, one of the birthplaces of capitalism.</figcaption></figure> <p>While trade has existed since early in human history, it was not capitalism.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> The earliest recorded activity of long-distance profit-seeking merchants can be traced to the old <a href="/wiki/Assyria" title="Assyria">Assyrian</a> merchants active in <a href="/wiki/Mesopotamia" title="Mesopotamia">Mesopotamia</a> the 2nd millennium BCE.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The Roman Empire developed more advanced forms of commerce, and similarly widespread networks existed in Islamic nations. However, capitalism took shape in Europe in the late Middle Ages and Renaissance. </p><p>An early emergence of commerce occurred on monastic estates in Italy and France, but in particular in the independent <a href="/wiki/Italian_city-states" title="Italian city-states">Italian city-states</a> during the late <a href="/wiki/Middle_Ages" title="Middle Ages">Middle Ages</a>, such as <a href="/wiki/Republic_of_Florence" title="Republic of Florence">Florence</a>, <a href="/wiki/Republic_of_Genoa" title="Republic of Genoa">Genoa</a> and <a href="/wiki/Republic_of_Venice" title="Republic of Venice">Venice</a>. Those states pioneered innovative financial instruments such as bills of exchange and banking practices that facilitated long-distance trade. The competitive nature of these city-states fostered a spirit of innovation and risk-taking, laying the groundwork for capitalism's core principles of private ownership, market competition, and profit-seeking behavior. The economic prowess of the Italian city-states during this time not only fueled its own prosperity but also contributed significantly to the spread of capitalist ideas and practices throughout Europe and beyond.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Emergence">Emergence</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=6" title="Edit section: Emergence"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Modern capitalism resembles some elements of <a href="/wiki/Mercantilism" title="Mercantilism">mercantilism</a> in the <a href="/wiki/Early_modern_period" title="Early modern period">early modern period</a> between the 16th and 18th centuries.<sup id="cite_ref-Burnham_2003_20-0" class="reference"><a href="#cite_note-Burnham_2003-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Encyclopædia_Britannica_2006_21-0" class="reference"><a href="#cite_note-Encyclopædia_Britannica_2006-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Early evidence for mercantilist practices appears in early modern <a href="/wiki/Venice" title="Venice">Venice</a>, <a href="/wiki/Genoa" title="Genoa">Genoa</a>, and <a href="/wiki/Pisa" title="Pisa">Pisa</a> over the <a href="/wiki/Mediterranean" class="mw-redirect" title="Mediterranean">Mediterranean</a> trade in <a href="/wiki/Bullion" title="Bullion">bullion</a>. The region of mercantilism's real birth, however, was the <a href="/wiki/Atlantic_Ocean" title="Atlantic Ocean">Atlantic Ocean</a>.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Sir_Josiah_Child,_Bt_by_John_Riley.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/68/Sir_Josiah_Child%2C_Bt_by_John_Riley.jpg/170px-Sir_Josiah_Child%2C_Bt_by_John_Riley.jpg" decoding="async" width="170" height="196" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/68/Sir_Josiah_Child%2C_Bt_by_John_Riley.jpg/255px-Sir_Josiah_Child%2C_Bt_by_John_Riley.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/68/Sir_Josiah_Child%2C_Bt_by_John_Riley.jpg/340px-Sir_Josiah_Child%2C_Bt_by_John_Riley.jpg 2x" data-file-width="2400" data-file-height="2772" /></a><figcaption><a href="/wiki/Josiah_Child" title="Josiah Child">Sir Josiah Child</a>, an influential proponent of <a href="/wiki/Mercantilism" title="Mercantilism">mercantilism</a>. Painting attributed to <a href="/wiki/John_Riley_(painter)" title="John Riley (painter)">John Riley</a>.</figcaption></figure> <p>England began a large-scale and integrative approach to mercantilism during the <a href="/wiki/Elizabethan_Era" class="mw-redirect" title="Elizabethan Era">Elizabethan Era</a>. An early statement on national balance of trade appeared in <i>Discourse of the Common Weal of this Realm of England</i>, 1549: "We must always take heed that we buy no more from strangers than we sell them, for so should we impoverish ourselves and enrich them."<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources#What_information_to_include" title="Wikipedia:Citing sources"><span title="A complete citation is needed. (March 2021)">full citation needed</span></a></i>]</sup> The period featured various but often disjointed efforts by the court of <a href="/wiki/Elizabeth_I_of_England" class="mw-redirect" title="Elizabeth I of England">Queen Elizabeth</a> to develop a naval and merchant fleet capable of challenging the Spanish stranglehold on trade and of expanding the growth of bullion at home. Elizabeth promoted the Trade and Navigation Acts in Parliament and issued orders to her navy for the protection and promotion of English shipping. </p><p>These efforts organized national resources sufficiently in the defense of England against the far larger and more powerful <a href="/wiki/Spanish_Empire" title="Spanish Empire">Spanish Empire</a>, and in turn paved the foundation for establishing a global empire in the 19th century.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (July 2010)">citation needed</span></a></i>]</sup> The authors noted most for establishing the English mercantilist system include <a href="/wiki/Gerard_de_Malynes" title="Gerard de Malynes">Gerard de Malynes</a> and <a href="/wiki/Thomas_Mun" title="Thomas Mun">Thomas Mun</a>, who first articulated the <a href="/w/index.php?title=Elizabethan_System&action=edit&redlink=1" class="new" title="Elizabethan System (page does not exist)">Elizabethan System</a>. The latter's <i>England's Treasure by Forraign Trade, or the Balance of our Forraign Trade is The Rule of Our Treasure</i> gave a systematic and coherent explanation of the concept of <a href="/wiki/Balance_of_trade" title="Balance of trade">balance of trade</a>. It was written in the 1620s and published in 1664.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Mercantile doctrines were further developed by <a href="/wiki/Josiah_Child" title="Josiah Child">Josiah Child</a>. Numerous French authors helped to cement French policy around mercantilism in the 17th century. <a href="/wiki/French_mercantilism" class="mw-redirect" title="French mercantilism">French mercantilism</a> was best articulated by <a href="/wiki/Jean-Baptiste_Colbert" title="Jean-Baptiste Colbert">Jean-Baptiste Colbert</a> (in office, 1665–1683), although his policies were greatly liberalised under <a href="/wiki/Napoleon" title="Napoleon">Napoleon</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Doctrines">Doctrines</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=7" title="Edit section: Doctrines"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Under mercantilism, European merchants, backed by state controls, <a href="/wiki/Subsidy" title="Subsidy">subsidies</a>, and monopolies, made most of their profits from buying and selling goods. In the words of <a href="/wiki/Francis_Bacon" title="Francis Bacon">Francis Bacon</a>, the purpose of mercantilism was "the opening and well-balancing of trade; the cherishing of manufacturers; the banishing of idleness; the repressing of waste and excess by sumptuary laws; the improvement and husbanding of the soil; the regulation of prices..."<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> Similar practices of economic regimentation had begun earlier in medieval towns. However, under mercantilism, given the contemporaneous rise of <a href="/wiki/Absolutism_(European_history)" title="Absolutism (European history)">absolutism</a>, the state superseded the local <a href="/wiki/Guild" title="Guild">guilds</a> as the regulator of the economy. </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:De_slag_bij_Terheide_-_The_Battle_of_Schevening_-_August_10_1653_(Willem_van_de_Velde_I,_1657).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/De_slag_bij_Terheide_-_The_Battle_of_Schevening_-_August_10_1653_%28Willem_van_de_Velde_I%2C_1657%29.jpg/250px-De_slag_bij_Terheide_-_The_Battle_of_Schevening_-_August_10_1653_%28Willem_van_de_Velde_I%2C_1657%29.jpg" decoding="async" width="250" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/De_slag_bij_Terheide_-_The_Battle_of_Schevening_-_August_10_1653_%28Willem_van_de_Velde_I%2C_1657%29.jpg/375px-De_slag_bij_Terheide_-_The_Battle_of_Schevening_-_August_10_1653_%28Willem_van_de_Velde_I%2C_1657%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/05/De_slag_bij_Terheide_-_The_Battle_of_Schevening_-_August_10_1653_%28Willem_van_de_Velde_I%2C_1657%29.jpg/500px-De_slag_bij_Terheide_-_The_Battle_of_Schevening_-_August_10_1653_%28Willem_van_de_Velde_I%2C_1657%29.jpg 2x" data-file-width="7342" data-file-height="4288" /></a><figcaption>The <a href="/wiki/Anglo-Dutch_Wars" title="Anglo-Dutch Wars">Anglo-Dutch Wars</a> were fought between the English and the Dutch for control over the seas and trade routes.</figcaption></figure> <p>Among the major tenets of mercantilist theory was <a href="/wiki/Bullionism" title="Bullionism">bullionism</a>, a doctrine stressing the importance of accumulating <a href="/wiki/Precious_metals" class="mw-redirect" title="Precious metals">precious metals</a>. Mercantilists argued that a state should export more goods than it imported so that foreigners would have to pay the difference in precious metals. Mercantilists asserted that only raw materials that could not be extracted at home should be imported. They promoted the idea that government subsidies, such as granting monopolies and protective <a href="/wiki/Tariff" title="Tariff">tariffs</a>, were necessary to encourage home production of manufactured goods. </p><p>Proponents of mercantilism emphasized state power and overseas conquest as the principal aim of economic policy. If a state could not supply its own raw materials, according to the mercantilists, it should acquire colonies from which they could be extracted. Colonies constituted not only sources of raw materials but also markets for finished products. Because it was not in the interests of the state to allow competition, to help the mercantilists, colonies should be prevented from engaging in manufacturing and trading with foreign powers. </p><p>Mercantilism was a system of trade for profit, although commodities were still largely produced by non-capitalist production methods.<sup id="cite_ref-Scott_2005_26-0" class="reference"><a href="#cite_note-Scott_2005-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Noting the various pre-capitalist features of mercantilism, <a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Karl Polanyi</a> argued that "mercantilism, with all its tendency toward commercialization, never attacked the safeguards which protected [the] two basic elements of production – labor and land – from becoming the elements of commerce." Thus mercantilist regulation was more akin to feudalism than capitalism. According to Polanyi, "not until 1834 was a competitive labor market established in England, hence industrial capitalism as a social system cannot be said to have existed before that date."<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Chartered_trading_companies">Chartered trading companies</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=8" title="Edit section: Chartered trading companies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Flag_of_the_British_East_India_Company_(1801).svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c0/Flag_of_the_British_East_India_Company_%281801%29.svg/225px-Flag_of_the_British_East_India_Company_%281801%29.svg.png" decoding="async" width="225" height="135" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c0/Flag_of_the_British_East_India_Company_%281801%29.svg/338px-Flag_of_the_British_East_India_Company_%281801%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c0/Flag_of_the_British_East_India_Company_%281801%29.svg/450px-Flag_of_the_British_East_India_Company_%281801%29.svg.png 2x" data-file-width="1000" data-file-height="600" /></a><figcaption>British East India Company 1801</figcaption></figure> <p>The <a href="/wiki/Muscovy_Company" title="Muscovy Company">Muscovy Company</a> was the first major <a href="/wiki/Chartered_company" title="Chartered company">chartered</a> <a href="/wiki/Joint_stock_company" class="mw-redirect" title="Joint stock company">joint stock</a> English <a href="/wiki/Trading_company" title="Trading company">trading company</a>. It was established in 1555 with a <a href="/wiki/Monopoly" title="Monopoly">monopoly</a> on <a href="/wiki/Trade" title="Trade">trade</a> between England and <a href="/wiki/Tsardom_of_Russia" title="Tsardom of Russia">Muscovy</a>. It was an offshoot of the earlier <i><a href="/wiki/Company_of_Merchant_Adventurers_to_New_Lands" title="Company of Merchant Adventurers to New Lands">Company of Merchant Adventurers to New Lands</a></i>, founded in 1551 by <a href="/wiki/Richard_Chancellor" title="Richard Chancellor">Richard Chancellor</a>, <a href="/wiki/Sebastian_Cabot_(explorer)" title="Sebastian Cabot (explorer)">Sebastian Cabot</a> and Sir <a href="/wiki/Hugh_Willoughby_(sea_captain)" class="mw-redirect" title="Hugh Willoughby (sea captain)">Hugh Willoughby</a> to locate the <a href="/wiki/Northeast_Passage" title="Northeast Passage">Northeast Passage</a> to China to allow trade. This was the precursor to a type of business that would soon flourish in England, the <a href="/wiki/Dutch_Republic" title="Dutch Republic">Dutch Republic</a> and elsewhere. </p><p>The British <a href="/wiki/East_India_Company" title="East India Company">East India Company</a> (1600) and the <a href="/wiki/Dutch_East_India_Company" title="Dutch East India Company">Dutch East India Company</a> (1602) launched an era of large state chartered trading companies.<sup id="cite_ref-Banaji_28-0" class="reference"><a href="#cite_note-Banaji-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-britannica2_29-0" class="reference"><a href="#cite_note-britannica2-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> These companies were characterized by their monopoly on trade, granted by <a href="/wiki/Letters_patent" title="Letters patent">letters patent</a> provided by the state. Recognized as chartered <a href="/wiki/Joint-stock_company" title="Joint-stock company">joint-stock companies</a> by the state, these companies enjoyed lawmaking, military, and treaty-making privileges.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> Characterized by its colonial and <a href="/wiki/Expansionism" title="Expansionism">expansionary</a> powers by states, powerful nation-states sought to accumulate <a href="/wiki/Precious_metal" title="Precious metal">precious metals</a>, and military conflicts arose.<sup id="cite_ref-Banaji_28-1" class="reference"><a href="#cite_note-Banaji-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> During this era, merchants, who had previously traded on their own, invested capital in the East India Companies and other colonies, seeking a <a href="/wiki/Return_on_investment" title="Return on investment">return on investment</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Industrial_capitalism">Industrial capitalism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=9" title="Edit section: Industrial capitalism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Dore_London.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c8/Dore_London.jpg/220px-Dore_London.jpg" decoding="async" width="220" height="186" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c8/Dore_London.jpg/330px-Dore_London.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c8/Dore_London.jpg/440px-Dore_London.jpg 2x" data-file-width="650" data-file-height="550" /></a><figcaption><a href="/wiki/Gustave_Dor%C3%A9" title="Gustave Doré">Gustave Doré</a>'s 19th-century engraving depicted the dirty, overcrowded slums where the industrial workers of London lived.</figcaption></figure> <p><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a> declined in <a href="/wiki/Great_Britain" title="Great Britain">Great Britain</a> in the mid-18th century, when a new group of economic theorists, led by <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>, challenged fundamental mercantilist doctrines, such as that the world's wealth remained constant and that a state could only increase its wealth at the expense of another state. However, mercantilism continued in less developed economies, such as <a href="/wiki/Prussia" title="Prussia">Prussia</a> and <a href="/wiki/Imperial_Russia" class="mw-redirect" title="Imperial Russia">Russia</a>, with their much younger manufacturing bases. </p><p>The mid-18th century gave rise to industrial capitalism, made possible by (1) the accumulation of vast amounts of capital under the merchant phase of capitalism and its investment in machinery, and (2) the fact that the enclosures meant that Britain had a large population of people with no access to subsistence agriculture, who needed to buy basic commodities via the market, ensuring a mass consumer market.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Industrial capitalism, which Marx dated from the last third of the 18th century, marked the development of the factory system of manufacturing, characterized by a complex <a href="/wiki/Division_of_labor" class="mw-redirect" title="Division of labor">division of labor</a> between and within work processes and the routinization of work tasks. Industrial capitalism finally established the global domination of the capitalist mode of production.<sup id="cite_ref-Burnham_2003_20-1" class="reference"><a href="#cite_note-Burnham_2003-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>During the resulting <a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a>, the industrialist replaced the merchant as a dominant actor in the capitalist system, which led to the decline of the traditional handicraft skills of <a href="/wiki/Artisan" title="Artisan">artisans</a>, <a href="/wiki/Guild" title="Guild">guilds</a>, and <a href="/wiki/Journeyman" title="Journeyman">journeymen</a>. Also during this period, capitalism transformed relations between the British landowning gentry and peasants, giving rise to the production of <a href="/wiki/Cash_crop" title="Cash crop">cash crops</a> for the market rather than for subsistence on a <a href="/wiki/Feudal" class="mw-redirect" title="Feudal">feudal</a> <a href="/wiki/Manorialism" title="Manorialism">manor</a>. The surplus generated by the rise of commercial agriculture encouraged increased mechanization of agriculture. </p><p>There is an activate debate on the role of the Atlantic slavery in the emergence of industrial capitalism.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Eric Williams (1944) argued on <a href="/wiki/Capitalism_and_Slavery" title="Capitalism and Slavery">Capitalism and Slavery</a> about the crucial role of plantation slavery in the growth of industrial capitalism, since both happened in similar time periods. Harvey (2019) wrote that "A flagship of the industrial revolution, the Lancashire mills and their 465,000 textile workers, was entirely reliant [in the 1860s] on the labour of three million cotton slaves in the American Deep South."<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Industrial_Revolution">Industrial Revolution</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=10" title="Edit section: Industrial Revolution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></div> <p>The productivity gains of capitalist production began a sustained and unprecedented increase at the turn of the 19th century, in a process commonly referred to as the <a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a>. Starting in about 1760 in England, there was a steady transition to new manufacturing processes in a variety of industries, including going from hand production methods to machine production, new chemical manufacturing and iron production processes, improved efficiency of <a href="/wiki/Water_wheel" title="Water wheel">water power</a>, the increasing use of steam power and the development of <a href="/wiki/Machine_tool" title="Machine tool">machine tools</a>. It also included the change from wood and other <a href="/wiki/Bio-fuels" class="mw-redirect" title="Bio-fuels">bio-fuels</a> to coal. </p> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Mule-jenny.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Mule-jenny.jpg/220px-Mule-jenny.jpg" decoding="async" width="220" height="174" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Mule-jenny.jpg/330px-Mule-jenny.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Mule-jenny.jpg/440px-Mule-jenny.jpg 2x" data-file-width="500" data-file-height="395" /></a><figcaption>The <a href="/wiki/Spinning_mule" title="Spinning mule">Spinning mule</a>, built by the inventor <a href="/wiki/Samuel_Crompton" title="Samuel Crompton">Samuel Crompton</a>.</figcaption></figure> <p>In <a href="/wiki/Textile_manufacturing" title="Textile manufacturing">textile manufacturing</a>, mechanized cotton spinning powered by steam or water increased the output of a worker by a factor of about 1000, due to the application of <a href="/wiki/James_Hargreaves" title="James Hargreaves">James Hargreaves</a>' <a href="/wiki/Spinning_jenny" title="Spinning jenny">spinning jenny</a>, <a href="/wiki/Richard_Arkwright" title="Richard Arkwright">Richard Arkwright</a>'s <a href="/wiki/Water_frame" title="Water frame">water frame</a>, <a href="/wiki/Samuel_Crompton" title="Samuel Crompton">Samuel Crompton</a>'s <a href="/wiki/Spinning_Mule" class="mw-redirect" title="Spinning Mule">Spinning Mule</a> and other inventions. The power loom increased the output of a worker by a factor of over 40.<sup id="cite_ref-Ayers1989_34-0" class="reference"><a href="#cite_note-Ayers1989-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> The cotton gin increased the productivity of removing seed from cotton by a factor of 50. Large gains in productivity also occurred in spinning and weaving wool and linen, although they were not as great as in cotton. </p> <div class="mw-heading mw-heading3"><h3 id="Finance">Finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=11" title="Edit section: Finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Frankfurt_Taunusbahnhof_1850.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/40/Frankfurt_Taunusbahnhof_1850.jpg/220px-Frankfurt_Taunusbahnhof_1850.jpg" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/40/Frankfurt_Taunusbahnhof_1850.jpg/330px-Frankfurt_Taunusbahnhof_1850.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/40/Frankfurt_Taunusbahnhof_1850.jpg/440px-Frankfurt_Taunusbahnhof_1850.jpg 2x" data-file-width="1781" data-file-height="1194" /></a><figcaption>The <a href="/wiki/Rothschild_banking_family_of_England" title="Rothschild banking family of England">Rothschild family</a> revolutionised international finance. The <a href="/wiki/Frankfurt_(Main)_Hauptbahnhof" title="Frankfurt (Main) Hauptbahnhof">Frankfurt terminus</a> of the <a href="/wiki/Taunus_Railway" title="Taunus Railway">Taunus Railway</a> was financed by the Rothschilds and opened in 1840 as one of Germany's first railways.</figcaption></figure> <p>The growth of Britain's industry stimulated a concomitant growth in its system of <a href="/wiki/Finance" title="Finance">finance</a> and <a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">credit</a>. In the 18th century, services offered by banks increased. Clearing facilities, security investments, <a href="/wiki/Cheque" title="Cheque">cheques</a> and <a href="/wiki/Overdraft" title="Overdraft">overdraft</a> protections were introduced. Cheques had been invented in the 17th century in England, and banks settled payments by direct courier to the issuing bank. Around 1770, they began meeting in a central location, and by the 19th century a dedicated space was established, known as a <a href="/wiki/Bankers%27_clearing_house" class="mw-redirect" title="Bankers' clearing house">bankers' clearing house</a>. The London clearing house used a method where each bank paid cash to and then was paid cash by an inspector at the end of each day. The first overdraft facility was set up in 1728 by <a href="/wiki/The_Royal_Bank_of_Scotland" class="mw-redirect" title="The Royal Bank of Scotland">The Royal Bank of Scotland</a>. </p><p>The end of the <a href="/wiki/Napoleonic_War" class="mw-redirect" title="Napoleonic War">Napoleonic War</a> and the subsequent rebound in trade led to an expansion in the <a href="/wiki/Bullion" title="Bullion">bullion</a> reserves held by the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>, from a low of under 4 million pounds in 1821 to 14 million pounds by late 1824. </p><p>Older innovations became routine parts of financial life during the 19th century. The <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> first issued bank notes during the 17th century, but the notes were hand written and few in number. After 1725, they were partially printed, but cashiers still had to sign each note and make them payable to a named person. In 1844, parliament passed the <a href="/wiki/Bank_Charter_Act" class="mw-redirect" title="Bank Charter Act">Bank Charter Act</a> tying these notes to <a href="/wiki/Gold_reserves" class="mw-redirect" title="Gold reserves">gold reserves</a>, effectively creating the institution of <a href="/wiki/Central_bank" title="Central bank">central banking</a> and <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>. The notes became fully printed and widely available from 1855.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (September 2011)">citation needed</span></a></i>]</sup> </p><p>Growing international trade increased the number of banks, especially in London. These new "merchant banks" facilitated trade growth, profiting from England's emerging dominance in seaborne shipping. Two immigrant families, <a href="/wiki/Rothschild_banking_family_of_England" title="Rothschild banking family of England">Rothschild</a> and <a href="/wiki/Barings_Bank" title="Barings Bank">Baring</a>, established merchant banking firms in London in the late 18th century and came to dominate world banking in the next century. The tremendous wealth amassed by these banking firms soon attracted much attention. The poet <a href="/wiki/George_Gordon_Byron" class="mw-redirect" title="George Gordon Byron">George Gordon Byron</a> wrote in 1823: "Who makes politics run glibber all?/ The shade of Bonaparte's noble daring?/ Jew <a href="/wiki/Rothschild_banking_family_of_England" title="Rothschild banking family of England">Rothschild</a> and his fellow-Christian, Baring." </p><p>The operation of banks also shifted. At the beginning of the century, banking was still an elite preoccupation of a handful of very wealthy families. Within a few decades, however, a new sort of banking had emerged, owned by anonymous <a href="/wiki/Stockholder" class="mw-redirect" title="Stockholder">stockholders</a>, run by professional <a href="/wiki/Management" title="Management">managers</a>, and the recipient of the deposits of a growing body of small middle-class savers. Although this breed of banks was newly prominent, it was not new – the <a href="/wiki/Quaker" class="mw-redirect" title="Quaker">Quaker</a> family <a href="/wiki/Barclays_Bank" class="mw-redirect" title="Barclays Bank">Barclays</a> had been banking in this way since 1690. </p> <div class="mw-heading mw-heading3"><h3 id="Free_trade_and_globalization">Free trade and globalization</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=12" title="Edit section: Free trade and globalization"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>At the height of the <a href="/wiki/First_French_Empire" title="First French Empire">First French Empire</a>, <a href="/wiki/Napoleon" title="Napoleon">Napoleon</a> sought to introduce a "<a href="/wiki/Continental_system" class="mw-redirect" title="Continental system">continental system</a>" that would render Europe economically autonomous, thereby emasculating British trade and commerce. It involved such stratagems as the use of <a href="/wiki/Sugar_beet" title="Sugar beet">beet sugar</a> in preference to the cane sugar that had to be imported from the tropics. Although this caused businessmen in England to agitate for peace, Britain persevered, in part because it was well into the <a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a>. The war had the opposite effect – it stimulated the growth of certain industries, such as <a href="/wiki/Pig_iron" title="Pig iron">pig-iron</a> production which increased from 68,000 tons in 1788 to 244,000 by 1806.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2010)">citation needed</span></a></i>]</sup> </p> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Marshall%27s_flax-mill,_Holbeck,_Leeds_-_interior_-_c.1800.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Marshall%27s_flax-mill%2C_Holbeck%2C_Leeds_-_interior_-_c.1800.jpg/220px-Marshall%27s_flax-mill%2C_Holbeck%2C_Leeds_-_interior_-_c.1800.jpg" decoding="async" width="220" height="168" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Marshall%27s_flax-mill%2C_Holbeck%2C_Leeds_-_interior_-_c.1800.jpg/330px-Marshall%27s_flax-mill%2C_Holbeck%2C_Leeds_-_interior_-_c.1800.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Marshall%27s_flax-mill%2C_Holbeck%2C_Leeds_-_interior_-_c.1800.jpg/440px-Marshall%27s_flax-mill%2C_Holbeck%2C_Leeds_-_interior_-_c.1800.jpg 2x" data-file-width="1254" data-file-height="957" /></a><figcaption>19th-century <a href="/wiki/United_Kingdom_of_Great_Britain_and_Ireland" title="United Kingdom of Great Britain and Ireland">Great Britain</a> become the first global economic <a href="/wiki/Superpower" title="Superpower">superpower</a>, because of superior manufacturing technology and improved global communications such as <a href="/wiki/Steamship" title="Steamship">steamships</a> and <a href="/wiki/Railroad" class="mw-redirect" title="Railroad">railroads</a>.</figcaption></figure> <p>In 1817, <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a>, <a href="/wiki/James_Mill" title="James Mill">James Mill</a> and <a href="/wiki/Robert_Torrens_(economist)" title="Robert Torrens (economist)">Robert Torrens, in the famous theory of</a> <a href="/wiki/Comparative_advantage" title="Comparative advantage">comparative advantage</a>, argued that free trade would benefit the industrially weak as well as the strong. In <a href="/wiki/Principles_of_Political_Economy_and_Taxation" class="mw-redirect" title="Principles of Political Economy and Taxation">Principles of Political Economy and Taxation</a>, Ricardo advanced the doctrine still considered the most counterintuitive in <a href="/wiki/Economics" title="Economics">economics</a>: </p> <dl><dd><i>When an inefficient producer sends the merchandise it produces best to a country able to produce it more efficiently, both countries benefit.</i></dd></dl> <p>By the mid 19th century, Britain was firmly wedded to the notion of <a href="/wiki/Free_trade" title="Free trade">free trade</a>, and the first era of globalization began.<sup id="cite_ref-Burnham_2003_20-2" class="reference"><a href="#cite_note-Burnham_2003-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> In the 1840s, the <a href="/wiki/Corn_Laws" title="Corn Laws">Corn Laws</a> and the <a href="/wiki/Navigation_Acts" title="Navigation Acts">Navigation Acts</a> were repealed, ushering in a new age of free trade. In line with the teachings of the classical political economists, led by <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a> and <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a>, Britain embraced <a href="/wiki/Classical_liberalism" title="Classical liberalism">liberalism</a>, encouraging competition and the development of a <a href="/wiki/Market_economy" title="Market economy">market economy</a>. </p><p><a href="/wiki/Industrialization" class="mw-redirect" title="Industrialization">Industrialization</a> allowed cheap production of household items using <a href="/wiki/Economies_of_scale" title="Economies of scale">economies of scale</a>,<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2011)">citation needed</span></a></i>]</sup> while rapid population growth created sustained demand for commodities. Nineteenth-century <a href="/wiki/Imperialism" title="Imperialism">imperialism</a> decisively shaped globalization in this period. After the <a href="/wiki/First_Opium_War" title="First Opium War">First</a> and <a href="/wiki/Second_Opium_War" title="Second Opium War">Second Opium Wars</a> and the completion of the British conquest of India, vast populations of these regions became ready consumers of European exports. During this period, areas of <a href="/wiki/Sub_Saharan_Africa" class="mw-redirect" title="Sub Saharan Africa">sub-Saharan</a> Africa and the Pacific islands were incorporated into the world system. Meanwhile, the European conquest of new parts of the globe, notably sub-Saharan Africa, yielded valuable natural resources such as <a href="/wiki/Rubber" class="mw-redirect" title="Rubber">rubber</a>, <a href="/wiki/Diamonds" class="mw-redirect" title="Diamonds">diamonds</a> and <a href="/wiki/Coal" title="Coal">coal</a> and helped fuel trade and investment between the European imperial powers, their colonies, and the United States.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:McKinley_Prosperity.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0a/McKinley_Prosperity.jpg/130px-McKinley_Prosperity.jpg" decoding="async" width="130" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0a/McKinley_Prosperity.jpg/196px-McKinley_Prosperity.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0a/McKinley_Prosperity.jpg/261px-McKinley_Prosperity.jpg 2x" data-file-width="2786" data-file-height="4267" /></a><figcaption>The <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> formed the financial basis of the international economy from 1870 to 1914.</figcaption></figure> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>The inhabitant of London could order by telephone, sipping his morning tea, the various products of the whole earth, and reasonably expect their early delivery upon his doorstep. Militarism and imperialism of racial and cultural rivalries were little more than the amusements of his daily newspaper. What an extraordinary episode in the economic progress of man was that age which came to an end in August 1914.</p></blockquote> <p>The global financial system was mainly tied to the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> during this period. The United Kingdom first formally adopted this standard in 1821. Soon to follow was <a href="/wiki/United_Province_of_Canada" class="mw-redirect" title="United Province of Canada">Canada</a> in 1853, <a href="/wiki/History_of_Newfoundland_and_Labrador" title="History of Newfoundland and Labrador">Newfoundland</a> in 1865, and the United States and Germany (<i><a href="/wiki/De_jure" title="De jure">de jure</a></i>) in 1873. New technologies, such as the <a href="/wiki/Telegraph" class="mw-redirect" title="Telegraph">telegraph</a>, the <a href="/wiki/Transatlantic_telegraph_cable" title="Transatlantic telegraph cable">transatlantic cable</a>, the <a href="/wiki/Radiotelephone" title="Radiotelephone">Radiotelephone</a>, the <a href="/wiki/Steamship" title="Steamship">steamship</a>, and the <a href="/wiki/Railway" class="mw-redirect" title="Railway">railway</a> allowed goods and information to move around the world at an unprecedented degree.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p><p>The eruption <a href="/wiki/American_Civil_War" title="American Civil War">of civil war</a> in the United States in 1861 and the blockade of its ports to international commerce meant that the main supply of <a href="/wiki/Cotton" title="Cotton">cotton</a> for the <a href="/wiki/Lancashire" title="Lancashire">Lancashire</a> looms was cut off. The textile industries shifted to reliance upon cotton from Africa and Asia during the course of the U.S. civil war, and this created pressure for an Anglo-French controlled canal through the <a href="/wiki/Suez" title="Suez">Suez</a> peninsula. The <a href="/wiki/Suez_canal" class="mw-redirect" title="Suez canal">Suez canal</a> opened in 1869, the same year in which the <a href="/wiki/Central_Pacific_Railroad" title="Central Pacific Railroad">Central Pacific Railroad</a> that spanned the North American continent was completed. Capitalism and the engine of profit were making the globe a smaller place. </p> <div class="mw-heading mw-heading2"><h2 id="20th_century">20th century</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=13" title="Edit section: 20th century"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Several major challenges to capitalism appeared in the early part of the 20th century. The <a href="/wiki/Russian_Revolution_of_1917" class="mw-redirect" title="Russian Revolution of 1917">Russian revolution</a> in 1917 established the first state with a ruling communist party in the world; a decade later, the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> triggered increasing criticism of the existing capitalist system. One response to this crisis was a turn to <a href="/wiki/Fascism" title="Fascism">fascism</a>, an ideology that advocated <a href="/wiki/State_capitalism" title="State capitalism">state capitalism</a>.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> Another response was to reject capitalism altogether in favour of communist or democratic socialist ideologies. </p> <div class="mw-heading mw-heading3"><h3 id="Keynesianism_and_free_markets">Keynesianism and free markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=14" title="Edit section: Keynesianism and free markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a> and <a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg/220px-NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg" decoding="async" width="220" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg/330px-NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ea/NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg/440px-NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg 2x" data-file-width="4537" data-file-height="3004" /></a><figcaption>The New York <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchange</a> <a href="/wiki/Trading_room" title="Trading room">traders' floor</a> (1963)</figcaption></figure> <p>The economic recovery of the world's leading capitalist economies in the period following the end of the Great Depression and the <a href="/wiki/Second_World_War" class="mw-redirect" title="Second World War">Second World War</a>—a period of unusually rapid growth by historical standards—eased discussion of capitalism's eventual decline or demise.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> The state began to play an increasingly prominent role to moderate and regulate the capitalistic system throughout much of the world. </p><p><a href="/wiki/Keynesian" class="mw-redirect" title="Keynesian">Keynesian</a> economics became a widely accepted method of government regulation and countries such as the United Kingdom experimented with <a href="/wiki/Mixed_economies" class="mw-redirect" title="Mixed economies">mixed economies</a> in which the state owned and operated certain major industries. </p><p>The state also expanded in the US; in 1929, total government expenditures amounted to less than one-tenth of <a href="/wiki/GNP" class="mw-redirect" title="GNP">GNP</a>; from the 1970s they amounted to around one-third.<sup id="cite_ref-Encyclopædia_Britannica_2006_21-1" class="reference"><a href="#cite_note-Encyclopædia_Britannica_2006-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Similar increases were seen in all industrialised capitalist economies, some of which, such as France, have reached even higher ratios of government expenditures to GNP than the United States. </p><p>A broad array of new analytical tools in the <a href="/wiki/Social_sciences" class="mw-redirect" title="Social sciences">social sciences</a> were developed to explain the social and <a href="/wiki/Economic_indicator" title="Economic indicator">economic trends</a> of the period, including the concepts of <a href="/wiki/Post-industrial_society" title="Post-industrial society">post-industrial society</a> and the <a href="/wiki/Welfare_state" title="Welfare state">welfare state</a>.<sup id="cite_ref-Burnham_2003_20-3" class="reference"><a href="#cite_note-Burnham_2003-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>The long post-war boom ended in the 1970s, amid the economic crises experienced following the <a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a>.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> The "<a href="/wiki/Stagflation" title="Stagflation">stagflation</a>" of the 1970s led many economic commentators and politicians to embrace <a href="/wiki/Neoliberalism" title="Neoliberalism">market-oriented</a> policy prescriptions inspired by the laissez-faire capitalism and <a href="/wiki/Classical_liberalism" title="Classical liberalism">classical liberalism</a> of the nineteenth century, particularly under the influence of <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a> and <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a>. The theoretical alternative to <a href="/wiki/Keynesianism" class="mw-redirect" title="Keynesianism">Keynesianism</a> was more compatible with laissez-faire and emphasised individual rights and absence of government intervention. Market-oriented solutions gained increasing support in the Western world, especially under the leadership of <a href="/wiki/Ronald_Reagan" title="Ronald Reagan">Ronald Reagan</a> in the United States and <a href="/wiki/Margaret_Thatcher" title="Margaret Thatcher">Margaret Thatcher</a> in the UK in the 1980s. Public and political interest began shifting away from the so-called <a href="/wiki/Collectivism_and_individualism" class="mw-redirect" title="Collectivism and individualism">collectivist</a> concerns of Keynes's managed capitalism to a focus on individual choice, called "remarketized capitalism".<sup id="cite_ref-Fulcher,_James_2004_40-0" class="reference"><a href="#cite_note-Fulcher,_James_2004-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">three booming decades</a> that followed the Second World War, according to political economist Clara E. Mattei, were an anomaly in the history of contemporary capitalism. She writes that <a href="/wiki/Austerity" title="Austerity">austerity</a> did not originate with the emergence of the <a href="/wiki/Neoliberal" class="mw-redirect" title="Neoliberal">neoliberal</a> era starting in the 1970s, but "has been the mainstay of capitalism."<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Globalization">Globalization</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=15" title="Edit section: Globalization"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:NYSESecurity.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/25/NYSESecurity.JPG/220px-NYSESecurity.JPG" decoding="async" width="220" height="293" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/25/NYSESecurity.JPG/330px-NYSESecurity.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/25/NYSESecurity.JPG/440px-NYSESecurity.JPG 2x" data-file-width="480" data-file-height="640" /></a><figcaption>The <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a>.</figcaption></figure> <p>Although overseas trade has been associated with the development of capitalism for over five hundred years, some thinkers argue that a number of trends associated with <a href="/wiki/Globalisation" class="mw-redirect" title="Globalisation">globalisation</a> have acted to increase the mobility of people and capital since the last quarter of the twentieth century, combining to circumscribe the room to manoeuvre of states in choosing non-capitalist models of development. Today, these trends have bolstered the argument that capitalism should now be viewed as a truly <a href="/wiki/World_system" class="mw-redirect" title="World system">world system</a> (Burnham). However, other thinkers argue that globalisation, even in its quantitative degree, is no greater now than during earlier periods of capitalist trade.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>After the abandonment of the <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> in 1971, and the strict state control of foreign exchange rates, the total value of transactions in foreign exchange was estimated to be at least twenty times greater than that of all foreign movements of goods and services (EB). The internationalisation of finance, which some see as beyond the reach of state control, combined with the growing ease with which large corporations have been able to relocate their operations to low-wage states, has posed the question of the 'eclipse' of state sovereignty, arising from the growing 'globalization' of capital.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p><p>While economists generally agree about the size of global <a href="/wiki/Income_inequality" class="mw-redirect" title="Income inequality">income inequality</a>, there is a general disagreement about the recent direction of change of it.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> In cases such as China, where income inequality is clearly growing<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> it is also evident that overall economic growth has rapidly increased with capitalist reforms.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Indur_M._Goklany" title="Indur M. Goklany">Indur M. Goklany</a>'s book <i><a href="/wiki/The_Improving_State_of_the_World" title="The Improving State of the World">The Improving State of the World</a></i>, published by the libertarian think tank <a href="/wiki/Cato_Institute" title="Cato Institute">Cato Institute</a>, argues that economic growth since the Industrial Revolution has been very strong and that factors such as adequate <a href="/wiki/Nutrition" title="Nutrition">nutrition</a>, <a href="/wiki/Life_expectancy" title="Life expectancy">life expectancy</a>, <a href="/wiki/Infant_mortality" title="Infant mortality">infant mortality</a>, <a href="/wiki/Literacy" title="Literacy">literacy</a>, prevalence of <a href="/wiki/Child_labor" class="mw-redirect" title="Child labor">child labor</a>, education, and available free time have improved greatly.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> Some scholars, including <a href="/wiki/Stephen_Hawking" title="Stephen Hawking">Stephen Hawking</a><sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> and researchers for the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>,<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> contend that globalization and <a href="/wiki/Neoliberal" class="mw-redirect" title="Neoliberal">neoliberal</a> economic policies are not ameliorating inequality and poverty but exacerbating it,<sup id="cite_ref-BusEth_51-0" class="reference"><a href="#cite_note-BusEth-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> and are creating new forms of <a href="/wiki/Slavery#Contemporary_slavery" title="Slavery">contemporary slavery</a>.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> Such policies are also expanding populations of the displaced, the unemployed and the imprisoned<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> along with accelerating the <a href="/wiki/Environmental_degradation" title="Environmental degradation">destruction of the environment</a><sup id="cite_ref-BusEth_51-1" class="reference"><a href="#cite_note-BusEth-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Holocene_extinction" title="Holocene extinction">species extinction</a>.<sup id="cite_ref-Dawson_58-0" class="reference"><a href="#cite_note-Dawson-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> In 2017, the IMF warned that inequality within nations, in spite of global inequality falling in recent decades, has risen so sharply that it threatens economic growth and could result in further <a href="/wiki/Polarization_(politics)" class="mw-redirect" title="Polarization (politics)">political polarization</a>.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> Surging <a href="/wiki/Economic_inequality" title="Economic inequality">economic inequality</a> following the <a href="/wiki/Great_Recession" title="Great Recession">economic crisis</a> and the anger associated with it have resulted in a resurgence of <a href="/wiki/Socialist" class="mw-redirect" title="Socialist">socialist</a> and <a href="/wiki/Nationalist" class="mw-redirect" title="Nationalist">nationalist</a> ideas throughout the Western world, which has some economic elites from places including <a href="/wiki/Silicon_Valley" title="Silicon Valley">Silicon Valley</a>, <a href="/wiki/Davos" title="Davos">Davos</a> and <a href="/wiki/Harvard_Business_School" title="Harvard Business School">Harvard Business School</a> concerned about the future of capitalism.<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> </p><p>According to the scholars <a href="/wiki/Gary_Gerstle" title="Gary Gerstle">Gary Gerstle</a> and Fritz Bartel, with the end of the <a href="/wiki/Cold_War" title="Cold War">Cold War</a> and the emergence of neoliberal <a href="/wiki/Finance_capitalism" title="Finance capitalism">financialized capitalism</a> as the dominant system, capitalism has become a truly global order in a way not seen since 1914.<sup id="cite_ref-Gerstle_62-0" class="reference"><a href="#cite_note-Gerstle-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> Economist Radhika Desai, while concurring that 1914 was the peak of the capitalist system, argues that the neoliberal reforms that were intended to restore capitalism to its primacy have instead bequeathed to the world increased inequalities, divided societies, economic crises and misery and a lack of meaningful politics, along with sluggish growth which demonstrates that, according to Desai, the system is "losing ground in terms of economic weight and world influence" with "the balance of international power . . . tilting markedly away from capitalism."<sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> Gerstle argues that in the twilight of the neoliberal period "political disorder and dysfunction reign" and posits that the most important question for the United States and the world is what comes next.<sup id="cite_ref-Gerstle_62-1" class="reference"><a href="#cite_note-Gerstle-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="21st_century">21st century</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=16" title="Edit section: 21st century"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>By the beginning of the twenty-first century, mixed economies with capitalist elements had become the pervasive economic systems worldwide. The collapse of the <a href="/wiki/Soviet_bloc" class="mw-redirect" title="Soviet bloc">Soviet bloc</a> in 1991 significantly reduced the influence of socialism as an alternative economic system. Leftist movements continue to be influential in some parts of the world, most notably Latin-American <a href="/wiki/Bolivarianism" title="Bolivarianism">Bolivarianism</a>, with some having ties to more traditional anti-capitalist movements, such as Bolivarian <a href="/wiki/Communist_Party_of_Venezuela" title="Communist Party of Venezuela">Venezuela</a>'s ties to <a href="/wiki/Communist_Party_of_Cuba" title="Communist Party of Cuba">Cuba</a>. </p><p>In many emerging markets, the influence of banking and financial capital have come to increasingly shape national developmental strategies, leading some to argue we are in a new phase of financial capitalism.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> </p><p>State intervention in global capital markets following the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a> was perceived by some as signalling a crisis for free-market capitalism. Serious turmoil in the banking system and financial markets due in part to the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a> reached a critical stage during September 2008, characterised by severely contracted <a href="/wiki/Market_liquidity" title="Market liquidity">liquidity</a> in the global credit markets posed an existential threat to investment banks and other institutions.<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Future">Future</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=17" title="Edit section: Future"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to <a href="/wiki/Michio_Kaku" title="Michio Kaku">Michio Kaku</a>,<sup id="cite_ref-Michio_1999_68-0" class="reference"><a href="#cite_note-Michio_1999-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> the transition to the <a href="/wiki/Information_society" title="Information society">information society</a> involves abandoning some parts of capitalism, as the "capital" required to produce and process information becomes available to the masses and difficult to control, and is closely related to the controversial issues of <a href="/wiki/Intellectual_property" title="Intellectual property">intellectual property</a>. Some<sup id="cite_ref-Michio_1999_68-1" class="reference"><a href="#cite_note-Michio_1999-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> have further speculated that the development of mature <a href="/wiki/Molecular_manufacturing" class="mw-redirect" title="Molecular manufacturing">nanotechnology</a>, particularly of <a href="/wiki/Universal_assembler" class="mw-redirect" title="Universal assembler">universal assemblers</a>, may make capitalism obsolete, with <a href="/wiki/Capital_(economics)" title="Capital (economics)">capital</a> ceasing to be an important factor in the economic life of humanity. Various thinkers have also explored what kind of economic system <a href="/wiki/Post-capitalism" title="Post-capitalism">might replace</a> capitalism, such as <a href="/wiki/Bob_Avakian" title="Bob Avakian">Bob Avakian</a>, <a href="/wiki/Jason_Hickel" title="Jason Hickel">Jason Hickel</a>, <a href="/wiki/Paul_Mason_(journalist)" title="Paul Mason (journalist)">Paul Mason</a>, <a href="/wiki/Richard_D._Wolff" title="Richard D. Wolff">Richard D. Wolff</a> and contributors to the "Scientists' warning on affluence".<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Role_of_women">Role of women</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=18" title="Edit section: Role of women"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Women's historians have debated the impact of capitalism on the status of women.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Alice_Clark_(historian)" title="Alice Clark (historian)">Alice Clark</a> argued that, when capitalism arrived in 17th-century England, it negatively impacted the status of women, who lost much of their economic importance. Clark argued that, in 16th-century England, women were engaged in many aspects of industry and agriculture. The home was a central unit of production, and women played a vital role in running farms and in some trades and landed estates. Their useful economic roles gave them a sort of equality with their husbands. However, Clark argued, as capitalism expanded in the 17th century, there was more and more division of labor, with the husband taking paid labor jobs outside the home, and the wife reduced to unpaid household work. Middle-class women were confined to an idle domestic existence, supervising servants; lower-class women were forced to take poorly paid jobs. Capitalism, therefore, had a negative effect on women.<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> By contrast, <a href="/wiki/Ivy_Pinchbeck" title="Ivy Pinchbeck">Ivy Pinchbeck</a> argued that capitalism created the conditions for women's emancipation.<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> Tilly and Scott have emphasized the continuity and the status of women, finding three stages in European history. In the preindustrial era, production was mostly for home use, and women produced many household needs. The second stage was the "family wage economy" of early industrialization. During this stage, the entire family depended on the collective wages of its members, including husband, wife, and older children. The third, or modern, stage is the "family consumer economy", in which the family is the site of consumption, and women are employed in large numbers in retail and clerical jobs to support rising standards of consumption.<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=19" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1259569809">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid 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src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/28px-Emblem-money.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/42px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/56px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span></span><span class="portalbox-link"><a href="/wiki/Portal:Business_and_economics" class="mw-redirect" title="Portal:Business and economics">Business and economics portal</a></span></li></ul> <ul><li><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></li> <li><a href="/wiki/Brenner_debate" title="Brenner debate">Brenner debate</a></li> <li><a href="/wiki/Capitalism_and_Islam" title="Capitalism and Islam">Capitalism and Islam</a></li> <li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Capitalist mode of production</a></li> <li><a href="/wiki/Enclosure" title="Enclosure">Enclosure</a> and <a href="/wiki/British_Agricultural_Revolution" title="British Agricultural Revolution">British Agricultural Revolution</a></li> <li><a href="/wiki/Fernand_Braudel" title="Fernand Braudel">Fernand Braudel</a></li> <li><a href="/wiki/History_of_capitalist_theory" title="History of capitalist theory">History of capitalist theory</a></li> <li><a href="/wiki/History_of_globalization" title="History of globalization">History of globalization</a></li> <li><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History of private equity and venture capital</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation of capital</a></li> <li><a href="/wiki/Protestant_work_ethic" title="Protestant work ethic">Protestant work ethic</a></li> <li><a href="/wiki/Simple_commodity_production" title="Simple commodity production">Simple commodity production</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=20" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Richard Biernacki, review of Ellen Meiksins Wood (1999), <i><a href="/wiki/The_Origin_of_Capitalism" title="The Origin of Capitalism">The Origin of Capitalism</a></i> (Monthly Review Press, 1999), in <i>Contemporary Sociology</i>, Vol. 29, No. 4 (Jul., 2000), pp. 638–39 <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2654574">2654574</a>.</span> </li> <li id="cite_note-Ellen_Meiksins_Wood_2002-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-Ellen_Meiksins_Wood_2002_2-0">^</a></b></span> <span class="reference-text">Ellen Meiksins Wood (2002), <i><a href="/wiki/The_Origin_of_Capitalism:_A_Longer_View" class="mw-redirect" title="The Origin of Capitalism: A Longer View">The Origin of Capitalism: A Longer View</a></i> (London: Verso, 2002).</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFHickel2017" class="citation book cs1">Hickel, Jason (2017). "3 – Where did poverty come from? A creation story". <i>The divide : a brief guide to global inequality and its solutions</i>. London: Penguin Random House. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781785151125" title="Special:BookSources/9781785151125"><bdi>9781785151125</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/984907212">984907212</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=3+%E2%80%93+Where+did+poverty+come+from%3F+A+creation+story&rft.btitle=The+divide+%3A+a+brief+guide+to+global+inequality+and+its+solutions&rft.place=London&rft.pub=Penguin+Random+House&rft.date=2017&rft_id=info%3Aoclcnum%2F984907212&rft.isbn=9781785151125&rft.aulast=Hickel&rft.aufirst=Jason&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Brenner, Robert, 1977, "The Origins of Capitalist Development: a Critique of Neo-Smithian Marxism", in <i>New Left Review</i> 104: 36–37, 46</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">Dobb, Maurice 1947 <i>Studies in the Development of Capitalism</i>. New York: International Publishers Co., Inc. 42–46, 48 ff.</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">James Fulcher, Capitalism (New York: Oxford University Press, 2004) 19</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDegen2011" class="citation book cs1">Degen, Robert A. (2011-12-31). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=0YFlzAAUqv0C"><i>The Triumph of Capitalism</i></a>. New Brunswick, New Jersey: Transaction Publishers (published 2011). p. 12. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781412809856" title="Special:BookSources/9781412809856"><bdi>9781412809856</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">2016-01-13</span></span>. <q>By the early 1400s, power came to be shared in an arrangement giving representation to various segments of the social order, but the dichotomy between wage earners and capitalist merchants remained.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Triumph+of+Capitalism&rft.place=New+Brunswick%2C+New+Jersey&rft.pages=12&rft.pub=Transaction+Publishers&rft.date=2011-12-31&rft.isbn=9781412809856&rft.aulast=Degen&rft.aufirst=Robert+A.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D0YFlzAAUqv0C&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Ellen Meikisins Wood, <i>The Origin of Capitalism: A Longer View</i>, 2nd edn (London: Verso, 2002), p. 99.</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text">"Enclosure" is the modern spelling, while "inclosure" is an older spelling still used in the United Kingdom in <a href="/wiki/Legal_document" class="mw-redirect" title="Legal document">legal documents</a> and <a href="/wiki/Place_name" class="mw-redirect" title="Place name">place names</a>.</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThompson1991" class="citation book cs1"><a href="/wiki/E._P._Thompson" title="E. P. Thompson">Thompson, E. P.</a> (1991). <i>The Making of the English Working Class</i>. <a href="/wiki/Penguin_Group" title="Penguin Group">Penguin</a>. p. 217.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Making+of+the+English+Working+Class&rft.pages=217&rft.pub=Penguin&rft.date=1991&rft.aulast=Thompson&rft.aufirst=E.+P.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text">A comparison of the English historical enclosures with the (much later) German 19th century <span title="German-language text"><i lang="de"><a href="/wiki/Landflucht" title="Landflucht">Landflucht</a></i></span>. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEngels1882" class="citation book cs1"><a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Engels, Friedrich</a> (1882). "Die Mark". <i><span title="German-language text"><i lang="de">Die Entwicklung des Sozialismus von der Utopie zur Wissenschaft</i></span></i>. Hottingen (Zurich).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Die+Mark&rft.btitle=%3Cspan+title%3D%22German-language+text%22%3E%3Ci+lang%3D%22de%22%3EDie+Entwicklung+des+Sozialismus+von+der+Utopie+zur+Wissenschaft%3C%2Fi%3E%3C%2Fspan%3ECategory%3AArticles+containing+German-language+text&rft.place=Hottingen+%28Zurich%29&rft.date=1882&rft.aulast=Engels&rft.aufirst=Friedrich&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarxEngels" class="citation book cs1"><a href="/wiki/Karl_Marx" title="Karl Marx">Marx, Karl</a>; <a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Engels, Friedrich</a>. <i>Werke</i> (1973 reprint of 196t 1st ed.). Berlin: Karl Dietz.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Werke&rft.place=Berlin&rft.edition=1973+reprint+of+196t+1st&rft.pub=Karl+Dietz&rft.aulast=Marx&rft.aufirst=Karl&rft.au=Engels%2C+Friedrich&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHickel2018" class="citation book cs1">Hickel, Jason (2018). <i>The Divide: A Brief Guide to Global Inequality and its Solutions</i>. 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Armstrong</a></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChambersMingay1982" class="citation book cs1">Chambers, J. D.; Mingay, G. E. (1982). <i>The Agricultural Revolution 1750–1850</i> (Reprinted ed.). <a href="/wiki/Anova_Books" class="mw-redirect" title="Anova Books">Batsford</a>. p. 104.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Agricultural+Revolution+1750%E2%80%931850&rft.pages=104&rft.edition=Reprinted&rft.pub=Batsford&rft.date=1982&rft.aulast=Chambers&rft.aufirst=J.+D.&rft.au=Mingay%2C+G.+E.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArmstrong1981" class="citation book cs1">Armstrong, W A (1981). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190801145009/https://www.bahs.org.uk/AgHRVOL.html?YEAR=1981&MOD=this"><i>The Influence of Demographic Factors on the Position of the Agricultural Labourer in England and Wales, c.1750–1914". </i>in<i> "Agricultural History Review."</i></a>. Vol. 29. British Agricultural History Society. p. 79. Archived from <a rel="nofollow" class="external text" href="http://www.bahs.org.uk/AgHRVOL.html?YEAR=1981&MOD=this">the original</a> on 2019-08-01<span class="reference-accessdate">. Retrieved <span class="nowrap">2014-01-02</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Influence+of+Demographic+Factors+on+the+Position+of+the+Agricultural+Labourer+in+England+and+Wales%2C+c.1750%E2%80%931914%22.+in+%22Agricultural+History+Review.%22&rft.pages=79&rft.pub=British+Agricultural+History+Society&rft.date=1981&rft.aulast=Armstrong&rft.aufirst=W+A&rft_id=http%3A%2F%2Fwww.bahs.org.uk%2FAgHRVOL.html%3FYEAR%3D1981%26MOD%3Dthis&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: </span><span class="cs1-visible-error citation-comment"><code class="cs1-code">|work=</code> ignored (<a href="/wiki/Help:CS1_errors#periodical_ignored" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">Ellen Meiksins Wood (2002), <i>The Origin of Capitalism: A Longer View</i> (London: Verso, 2002), pp. 73–94.</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text">Warburton, David, <i>Macroeconomics from the beginning: The General Theory, Ancient Markets, and the Rate of Interest</i>. Paris: Recherches et Publications, 2003. p. 49</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTrivellato2020" class="citation journal cs1">Trivellato, Francesca (2020). <a rel="nofollow" class="external text" href="https://www.cambridge.org/core/journals/business-history-review/article/abs/renaissance-florence-and-the-origins-of-capitalism-a-business-history-perspective/80EDF52FB1199290ECC489EBA73025DD">"Renaissance Florence and the Origins of Capitalism: A Business History Perspective"</a>. <i>Business History Review</i>. <b>94</b> (1): 229–251. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0007680520000033">10.1017/S0007680520000033</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0007-6805">0007-6805</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Business+History+Review&rft.atitle=Renaissance+Florence+and+the+Origins+of+Capitalism%3A+A+Business+History+Perspective&rft.volume=94&rft.issue=1&rft.pages=229-251&rft.date=2020&rft_id=info%3Adoi%2F10.1017%2FS0007680520000033&rft.issn=0007-6805&rft.aulast=Trivellato&rft.aufirst=Francesca&rft_id=https%3A%2F%2Fwww.cambridge.org%2Fcore%2Fjournals%2Fbusiness-history-review%2Farticle%2Fabs%2Frenaissance-florence-and-the-origins-of-capitalism-a-business-history-perspective%2F80EDF52FB1199290ECC489EBA73025DD&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFredonaReinert2020" class="citation journal cs1">Fredona, Robert; Reinert, Sophus A. (2020). <a rel="nofollow" class="external text" href="https://www.cambridge.org/core/journals/business-history-review/article/abs/italy-and-the-origins-of-capitalism/36DAE2BD09C3C98137319FD959D4F6FA">"Italy and the Origins of Capitalism"</a>. <i>Business History Review</i>. <b>94</b> (1): 5–38. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0007680520000057">10.1017/S0007680520000057</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0007-6805">0007-6805</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Business+History+Review&rft.atitle=Italy+and+the+Origins+of+Capitalism&rft.volume=94&rft.issue=1&rft.pages=5-38&rft.date=2020&rft_id=info%3Adoi%2F10.1017%2FS0007680520000057&rft.issn=0007-6805&rft.aulast=Fredona&rft.aufirst=Robert&rft.au=Reinert%2C+Sophus+A.&rft_id=https%3A%2F%2Fwww.cambridge.org%2Fcore%2Fjournals%2Fbusiness-history-review%2Farticle%2Fabs%2Fitaly-and-the-origins-of-capitalism%2F36DAE2BD09C3C98137319FD959D4F6FA&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-Burnham_2003-20"><span class="mw-cite-backlink">^ <a href="#cite_ref-Burnham_2003_20-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Burnham_2003_20-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Burnham_2003_20-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Burnham_2003_20-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text">Burnham, Peter <i>Capitalism, the Concise Oxford Dictionary of Politics</i>, 2003 Oxford: Oxford University Press</span> </li> <li id="cite_note-Encyclopædia_Britannica_2006-21"><span class="mw-cite-backlink">^ <a href="#cite_ref-Encyclopædia_Britannica_2006_21-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Encyclopædia_Britannica_2006_21-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><i>Encyclopædia Britannica</i> (2006)</span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><a href="/wiki/John_J._McCusker" title="John J. McCusker">John J. McCusker</a>, <i>Mercantilism and the Economic History of the Early Modern Atlantic World</i> (Cambridge UP, 2001)</span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text">Now attributed to <a href="/wiki/Thomas_Smith_(diplomat)" title="Thomas Smith (diplomat)">Sir Thomas Smith</a>; quoted in <a href="#CITEREFBraudel1979">Braudel (1979)</a>, p. 204.</span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDavid_OnnekinkGijs_Rommelse2011" class="citation book cs1">David Onnekink; Gijs Rommelse (2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=M1QdbzdTimsC&pg=PA257"><i>Ideology and Foreign Policy in Early Modern Europe (1650–1750)</i></a>. Ashgate Publishing, Ltd. p. 257. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781409419143" title="Special:BookSources/9781409419143"><bdi>9781409419143</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Ideology+and+Foreign+Policy+in+Early+Modern+Europe+%281650%E2%80%931750%29&rft.pages=257&rft.pub=Ashgate+Publishing%2C+Ltd.&rft.date=2011&rft.isbn=9781409419143&rft.au=David+Onnekink&rft.au=Gijs+Rommelse&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DM1QdbzdTimsC%26pg%3DPA257&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text">Quoted in Sir George Clark, <i>The Seventeenth Century</i> (New York: Oxford University Press, 1961), p. 24.</span> </li> <li id="cite_note-Scott_2005-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-Scott_2005_26-0">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFScottMarshall2005" class="citation encyclopaedia cs1">Scott, John; Marshall, Gordon (2005). 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Beacon Press, Boston. 1944. p. 87</span> </li> <li id="cite_note-Banaji-28"><span class="mw-cite-backlink">^ <a href="#cite_ref-Banaji_28-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Banaji_28-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Jairus Banaji (2007), "Islam, the Mediterranean and the rise of capitalism", <i>Journal Historical Materialism</i> 15#1 pp. 47–74, Brill Publishers.</span> </li> <li id="cite_note-britannica2-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-britannica2_29-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a rel="nofollow" class="external text" href="http://www.britannica.com/EBchecked/topic/178493/economic-system/61117/Market-systems#toc242146"><i>Economic system :: Market systems</i></a>. 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Retrieved <span class="nowrap">17 October</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=History+Workshop&rft.atitle=Slavery%2C+coerced+labour%2C+and+the+development+of+industrial+capitalism+in+Britain&rft.date=2019-10-04&rft.aulast=Harvey&rft.aufirst=Mark&rft_id=https%3A%2F%2Fwww.historyworkshop.org.uk%2Fslavery%2Fslavery-coerced-labour-and-the-development-of-industrial-capitalism-in-britain%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-Ayers1989-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-Ayers1989_34-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAyres1989" class="citation book cs1"><a href="/wiki/Robert_Ayres_(scientist)" title="Robert Ayres (scientist)">Ayres, Robert</a> (1989). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120301220936/http://www.iiasa.ac.at/Admin/PUB/Documents/RR-89-001.pdf"><i>Technological Transformations and Long Waves</i></a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/International_Institute_for_Applied_Systems_Analysis" title="International Institute for Applied Systems Analysis">International Institute for Applied Systems Analysis</a>. pp. 16–17. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/3-7045-0092-5" title="Special:BookSources/3-7045-0092-5"><bdi>3-7045-0092-5</bdi></a>. Archived from <a rel="nofollow" class="external text" href="http://www.iiasa.ac.at/Admin/PUB/Documents/RR-89-001.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2012-03-01<span class="reference-accessdate">. Retrieved <span class="nowrap">2014-01-02</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Technological+Transformations+and+Long+Waves&rft.pages=16-17&rft.pub=International+Institute+for+Applied+Systems+Analysis&rft.date=1989&rft.isbn=3-7045-0092-5&rft.aulast=Ayres&rft.aufirst=Robert&rft_id=http%3A%2F%2Fwww.iiasa.ac.at%2FAdmin%2FPUB%2FDocuments%2FRR-89-001.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbs.org/wgbh/commandingheights/shared/minitext/tr_show01.html">"PBS.org"</a>. PBS.org. 1929-10-24<span class="reference-accessdate">. Retrieved <span class="nowrap">2010-07-31</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=PBS.org&rft.pub=PBS.org&rft.date=1929-10-24&rft_id=https%3A%2F%2Fwww.pbs.org%2Fwgbh%2Fcommandingheights%2Fshared%2Fminitext%2Ftr_show01.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><a href="/wiki/Michael_D._Bordo" title="Michael D. Bordo">Michael D. Bordo</a>, <a href="/wiki/Barry_Eichengreen" title="Barry Eichengreen">Barry Eichengreen</a>, <a href="/wiki/Douglas_A._Irwin" class="mw-redirect" title="Douglas A. Irwin">Douglas A. Irwin</a>. "Is Globalization Today Really Different than Globalization a Hundred Years Ago?". NBER Working Paper No.7195. June 1999.</span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFReich1970" class="citation book cs1">Reich, Wilhelm (1970). <a rel="nofollow" class="external text" href="https://archive.org/details/masspsychologyof00reic/page/277"><i>The Mass Psychology of Fascism</i></a>. Macmillan. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/masspsychologyof00reic/page/277">277–281</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-374-20364-1" title="Special:BookSources/978-0-374-20364-1"><bdi>978-0-374-20364-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Mass+Psychology+of+Fascism&rft.pages=277-281&rft.pub=Macmillan&rft.date=1970&rft.isbn=978-0-374-20364-1&rft.aulast=Reich&rft.aufirst=Wilhelm&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmasspsychologyof00reic%2Fpage%2F277&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStanley_EngermanSeymour_DrescherRobert_Paquette2001" class="citation book cs1">Stanley Engerman; Seymour Drescher; Robert Paquette (2001). <i>Slavery (Oxford Readers)</i>. Oxford University Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Slavery+%28Oxford+Readers%29&rft.pub=Oxford+University+Press&rft.date=2001&rft.au=Stanley+Engerman&rft.au=Seymour+Drescher&rft.au=Robert+Paquette&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarnes,_Trevor_J.2004" class="citation book cs1">Barnes, Trevor J. (2004). <i>Reading economic geography</i>. Blackwell Publishing. p. 127. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-631-23554-X" title="Special:BookSources/0-631-23554-X"><bdi>0-631-23554-X</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Reading+economic+geography&rft.pages=127&rft.pub=Blackwell+Publishing&rft.date=2004&rft.isbn=0-631-23554-X&rft.au=Barnes%2C+Trevor+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-Fulcher,_James_2004-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-Fulcher,_James_2004_40-0">^</a></b></span> <span class="reference-text">Fulcher, James. Capitalism. 1st ed. New York: Oxford University Press, 2004.</span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMattei2022" class="citation book cs1">Mattei, Clara E. (2022). <a rel="nofollow" class="external text" href="https://press.uchicago.edu/ucp/books/book/chicago/C/bo181707138.html"><i>The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism</i></a>. <a href="/wiki/University_of_Chicago_Press" title="University of Chicago Press">University of Chicago Press</a>. p. 3. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0226818399" title="Special:BookSources/978-0226818399"><bdi>978-0226818399</bdi></a>. <q>Austerity is not new, nor is it a product of the so-called Neoliberal Era that began in the 1970s. Outside, perhaps, of the less than three booming decades that followed World War II, austerity has been the mainstay of capitalism. It has been true throughout history that where capitalism exists, crisis follows. Where austerity has proven wildly effective is in insulating capitalist hierarchies from harm during these moments of would-be social change.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Capital+Order%3A+How+Economists+Invented+Austerity+and+Paved+the+Way+to+Fascism&rft.pages=3&rft.pub=University+of+Chicago+Press&rft.date=2022&rft.isbn=978-0226818399&rft.aulast=Mattei&rft.aufirst=Clara+E.&rft_id=https%3A%2F%2Fpress.uchicago.edu%2Fucp%2Fbooks%2Fbook%2Fchicago%2FC%2Fbo181707138.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text"><a href="/wiki/Doug_Henwood" title="Doug Henwood">Doug Henwood</a> is an economist who has argued that the heyday of globalisation was during the mid-nineteenth century. For example, he writes in <i>What Is Globalization Anyway?</i>: <blockquote><p>Not only is the novelty of "globalization" exaggerated, so is its extent. Capital flows were freer, and foreign holdings by British investors far larger, 100 years ago than anything we see today. Images of multinational corporations shuttling raw materials and parts around the world, as if the whole globe were an assembly line, are grossly overblown, accounting for only about a tenth of U.S. trade.<a rel="nofollow" class="external autonumber" href="https://web.archive.org/web/20011130131557/http://www.zmag.org/sustainers/content/1999-11/26henwood.htm">[1]</a></p></blockquote> <p>(See also <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHenwood2003" class="citation book cs1">Henwood, Doug (October 1, 2003). <a rel="nofollow" class="external text" href="https://archive.org/details/afterneweconomy00henw"><i>After the New Economy</i></a>. New Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-56584-770-9" title="Special:BookSources/1-56584-770-9"><bdi>1-56584-770-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=After+the+New+Economy&rft.pub=New+Press&rft.date=2003-10-01&rft.isbn=1-56584-770-9&rft.aulast=Henwood&rft.aufirst=Doug&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fafterneweconomy00henw&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span>) </p> </span></li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text">For an assessment of this question, see Peter Evans, "The Eclipse of the State? Reflections on Stateness in an Era of Globalization", <i>World Politics</i>, 50, 1 (October 1997): 62–87.</span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMilanovic,_Branko2006" class="citation techreport cs1"><a href="/wiki/Branko_Milanovic" class="mw-redirect" title="Branko Milanovic">Milanovic, Branko</a> (2006-08-01). <a rel="nofollow" class="external text" href="https://www.un.org/esa/desa/papers/2006/wp26_2006.pdf"><i>Global Income Inequality: What It Is And Why It Matters?</i></a> <span class="cs1-format">(PDF)</span> (Technical report). DESA Working Paper. Vol. 26. pp. 7–9.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=Global+Income+Inequality%3A+What+It+Is+And+Why+It+Matters%3F&rft.series=DESA+Working+Paper&rft.pages=7-9&rft.date=2006-08-01&rft.au=Milanovic%2C+Branko&rft_id=https%3A%2F%2Fwww.un.org%2Fesa%2Fdesa%2Fpapers%2F2006%2Fwp26_2006.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrooks,_David2004" class="citation web cs1">Brooks, David (2004-11-27). <a rel="nofollow" class="external text" href="http://www.columbia.edu/~xs23/papers/worldistribution/NYT_november_27.htm">"Good News about Poverty"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">2008-02-26</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Good+News+about+Poverty&rft.date=2004-11-27&rft.au=Brooks%2C+David&rft_id=http%3A%2F%2Fwww.columbia.edu%2F~xs23%2Fpapers%2Fworldistribution%2FNYT_november_27.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><a href="/w/index.php?title=Fengbo_Zhang&action=edit&redlink=1" class="new" title="Fengbo Zhang (page does not exist)">Fengbo Zhang</a>: <a rel="nofollow" class="external text" href="https://sites.google.com/site/futurechinaglobalforum/">Speech at "Future China Global Forum 2010": China Rising with the Reform and Open Policy</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131009041057/http://sites.google.com/site/futurechinaglobalforum/">Archived</a> 2013-10-09 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.</span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDahl2000" class="citation book cs1">Dahl, Robert (2000). <a rel="nofollow" class="external text" href="https://archive.org/details/ondemocracy00dahl/page/168"><i>On Democracy</i></a>. Yale University: Yale Nota Bene. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/ondemocracy00dahl/page/168">168</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-300-07627-4" title="Special:BookSources/0-300-07627-4"><bdi>0-300-07627-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=On+Democracy&rft.place=Yale+University&rft.pages=168&rft.pub=Yale+Nota+Bene&rft.date=2000&rft.isbn=0-300-07627-4&rft.aulast=Dahl&rft.aufirst=Robert&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fondemocracy00dahl%2Fpage%2F168&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.theguardian.com/commentisfree/2016/dec/01/stephen-hawking-dangerous-time-planet-inequality">This is the most dangerous time for our planet</a>. Stephen Hawking via <i>The Guardian</i>. 1 December 2016.</span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/fandd/2016/06/pdf/ostry.pdf">Neoliberalism: Oversold?</a> – IMF Finance & Development June 2016 • Volume 53 • Number 2</span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.businessinsider.com/imf-neoliberalism-warnings-2016-5">IMF: The last generation of economic policies may have been a complete failure</a>. <i>Business Insider</i>. May 2016.</span> </li> <li id="cite_note-BusEth-51"><span class="mw-cite-backlink">^ <a href="#cite_ref-BusEth_51-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-BusEth_51-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Jones, Campbell, Martin Parker and Rene Ten Bos, <i>For Business Ethics</i>. (<a href="/wiki/Routledge" title="Routledge">Routledge</a>, 2005) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0415311357" title="Special:BookSources/0415311357">0415311357</a>, p. 101</span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text">Stephen Haymes, Maria Vidal de Haymes and Reuben Miller (eds), <i><a rel="nofollow" class="external text" href="http://www.routledge.com/books/details/9780415673440/">The Routledge Handbook of Poverty in the United States</a></i>, (London: <a href="/wiki/Routledge" title="Routledge">Routledge</a>, 2015) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0415673445" title="Special:BookSources/0415673445">0415673445</a>, <a rel="nofollow" class="external text" href="https://books.google.com/books?id=qnHfBQAAQBAJ&pg=PA1">pp. 1–2</a>.</span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text"><a href="/wiki/Jason_Hickel" title="Jason Hickel">Jason Hickel</a> (February 13, 2019). <a rel="nofollow" class="external text" href="https://jacobinmag.com/2019/02/steven-pinker-global-poverty-neoliberalism-progress">An Open Letter to Steven Pinker (and Bill Gates)</a>. <i><a href="/wiki/Jacobin_(magazine)" title="Jacobin (magazine)">Jacobin</a></i>. Retrieved February 14, 2019.</span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBales2012" class="citation book cs1"><a href="/wiki/Kevin_Bales" title="Kevin Bales">Bales, Kevin</a> (2012). <a href="/wiki/Disposable_People:_New_Slavery_in_the_Global_Economy" class="mw-redirect" title="Disposable People: New Slavery in the Global Economy"><i>Disposable People: New Slavery in the Global Economy</i></a>. <a href="/wiki/University_of_California_Press" title="University of California Press">University of California Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0520272910" title="Special:BookSources/978-0520272910"><bdi>978-0520272910</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Disposable+People%3A+New+Slavery+in+the+Global+Economy&rft.pub=University+of+California+Press&rft.date=2012&rft.isbn=978-0520272910&rft.aulast=Bales&rft.aufirst=Kevin&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-55">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFŽižek2018" class="citation book cs1"><a href="/wiki/Slavoj_%C5%BDi%C5%BEek" title="Slavoj Žižek">Žižek, Slavoj</a> (2018). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=POZFDwAAQBAJ&pg=PA29"><i>The Courage of Hopelessness: A Year of Acting Dangerously</i></a>. Melville House. p. 29. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1612190037" title="Special:BookSources/978-1612190037"><bdi>978-1612190037</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Courage+of+Hopelessness%3A+A+Year+of+Acting+Dangerously&rft.pages=29&rft.pub=Melville+House&rft.date=2018&rft.isbn=978-1612190037&rft.aulast=%C5%BDi%C5%BEek&rft.aufirst=Slavoj&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DPOZFDwAAQBAJ%26pg%3DPA29&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-56">^</a></b></span> <span class="reference-text"><a href="/wiki/Saskia_Sassen" title="Saskia Sassen">Saskia Sassen</a>, <i><a rel="nofollow" class="external text" href="http://www.hup.harvard.edu/catalog.php?isbn=9780674599222">Expulsions: Brutality and Complexity in the Global Economy</a></i>. (<a href="/wiki/Harvard_University_Press" title="Harvard University Press">Harvard University Press</a>, 2014) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0674599225" title="Special:BookSources/0674599225">0674599225</a></span> </li> <li id="cite_note-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-57">^</a></b></span> <span class="reference-text"><a href="/wiki/Lo%C3%AFc_Wacquant" title="Loïc Wacquant">Loïc Wacquant</a>. <i><a rel="nofollow" class="external text" href="https://www.upress.umn.edu/book-division/books/prisons-of-poverty">Prisons of Poverty</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20141129062741/https://www.upress.umn.edu/book-division/books/prisons-of-poverty">Archived</a> 2014-11-29 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></i>. <a href="/wiki/University_of_Minnesota_Press" title="University of Minnesota Press">University of Minnesota Press</a> (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Bja4pNc2Ra8C&pg=PA55">p. 55</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0816639019" title="Special:BookSources/0816639019">0816639019</a>.</span> </li> <li id="cite_note-Dawson-58"><span class="mw-cite-backlink"><b><a href="#cite_ref-Dawson_58-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDawson2016" class="citation book cs1"><a href="/wiki/Ashley_Dawson" title="Ashley Dawson">Dawson, Ashley</a> (2016). <a rel="nofollow" class="external text" href="http://www.orbooks.com/catalog/extinction-by-ashley-dawson/"><i>Extinction: A Radical History</i></a>. <a href="/wiki/OR_Books" title="OR Books">OR Books</a>. p. 41. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1944869014" title="Special:BookSources/978-1944869014"><bdi>978-1944869014</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Extinction%3A+A+Radical+History&rft.pages=41&rft.pub=OR+Books&rft.date=2016&rft.isbn=978-1944869014&rft.aulast=Dawson&rft.aufirst=Ashley&rft_id=http%3A%2F%2Fwww.orbooks.com%2Fcatalog%2Fextinction-by-ashley-dawson%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-59">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHarvey2005" class="citation book cs1"><a href="/wiki/David_Harvey_(geographer)" class="mw-redirect" title="David Harvey (geographer)">Harvey, David</a> (2005). <a rel="nofollow" class="external text" href="https://global.oup.com/academic/product/a-brief-history-of-neoliberalism-9780199283279?cc=us&lang=en&"><i>A Brief History of Neoliberalism</i></a>. <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>. p. 173. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0199283273" title="Special:BookSources/0199283273"><bdi>0199283273</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Brief+History+of+Neoliberalism&rft.pages=173&rft.pub=Oxford+University+Press&rft.date=2005&rft.isbn=0199283273&rft.aulast=Harvey&rft.aufirst=David&rft_id=https%3A%2F%2Fglobal.oup.com%2Facademic%2Fproduct%2Fa-brief-history-of-neoliberalism-9780199283279%3Fcc%3Dus%26lang%3Den%26&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-60">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDunsmuir2017" class="citation news cs1">Dunsmuir, Lindsay (October 11, 2017). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/imf-g20-inequality/imf-calls-for-fiscal-policies-that-tackle-rising-inequality-idUSL2N1ML16B">"IMF calls for fiscal policies that tackle rising inequality"</a>. <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">November 4,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=IMF+calls+for+fiscal+policies+that+tackle+rising+inequality&rft.date=2017-10-11&rft.aulast=Dunsmuir&rft.aufirst=Lindsay&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fimf-g20-inequality%2Fimf-calls-for-fiscal-policies-that-tackle-rising-inequality-idUSL2N1ML16B&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-61"><span class="mw-cite-backlink"><b><a href="#cite_ref-61">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJaffe2019" class="citation news cs1">Jaffe, Greg (April 20, 2019). <a rel="nofollow" class="external text" href="https://www.washingtonpost.com/politics/capitalism-in-crisis-us-billionaires-worry-about-the-survival-of-the-system-that-made-them-rich/2019/04/20/3e06ef90-5ed8-11e9-bfad-36a7eb36cb60_story.html">"Capitalism in crisis: U.S. billionaires worry about the survival of the system that made them rich"</a>. <i><a href="/wiki/The_Washington_Post" title="The Washington Post">The Washington Post</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">April 24,</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Washington+Post&rft.atitle=Capitalism+in+crisis%3A+U.S.+billionaires+worry+about+the+survival+of+the+system+that+made+them+rich&rft.date=2019-04-20&rft.aulast=Jaffe&rft.aufirst=Greg&rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Fpolitics%2Fcapitalism-in-crisis-us-billionaires-worry-about-the-survival-of-the-system-that-made-them-rich%2F2019%2F04%2F20%2F3e06ef90-5ed8-11e9-bfad-36a7eb36cb60_story.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-Gerstle-62"><span class="mw-cite-backlink">^ <a href="#cite_ref-Gerstle_62-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Gerstle_62-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGerstle2022" class="citation book cs1"><a href="/wiki/Gary_Gerstle" title="Gary Gerstle">Gerstle, Gary</a> (2022). <a rel="nofollow" class="external text" href="https://global.oup.com/academic/product/the-rise-and-fall-of-the-neoliberal-order-9780197519646?cc=us&lang=en&"><i>The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era</i></a>. <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>. pp. 10–12, 293. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0197519646" title="Special:BookSources/978-0197519646"><bdi>978-0197519646</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Rise+and+Fall+of+the+Neoliberal+Order%3A+America+and+the+World+in+the+Free+Market+Era&rft.pages=10-12%2C+293&rft.pub=Oxford+University+Press&rft.date=2022&rft.isbn=978-0197519646&rft.aulast=Gerstle&rft.aufirst=Gary&rft_id=https%3A%2F%2Fglobal.oup.com%2Facademic%2Fproduct%2Fthe-rise-and-fall-of-the-neoliberal-order-9780197519646%3Fcc%3Dus%26lang%3Den%26&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-63"><span class="mw-cite-backlink"><b><a href="#cite_ref-63">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBartel2022" class="citation book cs1">Bartel, Fritz (2022). <a rel="nofollow" class="external text" href="https://www.hup.harvard.edu/catalog.php?isbn=9780674976788"><i>The Triumph of Broken Promises: The End of the Cold War and the Rise of Neoliberalism</i></a>. <a href="/wiki/Harvard_University_Press" title="Harvard University Press">Harvard University Press</a>. pp. 5–6, 19. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780674976788" title="Special:BookSources/9780674976788"><bdi>9780674976788</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Triumph+of+Broken+Promises%3A+The+End+of+the+Cold+War+and+the+Rise+of+Neoliberalism&rft.pages=5-6%2C+19&rft.pub=Harvard+University+Press&rft.date=2022&rft.isbn=9780674976788&rft.aulast=Bartel&rft.aufirst=Fritz&rft_id=https%3A%2F%2Fwww.hup.harvard.edu%2Fcatalog.php%3Fisbn%3D9780674976788&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-64"><span class="mw-cite-backlink"><b><a href="#cite_ref-64">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDesai2022" class="citation book cs1">Desai, Radhika (2022). <a rel="nofollow" class="external text" href="https://www.taylorfrancis.com/chapters/oa-mono/10.4324/9781003200000-1/"><i>Capitalism, Coronavirus and War: A Geopolitical Economy</i></a>. <a href="/wiki/Routledge" title="Routledge">Routledge</a>. pp. 6–8, 179. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.4324%2F9781003200000">10.4324/9781003200000</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781032059501" title="Special:BookSources/9781032059501"><bdi>9781032059501</bdi></a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:254306409">254306409</a>. <q>While the balance of class power remains heavily tilted in favour of capital in its homelands, the balance of international power is tilting markedly away from capitalism, driving all outside the charmed circle of the United States, Europe, Japan and the settler colonies bit by bit, with advances and reverses, steadily away from the major capitalist countries and probably, from capitalism. This process began with the Russian Revolution and, after the reverses of the 1990s, resumed in the new century as an alliance of countries seeking to assert their economic and security sovereignty—including Russia, Venezuela, Cuba and Iran—began forming with China as its economic centre. The pandemic and the war have accelerated these processes.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Capitalism%2C+Coronavirus+and+War%3A+A+Geopolitical+Economy&rft.pages=6-8%2C+179&rft.pub=Routledge&rft.date=2022&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A254306409%23id-name%3DS2CID&rft_id=info%3Adoi%2F10.4324%2F9781003200000&rft.isbn=9781032059501&rft.aulast=Desai&rft.aufirst=Radhika&rft_id=https%3A%2F%2Fwww.taylorfrancis.com%2Fchapters%2Foa-mono%2F10.4324%2F9781003200000-1%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-65"><span class="mw-cite-backlink"><b><a href="#cite_ref-65">^</a></b></span> <span class="reference-text">Marois, Thomas (2012) States, Banks and Crisis: Emerging Finance Capitalism in Mexico and Turkey. Cheltenham, Gloucestershire, UK: Edward Elgar Publishing.</span> </li> <li id="cite_note-66"><span class="mw-cite-backlink"><b><a href="#cite_ref-66">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://georgewbush-whitehouse.archives.gov/news/releases/2008/09/images/20080925-9_v092508db-0111-515h.html">"President Bush Meets with Bicameral and Bipartisan Members of Congress to Discuss Economy"</a>, <a href="/wiki/Whitehouse.gov" title="Whitehouse.gov">Whitehouse.gov</a>, September 25, 2008.</span> </li> <li id="cite_note-67"><span class="mw-cite-backlink"><b><a href="#cite_ref-67">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/business/7641733.stm">"House votes down bail-out package"</a>. 29 September 2008 – via news.bbc.co.uk.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=House+votes+down+bail-out+package&rft.date=2008-09-29&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F1%2Fhi%2Fbusiness%2F7641733.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-Michio_1999-68"><span class="mw-cite-backlink">^ <a href="#cite_ref-Michio_1999_68-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Michio_1999_68-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="/wiki/Michio_Kaku" title="Michio Kaku">Kaku, Michio</a> (1999). <i>Visions: How Science Will Revolutionize the 21st Century and Beyond</i>. New York: Oxford University Press. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-19-288018-7" title="Special:BookSources/0-19-288018-7">0-19-288018-7</a></span> </li> <li id="cite_note-69"><span class="mw-cite-backlink"><b><a href="#cite_ref-69">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWiedmannLenzenKeyßerSteinberger2020" class="citation journal cs1">Wiedmann, Thomas; Lenzen, Manfred; Keyßer, Lorenz T.; Steinberger, Julia K. (2020). <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7305220">"Scientists' warning on affluence"</a>. <i><a href="/wiki/Nature_Communications" title="Nature Communications">Nature Communications</a></i>. <b>11</b> (3107): 3107. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2020NatCo..11.3107W">2020NatCo..11.3107W</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1038%2Fs41467-020-16941-y">10.1038/s41467-020-16941-y</a>. <a href="/wiki/PMC_(identifier)" class="mw-redirect" title="PMC (identifier)">PMC</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7305220">7305220</a></span>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/32561753">32561753</a>. <q>The second, more radical, group disagrees and argues that the needed socio-ecological transformation will necessarily entail a shift beyond capitalism and/or current centralised states. Although comprising considerable heterogeneity, it can be divided into eco-socialist approaches, viewing the democratic state as an important means to achieve the socio-ecological transformation and eco-anarchist approaches, aiming instead at participatory democracy without a state, thus minimising hierarchies. Many degrowth approaches combine elements of the two, but often see a stronger role for state action than eco-anarchists.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Nature+Communications&rft.atitle=Scientists%27+warning+on+affluence&rft.volume=11&rft.issue=3107&rft.pages=3107&rft.date=2020&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC7305220%23id-name%3DPMC&rft_id=info%3Apmid%2F32561753&rft_id=info%3Adoi%2F10.1038%2Fs41467-020-16941-y&rft_id=info%3Abibcode%2F2020NatCo..11.3107W&rft.aulast=Wiedmann&rft.aufirst=Thomas&rft.au=Lenzen%2C+Manfred&rft.au=Key%C3%9Fer%2C+Lorenz+T.&rft.au=Steinberger%2C+Julia+K.&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC7305220&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></span> </li> <li id="cite_note-70"><span class="mw-cite-backlink"><b><a href="#cite_ref-70">^</a></b></span> <span class="reference-text">Eleanor Amico, ed. <i>Reader's guide to women's studies</i> (1998) pp. 102–04.</span> </li> <li id="cite_note-71"><span class="mw-cite-backlink"><b><a href="#cite_ref-71">^</a></b></span> <span class="reference-text">Janet Thomas, "Women and capitalism: oppression or emancipation? A review article". <i>Comparative studies in society and history</i> 30#3 (1988): 534–49. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/178999">178999</a>.</span> </li> <li id="cite_note-72"><span class="mw-cite-backlink"><b><a href="#cite_ref-72">^</a></b></span> <span class="reference-text">Alice Clark, <i>Working life of women in the seventeenth century</i> (1919).</span> </li> <li id="cite_note-73"><span class="mw-cite-backlink"><b><a href="#cite_ref-73">^</a></b></span> <span class="reference-text">Ivy Pinchbeck, <i>Women Workers in the Industrial Revolution</i> (1930).</span> </li> <li id="cite_note-74"><span class="mw-cite-backlink"><b><a href="#cite_ref-74">^</a></b></span> <span class="reference-text">Louise Tilly and Joan Wallach Scott, <i>Women, work, and family</i> (1987).</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=History_of_capitalism&action=edit&section=21" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239549316">.mw-parser-output .refbegin{margin-bottom:0.5em}.mw-parser-output .refbegin-hanging-indents>ul{margin-left:0}.mw-parser-output .refbegin-hanging-indents>ul>li{margin-left:0;padding-left:3.2em;text-indent:-3.2em}.mw-parser-output .refbegin-hanging-indents ul,.mw-parser-output .refbegin-hanging-indents ul li{list-style:none}@media(max-width:720px){.mw-parser-output .refbegin-hanging-indents>ul>li{padding-left:1.6em;text-indent:-1.6em}}.mw-parser-output .refbegin-columns{margin-top:0.3em}.mw-parser-output .refbegin-columns ul{margin-top:0}.mw-parser-output .refbegin-columns li{page-break-inside:avoid;break-inside:avoid-column}@media screen{.mw-parser-output .refbegin{font-size:90%}}</style><div class="refbegin refbegin-columns references-column-width" style="column-width: 40em"> <ul><li>Appleby, Joyce. <i>The Relentless Revolution: A History of Capitalism</i> (2011)</li> <li><a rel="nofollow" class="external text" href="https://www.cambridge.org/core/journals/business-history-review/issue/71903D93C1E7F3E85BCFB40155314D75"><i>Business History Review</i>, Special issue on Italy and the Origins of Capitalism</a>, <i>Business History Review</i>, Volume 94 - Issue 1 - Spring 2020.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBraudel1979" class="citation cs2"><a href="/wiki/Fernand_Braudel" title="Fernand Braudel">Braudel, Fernand</a> (1979), "The Wheels of Commerce", <i>Civilization and Capitalism 15th–18th Century</i></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=The+Wheels+of+Commerce&rft.btitle=Civilization+and+Capitalism+15th%E2%80%9318th+Century&rft.date=1979&rft.aulast=Braudel&rft.aufirst=Fernand&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHistory+of+capitalism" class="Z3988"></span></li> <li>Cheta, Omar Youssef. "The economy by other means: The historiography of capitalism in the modern Middle East", <i>History Compass</i> (April 2018) 16#4 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fhic3.12444">10.1111/hic3.12444</a></li> <li>Comninel, George C. "English feudalism and the origins of capitalism" <i> Journal of Peasant Studies</i>, 27#4 (2000), pp. 1–53 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F03066150008438748">10.1080/03066150008438748</a></li> <li><a href="/wiki/Maurice_Dobb" title="Maurice Dobb">Maurice Dobb</a> and <a href="/wiki/Paul_Sweezy" title="Paul Sweezy">Paul Sweezy</a>'s famous debate on transition from feudalism to capitalism. Hilton, Rodney H. 1976. ed. <i>The Transition from Feudalism to Capitalism</i>. <ul><li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090122075901/http://leftspot.com/blog/?q=node%2F99">blog on the Dobb-Sweezy debate</a> <i>Leftspot.com</i></li></ul></li> <li>Duplessis, Robert S. <i>Transitions to Capitalism in Early Modern Europe</i> (1997).</li> <li>Friedman, Walter A. "Recent trends in business history research: Capitalism, democracy, and innovation". <i>Enterprise & Society</i> 18.4 (2017): 748–771.</li> <li><a href="/wiki/Giddens,_Anthony" class="mw-redirect" title="Giddens, Anthony">Giddens, Anthony</a>. <i>Capitalism and modern social theory: An analysis of the writings of Marx, Durkheim and Max Weber</i> (1971).</li> <li>Hilt, Eric. "Economic History, Historical Analysis, and the 'New History of Capitalism'". <i>Journal of Economic History</i> (June 2017) 77#2 pp 511–536. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190228041620/http://pdfs.semanticscholar.org/9c1d/14eb07fd81b8cf8a576eb98a15a79b0417f1.pdf">online</a></li> <li><a href="/wiki/J%C3%BCrgen_Kocka" title="Jürgen Kocka">Kocka, Jürgen</a>. <i>Capitalism: A Short History</i> (2016) <a rel="nofollow" class="external text" href="https://www.amazon.com/Capitalism-Short-History-J%C3%BCrgen-Kocka/dp/0691178224/">excerpt</a></li> <li>McCarraher, Eugene. <i>The Enchantments of Mammon: How Capitalism Became the Religion of Modernity</i> (2022) <a rel="nofollow" class="external text" href="https://www.amazon.com/Enchantments-Mammon-Capitalism-Religion-Modernity/dp/0674271092/">excerpt</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx, Karl</a> (1867) <i><a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a></i></li> <li>Morton, Adam David. "The Age of Absolutism: capitalism, the modern states-system and international relations" <i>Review of International Studies</i> (2005), 31 : 495–517 Cambridge University Press <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0260210505006601">10.1017/S0260210505006601</a></li> <li>Neal, Larry, and <a href="/wiki/Jeffrey_G._Williamson" title="Jeffrey G. Williamson">Jeffrey G. Williamson</a>, eds. <i>The Cambridge History of Capitalism</i> (2 Vol 2016)</li> <li>Olmstead, Alan L., and Paul W. Rhode. "Cotton, slavery, and the new history of capitalism". <i>Explorations in Economic History</i> 67 (2018): 1–17. <a rel="nofollow" class="external text" href="https://cdn.lacortenews.com/media/20190828164322/olmstead_-_cotton_slavery_and_history_of_new_capitalism_131_nhc_28_sept_2016.pdf">online</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210308073426/https://cdn.lacortenews.com/media/20190828164322/olmstead_-_cotton_slavery_and_history_of_new_capitalism_131_nhc_28_sept_2016.pdf">Archived</a> 2021-03-08 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></li> <li>O'Sullivan, Mary. "The Intelligent Woman's Guide to Capitalism". <i>Enterprise & Society</i> 19.4 (2018): 751–802. <a rel="nofollow" class="external text" href="https://www.researchgate.net/profile/Mary_Osullivan14/publication/328846355_The_Intelligent_Woman%27s_Guide_to_Capitalism/links/5bf693f84585150b2bc9482d/The-Intelligent-Womans-Guide-to-Capitalism.pdf">online</a></li> <li><a href="/wiki/Peter_Nolan" title="Peter Nolan">Nolan, Peter</a> (2009) <i>Crossroads: The end of wild capitalism</i>. Marshall Cavendish, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-462-09968-2" title="Special:BookSources/978-0-462-09968-2">978-0-462-09968-2</a></li> <li><a href="/w/index.php?title=Larry_Patriquin&action=edit&redlink=1" class="new" title="Larry Patriquin (page does not exist)">Patriquin, Larry</a> "The Agrarian Origins of the Industrial Revolution in England" <i>Review of Radical Political Economics</i>, Vol. 36, No. 2, 196–216 (2004) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1177%2F0486613404264190">10.1177/0486613404264190</a></li> <li><a href="/wiki/Michael_Perelman_(economist)" title="Michael Perelman (economist)">Perelman, Michael</a> (2000) <i>The Invention of Capitalism: Classical Political Economy and the Secret History of Primitive Accumulation</i>. Duke University Press. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-8223-2491-1" title="Special:BookSources/0-8223-2491-1">0-8223-2491-1</a>, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-8223-2491-1" title="Special:BookSources/978-0-8223-2491-1">978-0-8223-2491-1</a></li> <li>Prak, Maarten; Zanden, Jan Luiten van (2022). Pioneers of Capitalism: The Netherlands 1000–1800. Princeton University Press.</li> <li>Schuessler, Jennifer. "In History Departments, It's Up With Capitalism" April 6, 2013 <i>The New York Times</i></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter, Joseph A.</a> <i>Can capitalism survive?</i> (1978)</li> <li><a href="/wiki/James_Denham-Steuart" class="mw-redirect" title="James Denham-Steuart">James Denham-Steuart</a> [1767] <i>An Inquiry into the Principles of Political Economy</i> vol 1, vol2, <a rel="nofollow" class="external text" href="https://books.google.com/books?id=6N8TAAAAQAAJ">vol 3</a></li> <li><a href="/wiki/Weber,_Max" class="mw-redirect" title="Weber, Max">Weber, Max</a>. <i><a href="/wiki/The_Protestant_Ethic_and_the_Spirit_of_Capitalism" title="The Protestant Ethic and the Spirit of Capitalism">The Protestant Ethic and the Spirit of Capitalism</a></i> (2002).</li> <li>Zmolek, Mike (2000). "The case for Agrarian capitalism: A response to albritton" <i>Journal of Peasant Studies</i>, Volume 27, Issue 4 July 2000, pp. 138–59</li> <li>Zmolek M. (2001) <i>DEBATE – Further Thoughts on Agrarian Capitalism: A Reply to Albritton</i> The Journal of Peasant Studies, Volume 29, Number 1, October 2001, pp. 129–54 (26)</li> <li><a rel="nofollow" class="external text" href="http://www.informaworld.com/openurl?genre=article&issn=0306-6150&volume=31&issue=2&spage=276">Debating Agrarian Capitalism: A Rejoinder to Albritton</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080725060007/http://ourworld.compuserve.com/homepages/PZarembka/volume22.htm">Research in Political Economy, Volume 22</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20200801230740/http://smallbusinesspages.org/z/info/">The Roots of Merchant Capitalism</a></li> <li>World Socialist Movement. "What Is Capitalism?" <i>World Socialism</i>. 13, August 2007.</li> <li><a href="/wiki/Thomas_K._McCraw" title="Thomas K. McCraw">Thomas K. McCraw</a>, "The Current Crisis and the Essence of Capitalism", <i>The Montreal Review</i> (August, 2011)</li> <li>Zofia Łapniewska, <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140819173141/http://femeko.blox.pl/resource/History_of_Capitalism_Z_Lapniewska.pdf">"History of Capitalism"</a>, Museum des Kapitalismus, Berlin 2014.</li></ul> </div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output 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