Capitalism
Overview
History
Theory in Depth
Theory in Action
Analysis and Critical Response
Topics for Further Study
Bibliography
See Also
Overview
Capitalism is more than an economic system. It's an entire ideology centered around the idea of the individual's right to choose his work, his goals, and his life's details. Capitalism is based on the relationships between the capitalists, the consumers, and the laborers. Capitalists essentially acquire or create goods for less than they sell them. Capitalism has dominated the Western Hemisphere since the Roman Empire began to tumble and, following that, the feudal system disintegrated. Markets determine the production and distribution without government involvement, and the economy and the government remain separate. Its development began, officially, in the 16th century, but the idea started in the ancient world and there have been healthy capitalistic niches ever since. The first major work on capitalism was written by Adam Smith in 1776, Inquiry into the Nature and Causes of the Wealth of Nations, and along with his detailed analysis of capitalistic theory began a more structured and formally recognized ideology.
History
Capitalism could not exist without the presence of a market. Marketplaces have existed for several thousand years.
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