Encyclopedia Britannica ARTICLES
Capitalism Economic system in which most of the means of production are privately owned and production is guided and income distributed largely through the operation of the market. Capitalism has been dominant in the Western world since the end of mercantilism. E 'was promoted by the Reformation, which sanctioned hard work and frugality, and industry growth during the Industrial Revolution, especially the English textile industry (16th-18th centuries). Unlike earlier systems, capitalism used the excess of production over consumption to enlarge productive capacity rather than invest in economically unproductive enterprises such as palaces and cathedrals. The mercantilist era had been strong national social conditions, such as uniform monetary systems and codes, which are necessary for the emergence of capitalism. The ideology of classical capitalism was expressed in Adam Smith, Wealth of Nations (1776), Smith and free market theories were widely adopted in the 19th century. In the 20th century, the Great Depression effectively ended the laissez-faire economics in most countries, but the collapse of the state economies of Eastern Europe and former Soviet Union (see communism) and the adoption of some free market principles China in his left capitalism unrivaled (if not disturbed) marked the beginning of the 21st century.
Capitalism on britannica.com
Capitalism Economic system in which most of the means of production are privately owned and production is guided and income distributed largely through the operation of the market. Capitalism has been dominant in the Western world since the end of mercantilism. E 'was promoted by the Reformation, which sanctioned hard work and frugality, and industry growth during the Industrial Revolution, especially the English textile industry (16th-18th centuries). Unlike earlier systems, capitalism used the excess of production over consumption to enlarge productive capacity rather than invest in economically unproductive enterprises such as palaces and cathedrals. The mercantilist era had been strong national social conditions, such as uniform monetary systems and codes, which are necessary for the emergence of capitalism. The ideology of classical capitalism was expressed in Adam Smith, Wealth of Nations (1776), Smith and free market theories were widely adopted in the 19th century. In the 20th century, the Great Depression effectively ended the laissez-faire economics in most countries, but the collapse of the state economies of Eastern Europe and former Soviet Union (see communism) and the adoption of some free market principles China in his left capitalism unrivaled (if not disturbed) marked the beginning of the 21st century.
Capitalism on britannica.com
0 comments:
Post a Comment