Portal:Capitalism

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The Capitalism Portal

Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.

Economists, historians, political economists, and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism, and welfare capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social policies. The degree of competition in markets and the role of intervention and regulation, as well as the scope of state ownership, vary across different models of capitalism. The extent to which different markets are free and the rules defining private property are matters of politics and policy. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning.

Capitalism in its modern form emerged from agrarianism in England, as well as mercantilist practices by European countries between the 16th and 18th centuries. The Industrial Revolution of the 18th century established capitalism as a dominant mode of production, characterized by factory work and a complex division of labor. Through the process of globalization, capitalism spread across the world in the 19th and 20th centuries, especially before World War I and after the end of the Cold War. During the 19th century, capitalism was largely unregulated by the state, but became more regulated in the post–World War II period through Keynesianism, followed by a return of more unregulated capitalism starting in the 1980s through neoliberalism.

Market economies have existed under many forms of government and in many different times, places, and cultures. Modern industrial capitalist societies developed in Western Europe in a process that led to the Industrial Revolution. Capitalist economies promote economic growth through accumulation of capital, however a business cycle of economic growth followed by recession is a common characteristic of such economies. (Full article...)

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Norwich Market (also known as Norwich Provision Market) is an outdoor market consisting of around 200 stalls in central Norwich, England. Founded in the latter part of the 11th century to supply Norman merchants and settlers moving to the area following the Norman conquest of England, it replaced an earlier market a short distance away. It has been in operation on the present site for over 900 years.

By the 14th century, Norwich was one of the largest and most prosperous cities in England, and Norwich Market was a major trading hub. Control of, and income from, the market was ceded by the monarchy to the city of Norwich in 1341, from which time it provided a significant source of income for the local council. Freed from royal control, the market was reorganised to benefit the city as much as possible. Norwich and the surrounding region were devastated by plague and famine in the latter half of the 14th century, with the population falling by over 50%. Following the plague years, Norwich came under the control of local merchants and the economy was rebuilt. In the early 15th century, a Guildhall was built next to the market to serve as a centre for local government and law enforcement. The largest surviving mediaeval civic building in Britain outside London, it remained the seat of local government until 1938 and in use as a law court until 1985. (Full article...)

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'Lysander Spooner (January 19, 1808 — May 14, 1887) was an American abolitionist, entrepreneur, lawyer, essayist, natural rights legal theorist, pamphletist, political philosopher, Unitarian and writer often associated with the Boston anarchist tradition, although the notion of Spooner as an anarchist has been challenged by legal historian Clay S. Conrad, who pointed out that Spooner advocated constitutionally limited governments in his writings (e.g., Essay on the Trial by Jury, 1852).

Spooner was a strong advocate of the labor movement, anti-authoritarian and individualist anarchism in his political views. His economic and political ideology has been identified by some scholars libertarian socialism, left-libertarianism, free-market socialism, and mutualism, while others identify them as right-libertarian, anarcho-capitalist, and propertarianist. According to anarchist George Woodcock, Spooner was a member of the International Workingmen's Association (First International). His writings contributed to the development of both left-libertarian and right-libertarian political theory. Lysander Spooner also influenced Mutualist Associates as Clarence Lee Swartz who cited him as one of the major liberty advocates in history and a pioneer of mutual banking and competition. Spooner's writings include the abolitionist book The Unconstitutionality of Slavery and No Treason: The Constitution of No Authority, which opposed treason charges against secessionists. Spooner is also known for competing with the Post Office with his American Letter Mail Company. However, it was closed after legal problems with the federal government. (Full article...)

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To take an example, therefore, from a very trifling manufacture; but one in which the division of labour has been very often taken notice of, the trade of the pin-maker; a workman not educated to this business (which the division of labour has rendered a distinct trade), nor acquainted with the use of the machinery employed in it (to the invention of which the same division of labour has probably given occasion), could scarce, perhaps, with his utmost industry, make one pin in a day, and certainly could not make twenty. But in the way in which this business is now carried on, not only the whole work is a peculiar trade, but it is divided into a number of branches, of which the greater part are likewise peculiar trades. One man draws out the wire, another straights it, a third cuts it, a fourth points it, a fifth grinds it at the top for receiving the head; to make the head requires two or three distinct operations; to put it on, is a peculiar business, to whiten the pins is another; it is even a trade by itself to put them into the paper; and the important business of making a pin is, in this manner, divided into about eighteen distinct operations, which, in some manufactories, are all performed by distinct hands, though in others the same man will sometimes perform two or three of them. I have seen a small manufactory of this kind where ten men only were employed, and where some of them consequently performed two or three distinct operations. But though they were very poor, and therefore but indifferently accommodated with the necessary machinery, they could, when they exerted themselves, make among them about twelve pounds of pins in a day. There are in a pound upwards of four thousand pins of a middling size. Those ten persons, therefore, could make among them upwards of forty-eight thousand pins in a day. Each person, therefore, making a tenth part of forty-eight thousand pins, might be considered as making four thousand eight hundred pins in a day. But if they had all wrought separately and independently, and without any of them having been educated to this peculiar business, they certainly could not each of them have made twenty, perhaps not one pin in a day; that is, certainly, not the two hundred and fortieth, perhaps not the four thousand eight hundredth part of what they are at present capable of performing, in consequence of a proper division and combination of their different operations.

”

— Adam Smith (1723 – 1790)
The Wealth of Nations , 1776

General images

The following are images from various capitalism-related articles on Wikipedia.

Image 1The subscription room at Lloyd's of London in the early 19th century (from Capitalism)
Image 2The gold standard formed the financial basis of the international economy from 1870 to 1914. (from Capitalism)
Image 3Robert Clive with the Nawabs of Bengal after the Battle of Plassey which began the British rule in Bengal (from Capitalism)
Image 4The Industrial Workers of the World poster "Pyramid of Capitalist System" (1911) (from Capitalism)
Image 5Sir Josiah Child, an influential proponent of mercantilism. Painting attributed to John Riley. (from History of capitalism)
Image 6Adam Smith (from Capitalism)
Image 7The Spinning mule, built by the inventor Samuel Crompton. (from History of capitalism)
Image 8Decaying hedges mark the lines of the straight field boundaries created by a Parliamentary Act of Enclosure. (from History of capitalism)
Image 9British East India Company 1801 (from History of capitalism)
Image 10Gustave Doré's 19th-century engraving depicted the dirty, overcrowded slums where the industrial workers of London lived. (from History of capitalism)
Image 11Augsburg, the centre of early capitalism (from Capitalism)
Image 12The Rothschild family revolutionised international finance. The Frankfurt terminus of the Taunus Railway was financed by the Rothschilds and opened in 1840 as one of Germany's first railways. (from History of capitalism)
Image 13Cosimo de' Medici (pictured in a 16th century portrait by Pontormo) built an international financial empire and was one of the first Medici bankers. (from Capitalism)
Image 1419th-century Great Britain become the first global economic superpower, because of superior manufacturing technology and improved global communications such as steamships and railroads. (from History of capitalism)
Image 15The New York stock exchange traders' floor (1963) (from History of capitalism)
Image 16The Anglo-Dutch Wars were fought between the English and the Dutch for control over the seas and trade routes. (from History of capitalism)
Image 17A painting of a French seaport from 1638 at the height of mercantilism (from Capitalism)
Image 18The New York Stock Exchange. (from History of capitalism)
Image 19The New York stock exchange traders' floor (1963) (from Capitalism)
Image 20The gold standard formed the financial basis of the international economy from 1870 to 1914. (from History of capitalism)
Image 21An industrial worker among heavy steel machine parts (Kinex Bearings, Bytča, Slovakia, c. 1995–2000) (from Capitalism)
Image 22Map of a medieval manor. Notice the large commons area and the division of land into small strips. The mustard-colored areas are part of the demesne, the hatched areas part of the glebe.
William R. Shepherd, Historical Atlas, 01923 (from History of capitalism)
Image 23A painting of a French seaport from 1638, at the height of mercantilism. (from History of capitalism)
Image 24The economic model of supply and demand states that the price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D): the diagram shows a positive shift in demand from D₁ to D₂, resulting in an increase in price (P) and quantity sold (Q) of the product. (from Capitalism)
Image 25The Watt steam engine, fuelled primarily by coal, propelled the Industrial Revolution in Britain. (from Capitalism)

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Did you know

... that John C. Osgood strongly opposed labor unions and tried welfare capitalism at his company town of Redstone, Colorado, to discourage his workers from forming unions and striking?
... that William Douglass was an 18th century American physician whose pamphlets on paper money led Adam Smith to call him "honest and downright"?
... that Japanese historian and economist Taguchi Ukichi has often been referred to as the Adam Smith of Japan?