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, economic freedom, profit motive, commodification, voluntary exchange, wage labor and the production of commodities. 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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Towards the late 1970s, Hong Kong became established as a major entrepôt between the world and China. The city has developed into a major global trade hub and financial centre, and is regarded as a world city and one of the eight Alpha+ cities. It ranked fifth on the 2014 Global Cities Index after New York City, London, Tokyo and Paris. The city has one of the highest per capita incomes in the world, and the most severe income inequality among the advanced economies. It has a high Human Development Index and is ranked highly in the Global Competitiveness Report. Hong Kong is the third most important financial centre after New York and London. The service economy, characterised by low taxation and free trade, has been regarded as one of the world's most laissez-faire economic policies, and the currency, the Hong Kong dollar, is the 13th most traded currency in the world. (Full article...)

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Friedrich Hayek, (8 May 1899 – 23 March 1992) born in Austria-Hungary as Friedrich August von Hayek and frequently referred to as F. A. Hayek, was an Austrian and British economist and philosopher best known for his defense of classical liberalism. Hayek shared the Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena".

Hayek was a major social theorist and political philosopher of the twentieth century, and his account of how changing prices communicate information which enables individuals to co-ordinate their plans is widely regarded as an important achievement in economics.

Hayek served in World War I and said that his experience in the war and his desire to help avoid the mistakes that had led to the war led him to his career. Hayek lived in Austria, Great Britain, the United States and Germany, and became a British subject in 1938. He spent most of his academic life at the London School of Economics (LSE), the University of Chicago, and the University of Freiburg.

In 2011, his article "The Use of Knowledge in Society" was selected as one of the top 20 articles published in The American Economic Review during its first 100 years. (Full article...)

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“

But when the division of labour first began to take place, this power of exchanging must frequently have been very much clogged and embarrassed in its operations. One man, we shall suppose, has more of a certain commodity than he himself has occasion for, while another has less. The former consequently would be glad to dispose of, and the latter to purchase, a part of this superfluity. But if this latter should chance to have nothing that the former stands in need of, no exchange can be made between them. The butcher has more meat in his shop than he himself can consume, and the brewer and the baker would each of them be willing to purchase a part of it. But they have nothing to offer in exchange, except the different productions of their respective trades, and the butcher is already provided with all the bread and beer which he has immediate occasion for. No exchange can, in this case, be made between them. He cannot be their merchant, nor they his customers; and they are all of them thus mutually less serviceable to one another. In order to avoid the inconveniency of such situations, every prudent man in every period of society, after the first establishment of the division of labour, must naturally have endeavoured to manage his affairs in such a manner, as to have at all times by him, besides the peculiar produce of his own industry, a certain quantity of some one commodity or other, such as he imagined few people would be likely to refuse in exchange for the produce of their industry.

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

General images

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

Image 1Augsburg, the centre of early capitalism (from Capitalism)
Image 2The New York stock exchange traders' floor (1963) (from Capitalism)
Image 3An industrial worker among heavy steel machine parts (Kinex Bearings, Bytča, Slovakia, c. 1995–2000) (from Capitalism)
Image 4The subscription room at Lloyd's of London in the early 19th century (from Capitalism)
Image 5The New York Stock Exchange. (from History of capitalism)
Image 6A painting of a French seaport from 1638 at the height of mercantilism (from Capitalism)
Image 7British East India Company 1801 (from History of capitalism)
Image 8Adam Smith (from Capitalism)
Image 9The Spinning mule, built by the inventor Samuel Crompton. (from History of capitalism)
Image 10Sir Josiah Child, an influential proponent of mercantilism. Painting attributed to John Riley. (from History of capitalism)
Image 11Decaying hedges mark the lines of the straight field boundaries created by a Parliamentary Act of Enclosure. (from History of capitalism)
Image 12The gold standard formed the financial basis of the international economy from 1870 to 1914. (from Capitalism)
Image 13The Industrial Workers of the World poster "Pyramid of Capitalist System" (1911) (from Capitalism)
Image 14The gold standard formed the financial basis of the international economy from 1870 to 1914. (from History of capitalism)
Image 15The New York stock exchange traders' floor (1963) (from History of capitalism)
Image 16The 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 17The 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 18Robert Clive with the Nawabs of Bengal after the Battle of Plassey which began the British rule in Bengal (from Capitalism)
Image 19Map 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 2019th-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 21A painting of a French seaport from 1638, at the height of mercantilism. (from History of capitalism)
Image 22The Watt steam engine, fuelled primarily by coal, propelled the Industrial Revolution in Britain. (from Capitalism)
Image 23The Anglo-Dutch Wars were fought between the English and the Dutch for control over the seas and trade routes. (from History of capitalism)
Image 24Cosimo 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 25Gustave Doré's 19th-century engraving depicted the dirty, overcrowded slums where the industrial workers of London lived. (from History of capitalism)

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Did you know

... that the first branch of the Boulder Public Library was built in 1906 with $15,000 donated by Andrew Carnegie?
... that Arkwright House, Preston, has been called one of the birthplaces of the Industrial Revolution?
... that the village of Worsley is centred around the coal mines that helped kickstart the Industrial Revolution in nearby Manchester?