History Of Capitalism

Submitted By choiboi12
Words: 645
Pages: 3
Open Document
Oct. 10, 2014-10-14 Michael Choi
Economic System
Part 1 Socialism Capitalism
Description of the system -an economic system in which the means of the production are either state owned or commonly owned and controlled cooperatively; or a political philosophy advocating such a system
-an economic system in which government sees to it that people work for the common good until they can be relied upon to do that on their own. -an economic system in which the means of production are privately owned and operated for profit, usually in competitive markets
-income in a capitalist system takes at least two forms, profit on the one hand and wages on the other
History of System -Socialism came into existence in the early 1900s
-Has its origins in the French Revolution of 1789 and the changes brought about by the Industrial Revolution, although it has precedents in earlier movements and ideas. Humanism in the 16th century put foward new ideas like equality, freedom of speech and democracy. -Capitalism in its modern form is usually traced to the Mercantilism of the 16th-18th Centuries.
-Capitalism started in Rome and the Middle East during the early Middle Ages.
-Capitalism became prominent in Great Britain in the 19th century during the Industrial revolution, The United States soon followed.
Key People -Henri de Saint-Simon: the founder of French socialism
-Francois Marie Charles Fourier: a French utopian socialist and philosopher
-Pierre Henri Leroux: French philosopher and political economist -Capitalists: business people who have acquired large amounts of money and use it to invest in business.
-German economists Werner Sombart: used the term capitalism to describe the production system
Similarities/Differences -Both acquired strong government support to survive
-Both despise free enterprise
-Socialism has never existed except on paper.
-Both require strong control over the general population
-Capitalism is a form of usury the leads to what is now called fascism
Who has control of markets -a world-wide society in which the means of production are held in common
-production would be organized along democratic lines by genuine cooperatives, with everyone working within a given productive unit doing so one a purely voluntary basis -productions are owned privately.
-the state intervenes in the economy to protect and advance the interests of large-scale businesses
Costs -government controlled socialist nation limits the freedoms and power of the people as well as limits the economy in the growing nations
-tougher to get
Show More

Related Documents: History Of Capitalism

Economic System Essay

The Economic Systems Analytical Framework focuses on three different types of economic systems: Pure Market Economy, “Mixed” Economy, and Pure Command Economy. These three systems show the role of law and the amount of government intervention on the private sector. In a Pure Market economy, there is absolutely no government intervention; no minimum wage, antitrust laws, agencies, and also no helping out businesses when they are in trouble. The government will not interfere in any monetary or financial…

Words 412 - Pages 2

Four Economic Systems

The Four Economic Systems In an economic system, there are three sets of decisions need to be made. What to produce, how to produce it, and who consumes them. The answers to all these questions are determined by buyers and sellers interacting with each other in different markets and economies. That can or not be controlled by the government or any authority. A traditional economy is an economic system in which traditions, customs, and beliefs help shape goods and the services the economy produces…

Words 779 - Pages 4

Economics Of The Financial System

Economics of the Financial System Show how transactions in derivatives can be used to either hedge risk or to open speculative positions. Derivatives have become popular in response to the increasing volatility and complexity of financial markets. A diverse range of new financial products have been created to enable market participants to handle the risks arising from trade in securities and to speculate on future expected movements in securities prices, without direct trade in the assets themselves…

Words 2776 - Pages 12

1800's Economic System

How the economic systems of the north and south differ in the early 1800's. The industrial revolution happened and the north and south's economic systems came to be. It started with the industrial revolution. Then clay proposed the American system, which lead to the tariff of 1816. The north and south both have very different economic systems. So the industrial revolution impacted the north and south differently, along with the tariff of 1816. The north and south had very different types of agricultural…

Words 383 - Pages 2

Essay on Economic and Political Systems

Economic and Political Systems: Capitalism vs. Socialism The political spectrum has played a vital role in economics. For centuries, governments have disputed over numerous economic systems which they consider to be the most suitable, in order to develop and grow today’s nations. In recent years, there has been constant disagreements between left wing and right wing leaders and supporters, for example in Latin America, which has resulted in many economic, social and political problems. This…

Words 952 - Pages 4

1800's Economic System

What happen in 1800 in America? America’s government had to change greatly by 1800. How did the economic system of the North and South differ in the early 1800’s? Different types of agriculture Industrial Revolution, American System Tariff of 1816. Industrial Revolution was massive change to both the economy and society that resulted from the growth of factory system. New England Industrial Revolution hasn't started yet because they needed help from the American’s, so the American’s took an advantage…

Words 252 - Pages 2

Empress Wu's Economic System

well as advancing the government and political system, Wu Zetian also improved agricultural production. Under her reign, China prospered more than ever before in agriculture and economy. Wu offered the empire of the Tang dynasty free taxes for the year, in 695 C.E. Even though no tax was collected during that year, her tax office still benefited from trading on the “Silk Roads between China, Central Asia, and the West.” Empress Wu’s economic system improved the life of peasants, “moving them toward…

Words 651 - Pages 3

Comparative Economic Systems Project Essay

Comparative Economic Systems Project Capitalism: Capitalism is the economic system that allows privately or corporately owned businesses the freedom of production, distribution and exchange. The businesses are allowed to freely operate or manage their property for profit. There are multiple variations of capitalism including laissez-faire, welfare capitalism, and state capitalism. Laissez-faire is the belief that the government should be completely hands-off in regards to regulating business and…

Words 2491 - Pages 10

The Mixed Economic System In The United States

The economic system the United States of America follows is a mixed economy, which is a market-based economic system in which the government is involved to some except. In America’s case, however, the economy is very close to being a capitalist economy, which is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state, or in other words, a free market. The government only puts a few boundaries on what can and cannot…

Words 799 - Pages 4

Essay about Economic System and Capitalism

students including myself agreed that capitalism if allowed to run completely free with no restriction would not be so successful, we agreed that it would take a fine balance between capitalism and the use of government policy to create a successful economic system. I gave the example of, Australia, is a Mixed economy whereby there is free enterprise but the government attempts to control the negative effects of capitalism through social security. Pure Capitalism (which does not exist) would possibly fail…

Words 534 - Pages 3