History of capitalism

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Capitalism is an economic system based on the private ownership of the means of production, and their operation for profit. Other characteristics include free trade, capital accumulation, voluntary exchange, and wage labor. Its emergence, evolution, and spread are the subjects of extensive research and debate. Debates sometimes focus on how to bring substantive historical data to bear on key questions.[1] Key parameters of debate include: the extent to which capitalism is natural, versus the extent to which it arises from specific historical circumstances; whether its origins lie in towns and trade or in rural property relations; the role of class conflict; the role of the state; the extent to which capitalism is a distinctively European innovation; its relationship with European imperialism; whether technological change is a driver or merely a secondary byproduct of capitalism; and whether or not it is the most beneficial way to organize human societies.[2]

Agrarian capitalism

Crisis of the 14th century

Map 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

According to some historians,

Manorial arrangements inhibited the development of capitalism in a number of ways. Serfs had obligations to produce for lords and therefore had no interest in technological innovation; they also had no interest in cooperating with one another because they produced to sustain their own families. The lords who owned the land[citation needed] relied on force to guarantee that they received sufficient food. Because lords were not producing to sell on the market, there was no competitive pressure for them to innovate. Finally, because lords expanded their power and wealth through military means, they spent their wealth on military equipment or on conspicuous consumption that helped foster alliances with other lords; they had no incentive to invest in developing new productive technologies.[4]

The

feudal lords sought to expand agricultural production by extending their domains through warfare; therefore they demanded more tribute from their serfs to pay for military expenses. In England, many serfs rebelled. Some moved to towns, some bought land, and some entered into favorable contracts to rent lands from lords who needed to repopulate their estates.[5]

In effect, feudalism began to lay some of the foundations necessary for the development of mercantilism, a precursor of capitalism. Feudalism lasted from the medieval period through the 16th century. Feudal manors were almost entirely self-sufficient, and therefore limited the role of the market. This stifled any incipient tendency towards capitalism. However, the relatively sudden emergence of new technologies and discoveries, particularly in agriculture[6] and exploration, facilitated the growth of capitalism. The most important development at the end of feudalism[citation needed] was the emergence of what Robert Degan calls "the dichotomy between wage earners and capitalist merchants".[7] The competitive nature meant there are always winners and losers, and this became clear as feudalism evolved into mercantilism, an economic system characterized by the private or corporate ownership of capital goods, investments determined by private decisions, and by prices, production, and the distribution of goods determined mainly by competition in a free market.[citation needed]

Enclosure

Main article: Enclosure
Decaying hedges mark the lines of the straight field boundaries created by a Parliamentary Act of Enclosure.

England in the 16th century was already a centralized state, in which much of the feudal order of

labour market
. Land rents had moved away from the previous stagnant system of custom and feudal obligation, and were becoming directly subject to economic market forces.

An important aspect of this process of change was the

mowing meadows for hay and grazing livestock
. Once enclosed, these uses of the land became restricted to the owner, and it ceased to be land for commons. The process of enclosure began to be a widespread feature of the English agricultural landscape during the 16th century. By the 19th century, unenclosed commons had become largely restricted to rough pasture in mountainous areas and to relatively small parts of the lowlands.

north of England. For example: "In agriculture the years between 1760 and 1820 are the years of wholesale enclosure in which, in village after village, common rights are lost".[10] "Enclosure (when all the sophistications are allowed for) was a plain enough case of class robbery".[11] Anthropologist Jason Hickel notes that this process of enclosure led to myriad peasant revolts, among them Kett's Rebellion and the Midland Revolt, which culminated in violent repression and executions.[12]

Other scholars

subsistence farming. "We should be careful not to ascribe to [enclosure] developments that were the consequence of a much broader and more complex process of historical change."[14] "[T]he impact of eighteenth and nineteenth century enclosure has been grossly exaggerated...."[15]

Merchant capitalism and mercantilism

Main articles: Merchant capitalism and Mercantilism

Precedents

A painting of a French seaport from 1638, at the height of mercantilism.

While trade has existed since early in human history, it was not capitalism.[16] The earliest recorded activity of long-distance profit-seeking merchants can be traced to the Old Assyrian merchants active in Mesopotamia the 2nd millennium BCE.[17] The Roman Empire developed more advanced forms of commerce, and similarly widespread networks existed in Islamic nations. However, capitalism took shape in Europe in the late Middle Ages and Renaissance.

An early emergence of commerce occurred on monastic estates in Italy and France and in the independent city republics of Italy during the late Middle Ages. Innovations in banking, insurance, accountancy, and various production and commercial practices linked closely to a 'spirit' of frugality, reinvestment, and city life, promoted attitudes that sociologists have tended to associate only with northern Europe, Protestantism, and a much later age. The city republics maintained their political independence from Empire and Church, traded with North Africa, the Middle East and Asia, and introduced Eastern practices. They were also considerably different from the absolutist monarchies of Spain and France, and were strongly attached to civic liberty.[18][19][20]

Emergence

Modern capitalism resembles some elements of

Mediterranean trade in bullion. The region of mercantilism's real birth, however, was the Atlantic Ocean.[23]

Sir Josiah Child, an influential proponent of mercantilism. Painting attributed to John Riley.

England began a large-scale and integrative approach to mercantilism during the

Queen Elizabeth
to develop a naval and merchant fleet capable of challenging the Spanish stranglehold on trade and of expanding the growth of bullion at home. Elizabeth promoted the Trade and Navigation Acts in Parliament and issued orders to her navy for the protection and promotion of English shipping.

These efforts organized national resources sufficiently in the defense of England against the far larger and more powerful

French mercantilism was best articulated by Jean-Baptiste Colbert (in office, 1665–1683), although his policies were greatly liberalised under Napoleon
.

Doctrines

Under mercantilism, European merchants, backed by state controls, subsidies, and monopolies, made most of their profits from buying and selling goods. In the words of Francis Bacon, the purpose of mercantilism was "the opening and well-balancing of trade; the cherishing of manufacturers; the banishing of idleness; the repressing of waste and excess by sumptuary laws; the improvement and husbanding of the soil; the regulation of prices..."[26] Similar practices of economic regimentation had begun earlier in medieval towns. However, under mercantilism, given the contemporaneous rise of absolutism, the state superseded the local guilds as the regulator of the economy.

The Anglo-Dutch Wars were fought between the English and the Dutch for control over the seas and trade routes.

Among the major tenets of mercantilist theory was

precious metals. Mercantilists argued that a state should export more goods than it imported so that foreigners would have to pay the difference in precious metals. Mercantilists asserted that only raw materials that could not be extracted at home should be imported. They promoted the idea that government subsidies, such as granting monopolies and protective tariffs
, were necessary to encourage home production of manufactured goods.

Proponents of mercantilism emphasized state power and overseas conquest as the principal aim of economic policy. If a state could not supply its own raw materials, according to the mercantilists, it should acquire colonies from which they could be extracted. Colonies constituted not only sources of raw materials but also markets for finished products. Because it was not in the interests of the state to allow competition, to help the mercantilists, colonies should be prevented from engaging in manufacturing and trading with foreign powers.

Mercantilism was a system of trade for profit, although commodities were still largely produced by non-capitalist production methods.[27] Noting the various pre-capitalist features of mercantilism, Karl Polanyi argued that "mercantilism, with all its tendency toward commercialization, never attacked the safeguards which protected [the] two basic elements of production – labor and land – from becoming the elements of commerce." Thus mercantilist regulation was more akin to feudalism than capitalism. According to Polanyi, "not until 1834 was a competitive labor market established in England, hence industrial capitalism as a social system cannot be said to have existed before that date."[28]

Chartered trading companies

British East India Company 1801

The

Hugh Willoughby to locate the Northeast Passage to China to allow trade. This was the precursor to a type of business that would soon flourish in England, the Dutch Republic
and elsewhere.

The British East India Company (1600) and the Dutch East India Company (1602) launched an era of large state chartered trading companies.[29][30] These companies were characterized by their monopoly on trade, granted by letters patent provided by the state. Recognized as chartered joint-stock companies by the state, these companies enjoyed lawmaking, military, and treaty-making privileges.[31] Characterized by its colonial and expansionary powers by states, powerful nation-states sought to accumulate precious metals, and military conflicts arose.[29] During this era, merchants, who had previously traded on their own, invested capital in the East India Companies and other colonies, seeking a return on investment.

Industrial capitalism

Gustave Doré's 19th-century engraving depicted the dirty, overcrowded slums where the industrial workers of London lived.

Russia
, with their much younger manufacturing bases.

The mid-18th century gave rise to industrial capitalism, made possible by (1) the accumulation of vast amounts of capital under the merchant phase of capitalism and its investment in machinery, and (2) the fact that the enclosures meant that Britain had a large population of people with no access to subsistence agriculture, who needed to buy basic commodities via the market, ensuring a mass consumer market.

division of labor between and within work processes and the routinization of work tasks. Industrial capitalism finally established the global domination of the capitalist mode of production.[21]

During the resulting

feudal manor
. The surplus generated by the rise of commercial agriculture encouraged increased mechanization of agriculture.

There is an activate debate on the role of the Atlantic slavery in the emergence of industrial capitalism.[33] Eric Williams (1944) argued on Capitalism and Slavery about the crucial role of plantation slavery in the growth of industrial capitalism, since both happened in similar time periods. Harvey (2019) wrote that "A flagship of the industrial revolution, the Lancashire mills and their 465,000 textile workers, was entirely reliant [in the 1860s] on the labour of three million cotton slaves in the American Deep South."[34]

Industrial Revolution

Main article: Industrial Revolution

The productivity gains of capitalist production began a sustained and unprecedented increase at the turn of the 19th century, in a process commonly referred to as the

bio-fuels
to coal.

The Spinning mule, built by the inventor Samuel Crompton.

In

Spinning Mule and other inventions. The power loom increased the output of a worker by a factor of over 40.[35]
The cotton gin increased the productivity of removing seed from cotton by a factor of 50. Large gains in productivity also occurred in spinning and weaving wool and linen, although they were not as great as in cotton.

Finance

The 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.

The growth of Britain's industry stimulated a concomitant growth in its system of

The Royal Bank of Scotland
.

The end of the

Napoleonic War and the subsequent rebound in trade led to an expansion in the bullion reserves held by the Bank of England
, from a low of under 4 million pounds in 1821 to 14 million pounds by late 1824.

Older innovations became routine parts of financial life during the 19th century. The

gold reserves, effectively creating the institution of central banking and monetary policy. The notes became fully printed and widely available from 1855.[citation needed
]

Growing international trade increased the number of banks, especially in London. These new "merchant banks" facilitated trade growth, profiting from England's emerging dominance in seaborne shipping. Two immigrant families,

George Gordon Byron wrote in 1823: "Who makes politics run glibber all?/ The shade of Bonaparte's noble daring?/ Jew Rothschild
and his fellow-Christian, Baring."

The operation of banks also shifted. At the beginning of the century, banking was still an elite preoccupation of a handful of very wealthy families. Within a few decades, however, a new sort of banking had emerged, owned by anonymous

Barclays
had been banking in this way since 1690.

Free trade and globalization

At the height of the

industrial revolution. The war had the opposite effect – it stimulated the growth of certain industries, such as pig-iron production which increased from 68,000 tons in 1788 to 244,000 by 1806.[citation needed
]

railroads
.

In 1817,

Principles of Political Economy and Taxation, Ricardo advanced the doctrine still considered the most counterintuitive in economics
:

When an inefficient producer sends the merchandise it produces best to a country able to produce it more efficiently, both countries benefit.

By the mid 19th century, Britain was firmly wedded to the notion of free trade, and the first era of globalization began.[21] In the 1840s, the Corn Laws and the Navigation Acts were repealed, ushering in a new age of free trade. In line with the teachings of the classical political economists, led by Adam Smith and David Ricardo, Britain embraced liberalism, encouraging competition and the development of a market economy.

diamonds and coal and helped fuel trade and investment between the European imperial powers, their colonies, and the United States.[36]

The gold standard formed the financial basis of the international economy from 1870 to 1914.

The inhabitant of London could order by telephone, sipping his morning tea, the various products of the whole earth, and reasonably expect their early delivery upon his doorstep. Militarism and imperialism of racial and cultural rivalries were little more than the amusements of his daily newspaper. What an extraordinary episode in the economic progress of man was that age which came to an end in August 1914.

The global financial system was mainly tied to the

railway allowed goods and information to move around the world at an unprecedented degree.[37]

The eruption

Suez canal opened in 1869, the same year in which the Central Pacific Railroad
that spanned the North American continent was completed. Capitalism and the engine of profit were making the globe a smaller place.

20th century

Several major challenges to capitalism appeared in the early part of the 20th century. The

Russian revolution in 1917 established the first state with a ruling communist party in the world; a decade later, the Great Depression triggered increasing criticism of the existing capitalist system. One response to this crisis was a turn to fascism, an ideology that advocated state capitalism.[38]
Another response was to reject capitalism altogether in favour of communist or democratic socialist ideologies.

Keynesianism and free markets

Main articles: Keynesian economics and Neoliberalism
The New York stock exchange traders' floor (1963)

The economic recovery of the world's leading capitalist economies in the period following the end of the Great Depression and the

Second World War—a period of unusually rapid growth by historical standards—eased discussion of capitalism's eventual decline or demise.[39]
The state began to play an increasingly prominent role to moderate and regulate the capitalistic system throughout much of the world.

mixed economies
in which the state owned and operated certain major industries.

The state also expanded in the US; in 1929, total government expenditures amounted to less than one-tenth of

GNP; from the 1970s they amounted to around one-third.[22]
Similar increases were seen in all industrialised capitalist economies, some of which, such as France, have reached even higher ratios of government expenditures to GNP than the United States.

A broad array of new analytical tools in the

social sciences were developed to explain the social and economic trends of the period, including the concepts of post-industrial society and the welfare state.[21]

The long post-war boom ended in the 1970s, amid the economic crises experienced following the

collectivist concerns of Keynes's managed capitalism to a focus on individual choice, called "remarketized capitalism".[41]

The

neoliberal era starting in the 1970s, but "has been the mainstay of capitalism."[42]

Globalization

The New York Stock Exchange.

Although overseas trade has been associated with the development of capitalism for over five hundred years, some thinkers argue that a number of trends associated with

world system (Burnham). However, other thinkers argue that globalisation, even in its quantitative degree, is no greater now than during earlier periods of capitalist trade.[43]

After the abandonment of the Bretton Woods system in 1971, and the strict state control of foreign exchange rates, the total value of transactions in foreign exchange was estimated to be at least twenty times greater than that of all foreign movements of goods and services (EB). The internationalisation of finance, which some see as beyond the reach of state control, combined with the growing ease with which large corporations have been able to relocate their operations to low-wage states, has posed the question of the 'eclipse' of state sovereignty, arising from the growing 'globalization' of capital.[44]

While economists generally agree about the size of global

nationalist ideas throughout the Western world, which has some economic elites from places including Silicon Valley, Davos and Harvard Business School concerned about the future of capitalism.[62]

According to the scholars Gary Gerstle and Fritz Bartel, with the end of the Cold War and the emergence of neoliberal financialized capitalism as the dominant system, capitalism has become a truly global order in a way not seen since 1914.[63][64] Economist Radhika Desai, while concurring that 1914 was the peak of the capitalist system, argues that the neoliberal reforms that were intended to restore capitalism to its primacy have instead bequeathed to the world increased inequalities, divided societies, economic crises and misery and a lack of meaningful politics, along with sluggish growth which demonstrates that, according to Desai, the system is "losing ground in terms of economic weight and world influence" with "the balance of international power . . . tilting markedly away from capitalism."[65] Gerstle argues that in the twilight of the neoliberal period "political disorder and dysfunction reign" and posits that the most important question for the United States and the world is what comes next.[63]

21st century

By the beginning of the twenty-first century, mixed economies with capitalist elements had become the pervasive economic systems worldwide. The collapse of the

Soviet bloc in 1991 significantly reduced the influence of socialism as an alternative economic system. Leftist movements continue to be influential in some parts of the world, most notably Latin-American Bolivarianism, with some having ties to more traditional anti-capitalist movements, such as Bolivarian Venezuela's ties to Cuba
.

In many emerging markets, the influence of banking and financial capital have come to increasingly shape national developmental strategies, leading some to argue we are in a new phase of financial capitalism.[66]

State intervention in global capital markets following the

financial crisis of 2007–2010 was perceived by some as signalling a crisis for free-market capitalism. Serious turmoil in the banking system and financial markets due in part to the subprime mortgage crisis reached a critical stage during September 2008, characterised by severely contracted liquidity in the global credit markets posed an existential threat to investment banks and other institutions.[67][68]

Future

According to

universal assemblers, may make capitalism obsolete, with capital ceasing to be an important factor in the economic life of humanity. Various thinkers have also explored what kind of economic system might replace capitalism, such as Bob Avakian, Jason Hickel, Paul Mason, Richard D. Wolff and contributors to the "Scientists' warning on affluence".[70]

Role of women

Women's historians have debated the impact of capitalism on the status of women.[71][72] Alice Clark argued that, when capitalism arrived in 17th-century England, it negatively impacted the status of women, who lost much of their economic importance. Clark argued that, in 16th-century England, women were engaged in many aspects of industry and agriculture. The home was a central unit of production, and women played a vital role in running farms and in some trades and landed estates. Their useful economic roles gave them a sort of equality with their husbands. However, Clark argued, as capitalism expanded in the 17th century, there was more and more division of labor, with the husband taking paid labor jobs outside the home, and the wife reduced to unpaid household work. Middle-class women were confined to an idle domestic existence, supervising servants; lower-class women were forced to take poorly paid jobs. Capitalism, therefore, had a negative effect on women.[73] By contrast, Ivy Pinchbeck argued that capitalism created the conditions for women's emancipation.[74] Tilly and Scott have emphasized the continuity and the status of women, finding three stages in European history. In the preindustrial era, production was mostly for home use, and women produced many household needs. The second stage was the "family wage economy" of early industrialization. During this stage, the entire family depended on the collective wages of its members, including husband, wife, and older children. The third, or modern, stage is the "family consumer economy", in which the family is the site of consumption, and women are employed in large numbers in retail and clerical jobs to support rising standards of consumption.[75]

See also

References

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  6. ^ James Fulcher, Capitalism (New York: Oxford University Press, 2004) 19
  7. ^ Degen, Robert A. (2011-12-31). The Triumph of Capitalism. New Brunswick, New Jersey: Transaction Publishers (published 2011). p. 12.
    ISBN 9781412809856
    . Retrieved 2016-01-13. By the early 1400s, power came to be shared in an arrangement giving representation to various segments of the social order, but the dichotomy between wage earners and capitalist merchants remained.
  8. ^ Ellen Meikisins Wood, The Origin of Capitalism: A Longer View, 2nd edn (London: Verso, 2002), p. 99.
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  10. ^ Thompson, E. P. (1991). The Making of the English Working Class. Penguin. p. 217.
  11. ^ A comparison of the English historical enclosures with the (much later) German 19th century Landflucht. Engels, Friedrich (1882). "Die Mark". Die Entwicklung des Sozialismus von der Utopie zur Wissenschaft. Hottingen (Zurich).{{cite book}}: CS1 maint: location missing publisher (link) Marx, Karl; Engels, Friedrich. Werke (1973 reprint of 196t 1st ed.). Berlin: Karl Dietz.
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  19. ^ Ferguson, Niall. The Ascent of Money, (Penguin, 2008)
  20. ^ Skinner, Quentin, The Foundations of Modern Political Thought, vol I: The Renaissance; vol II: The Age of Reformation. Cambridge University Press, 1978)
  21. ^ a b c d Burnham, Peter Capitalism, the Concise Oxford Dictionary of Politics, 2003 Oxford: Oxford University Press
  22. ^ a b Encyclopædia Britannica (2006)
  23. ^ John J. McCusker, Mercantilism and the Economic History of the Early Modern Atlantic World (Cambridge UP, 2001)
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  28. ^ Polanyi, Karl. The Great Transformation. Beacon Press, Boston. 1944. p. 87
  29. ^ a b Jairus Banaji (2007), "Islam, the Mediterranean and the rise of capitalism", Journal Historical Materialism 15#1 pp. 47–74, Brill Publishers.
  30. ^ Economic system :: Market systems. Encyclopædia Britannica. 2006.
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  32. ^ Ellen Meiksins Wood (2002), The Origin of Capitalism: A Longer View (London: Verso, 2002), pp. 142–46.
  33. ^ Inikori, Joseph E.. Atlantic Slavery and the Rise of the Capitalist Global Economy. https://www.journals.uchicago.edu/doi/10.1086/709818
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    . Austerity is not new, nor is it a product of the so-called Neoliberal Era that began in the 1970s. Outside, perhaps, of the less than three booming decades that followed World War II, austerity has been the mainstay of capitalism. It has been true throughout history that where capitalism exists, crisis follows. Where austerity has proven wildly effective is in insulating capitalist hierarchies from harm during these moments of would-be social change.
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    Not only is the novelty of "globalization" exaggerated, so is its extent. Capital flows were freer, and foreign holdings by British investors far larger, 100 years ago than anything we see today. Images of multinational corporations shuttling raw materials and parts around the world, as if the whole globe were an assembly line, are grossly overblown, accounting for only about a tenth of U.S. trade.[1]

    (See also Henwood, Doug (October 1, 2003). After the New Economy. New Press.

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    . While the balance of class power remains heavily tilted in favour of capital in its homelands, the balance of international power is tilting markedly away from capitalism, driving all outside the charmed circle of the United States, Europe, Japan and the settler colonies bit by bit, with advances and reverses, steadily away from the major capitalist countries and probably, from capitalism. This process began with the Russian Revolution and, after the reverses of the 1990s, resumed in the new century as an alliance of countries seeking to assert their economic and security sovereignty—including Russia, Venezuela, Cuba and Iran—began forming with China as its economic centre. The pandemic and the war have accelerated these processes.
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    . The second, more radical, group disagrees and argues that the needed socio-ecological transformation will necessarily entail a shift beyond capitalism and/or current centralised states. Although comprising considerable heterogeneity, it can be divided into eco-socialist approaches, viewing the democratic state as an important means to achieve the socio-ecological transformation and eco-anarchist approaches, aiming instead at participatory democracy without a state, thus minimising hierarchies. Many degrowth approaches combine elements of the two, but often see a stronger role for state action than eco-anarchists.
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  74. ^ Ivy Pinchbeck, Women Workers in the Industrial Revolution (1930).
  75. ^ Louise Tilly and Joan Wallach Scott, Women, work, and family (1987).

Further reading

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