Full Text

capitalism


Subject History

DOI: 10.1111/b.9781405189224.2011.x


Extract

A system based on market competition, under which the means of production, distribution, and exchange are controlled by private owners for profit. This mode of economic and social organization has been generally predominant in modern Europe, and provides the basis upon which most of continental and British industrialization has been achieved since the late eighteenth century. However, the system was very directly challenged by the ideology of communism , and by the consequent attempt made during much of the twentieth century to practise radically anti-capitalist principles in the soviet union and (after 1945) elsewhere in eastern Europe too. Less extreme brands of socialism , on the other hand, have often accepted the necessity of compromise with a capitalist system that has demonstrated considerable resilience. Max Weber's influential proposition that Western capitalism, in its modern form, drew much of its inspiration from protestantism (and most notably from the Calvinist ethic that prioritized reinvestment not conspicuous consumption) serves as one reminder that the pursuit of private profit was firmly established as a central component of European economic growth even before the later eighteenth century. That was, however, the epoch at which Adam Smith's The Wealth of Nations (1776) provided the most significant theoretical articulation of claims concerning the fundamental ... log in or subscribe to read full text

Log In

You are not currently logged-in to Blackwell Reference Online

If your institution has a subscription, you can log in here:

 

     Forgotten your password?

Find out how to subscribe.

Your library does not have access to this title. Please contact your librarian to arrange access.


[ access key 0 : accessibility information including access key list ] [ access key 1 : home page ] [ access key 2 : skip navigation ] [ access key 6 : help ] [ access key 9 : contact us ] [ access key 0 : accessibility statement ]

Blackwell Publishing Home Page

Blackwell Reference Online ® is a Blackwell Publishing Inc. registered trademark
Technology partner: Semantico Ltd.

Blackwell Publishing and its licensors hold the copyright in all material held in Blackwell Reference Online. No material may be resold or published elsewhere without Blackwell Publishing's written consent, save as authorised by a licence with Blackwell Publishing or to the extent required by the applicable law.

Back to Top