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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The slate industry in Wales began during the Roman period when slate was used to roof the fort at Segontium, modern Caernarfon. The slate industry grew slowly until the early 18th century, from when it expanded rapidly and reached its peak output in the late 19th century, at which time the most important slate producing areas were in north-west Wales. These included the Penrhyn Quarry near Bethesda, the Dinorwig Quarry near Llanberis, the Nantlle Valley quarries and Blaenau Ffestiniog, where the slate was mined rather than quarried. Penrhyn and Dinorwig were the two largest slate quarries in the world, and the Oakeley mine at Blaenau Ffestiniog was the largest slate mine in the world. The Great Depression and the Second World War led to the closure of many smaller quarries, and competition from other roofing materials, particularly tiles, resulted in the closure of most of the larger quarries in the 1960s and 1970s. Slate production continues on a much reduced scale. (Full article...)

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Karl Hess (born Carl Hess III; May 25, 1923 – April 22, 1994) was an American speechwriter and author. He was also a political philosopher, editor, welder, motorcycle racer, tax resister, and libertarian activist. His career included stints on the Republican right and the New Left before embracing a mix of left-libertarianism and laissez-faire anarcho-capitalism, a term which is attested earliest in his 1969 essay "The Death of Politics". Later in life, he summed up his role in the economy by remarking "I am by occupation a free marketer (crafts and ideas, woodworking, welding, and writing)." (Full article...)

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The ancient policy of Europe was, over and above all this, unfavourable to the improvement and cultivation of land, whether carried on by the proprietor or by the farmer; first, by the general prohibition of the exportation of corn without a special licence, which seems to have been a very universal regulation; and secondly, by the restraints which were laid upon the inland commerce, not only of corn, but of almost every other part of the produce of the farm by the absurd laws against engrossers, regrators, and forestallers, and by the privileges of fairs and markets. It has already been observed in what manner the prohibition of the exportation of corn, together with some encouragement given to the importation of foreign corn, obstructed the cultivation of ancient Italy, naturally the most fertile country in Europe, and at that time the seat of the greatest empire in the world. To what degree such restraints upon the inland commerce of this commodity, joined to the general prohibition of exportation, must have discouraged the cultivation of countries less fertile and less favourably circumstanced, it is not perhaps very easy to imagine.

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

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General images

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

Image 1Map 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 2The 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 3A painting of a French seaport from 1638, at the height of mercantilism. (from History of capitalism)
Image 4The Anglo-Dutch Wars were fought between the English and the Dutch for control over the seas and trade routes. (from History of capitalism)
Image 5British East India Company 1801 (from History of capitalism)
Image 6Adam Smith (from Capitalism)
Image 7Robert Clive with the Nawabs of Bengal after the Battle of Plassey which began the British rule in India (from Capitalism)
Image 8A painting of a French seaport from 1638 at the height of mercantilism (from Capitalism)
Image 9The gold standard formed the financial basis of the international economy from 1870 to 1914. (from Capitalism)
Image 1019th-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 11Cosimo 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 12The Spinning mule, built by the inventor Samuel Crompton. (from History of capitalism)
Image 13The Watt steam engine, fuelled primarily by coal, propelled the Industrial Revolution in Britain. (from Capitalism)
Image 14Gustave Doré's 19th-century engraving depicted the dirty, overcrowded slums where the industrial workers of London lived. (from History of capitalism)
Image 15Sir Josiah Child, an influential proponent of mercantilism. Painting attributed to John Riley. (from History of capitalism)
Image 16The New York stock exchange traders' floor (1963) (from Capitalism)
Image 17The New York Stock Exchange. (from History of capitalism)
Image 18An industrial worker among heavy steel machine parts (Kinex Bearings, Bytča, Slovakia, c. 1995–2000) (from Capitalism)
Image 19The subscription room at Lloyd's of London in the early 19th century (from Capitalism)
Image 20The Industrial Workers of the World poster "Pyramid of Capitalist System" (1911) (from Capitalism)
Image 21The New York stock exchange traders' floor (1963) (from History of capitalism)
Image 22Augsburg, the centre of early capitalism (from Capitalism)
Image 23Decaying hedges mark the lines of the straight field boundaries created by a Parliamentary Act of Enclosure. (from History of capitalism)
Image 24The 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 25The gold standard formed the financial basis of the international economy from 1870 to 1914. (from History of 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?