THE RISE OF CAPITALISM IN EUROPE I

my free school tannzania September 15, 2023

 

Capitalism

Capitalism is the fourth mode of production which characterized by private ownership of major means of production. However capitalism is a socio-economic and political system whereby the major means of production such land, industries and transportation systems, are owned by individual people (rich people).

    Therefore capitalism is the fourth mode of production in human history but is the third mode of production based on exploitation of man by man where the rich people (employers) exploit the poor (workers or employees) by paying low wages and long Working hours.

STAGES IN THE DEVELOPMENT OF CAPITALISM IN EUROPE

Normally the development of capitalism in Europe passed three major stages which were,

 i. Mercantilism (1450-1750).

ii. Competitive capitalism (1750-1850).

iii. Monopoly capitalism /Imperialism (1850 up to dates).

FEATURES/CHARACTERISTICS OF CAPITALISM

Qn: Critically examine six characteristics of capitalism aggressive to the marxist point of view.

Normally capitalism has the following characteristics or features:-

1.   Private ownership of capital: Capitalist economy based on private ownership of property. Normally individual accumulate property for his will interest. Government protects the right to property. After the death of every person his property goes to his successors.

2.   Free competition: it characterized by free competition    because entrepreneurs compete for highest profit.

3.   It based on profit maximization: It based on buying cheapest and selling dearly their hope is to earn the highest profit.

4.   Existence of antagonistic classes: the society is normally divided into two classes the “haves” and the “have-not”. Conflict between labor and employers.

5.   Existence of exploitation of man by man: The peasants were exploited by employers.

6.   Advancement of science and technology: capitalism it characterized by application highly advanced scientific and technical equipment in production like the use of tractors, combined harvesters, artificial insemination, crossbreeding, and so on.