CHAPTER 5
Capitalism: Origin, Growth and Evolution
Skylab Sahu
Reader’s Guide
Capitalism emerged in Europe during the 16th and 17th centuries and evolved tremendously thereafter. Capitalism is defined as an economic system where private actors own and control the use of property as per their own interests, within a market economy determined by the principles of supply and demand. The capitalist society encourages competition and targets to achieve efficiency and productivity. Government is often expected to maintain peace, justice and tolerable taxes. Some liberal thinkers believe that capitalism and individualism are intimately related. They suggest that capitalism promotes economic and political freedom of people and thus defend individual ...
Get Comparative Political Analysis, Ist Edition now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
