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, 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. (Full article...)
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...)
Andrew Carnegie (November 25, 1835 – August 11, 1919) was a Scottish-American industrialist who led the enormous expansion of the American steel industry in the late 19th century. He built a leadership role as a philanthropist for the United States and the British Empire. During the last 18 years of his life, he gave away to charities, foundations, and universities about $350 million (in 2015 share of GDP, $78.6 billion) – almost 90 percent of his fortune. His 1889 article proclaiming "The Gospel of Wealth" called on the rich to use their wealth to improve society, and it stimulated a wave of philanthropy.
A cynic might say of free competition what Bernard Shaw once said of Christianity: the only trouble with it is that it has never been tried. There never was a golden age of free competition, and competition is not now perfect in the economist's sense; probably it is becoming less so every day, in large part because of the fundamental nature of large-scale production and technology, consumers' tastes, and business organization.
This does not mean that we must accept as inevitable the trend toward big business, mergers, trusts, and cartels that began to swell in the 1890's. We may not believe ourselves captains of our souls, but at least we can try to be first mates. Vigorous and intelligent administration of antitrust legislation may stem the ride; but it is like the dog baying at the moon to expect universal creation of the atomistic conditions that we shall see are necessary for perfect or pure competition. It will not be easy, but our imperfectly competitive system can be helped to work better. By itself, this will not solve the problem of unemployment or purchasing power, as is developed at length in the saving-investment analysis in Part Two.
Image 11The gold standard formed the financial basis of the international economy from 1870 to 1914. (from Capitalism)
Image 12Gustave Doré's 19th-century engraving depicted the dirty, overcrowded slums where the industrial workers of London lived. (from History of capitalism)
Image 14The 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 15Map 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)
... that rational egoism is the idea that it is always in accordance with reason to pursue one's own interest, used by Ayn Rand as the rationale behind objectivism?
... that in the 16th century people convicted of sedition had their ears nailed to the pillory in Norwich Market, and when their pillory time was completed their ears were cut off?
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