Invented in post-industrial 19th century Europe, the idea of
capitalism originally sought to describe and explain the
distinctive characteristics of an emerging modern world. Since
then, capitalism has served to identify an economic system, a
particular social structure, and a set of cultural values and
mental attitudes. The subject of continuous debate among scholars
for more than a century, capitalism has been accorded so many
definitions, it is now virtually meaningless. Depending upon the
interpreter, capitalism is synonymous with the market economy, the
division of labor, credit creation, economic concentration, social
polarization, class formation, the decline of kinship and
community, patriarchy, property rights, contracts, acquisitiveness,
the work ethic, conspicuous consumption, individualism and
entrepreneurship. Noted economic historian Richard Grassby
investigates the origins and evolution of the idea of capitalism to
illustrate for readers the true nature, merits, and the future of
capitalism. Grassby examines its numerous and often conflicting
definitions, and he tests alternative models of capitalism against
the historical record to establish when, where, how, and why modern
economies and societies emerged. Although Grassby argues that
capitalism is a concept with diminished explanatory power, he shows
the influence of this powerful idea on the formation of the world
we live in. This is required reading for classes on World history,
modern European history, and economic history.
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