Capitalism

Merriam-Webster's Online dictionary defines capitalism as, "an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market." <ref> http://www.merriam-webster.com/dictionary/capitalism </ref> Capitalism is one way to organize production and distribution. Also, capitalism has not always existed; it began in a definite period of history and in particular places. Capitalism by its very nature is changeful, even revolutionary: it uproots old ways of life and old production methods, causes massive population migrations. Finally, Capitalism has both positive and negative aspects; it's done some good for the world as well as created some problems. <ref> Barone, Charles. Class Lecture. Capitalism Shakes the World PowerPoint. </ref>

Capitalist Contradictions

According to Charles Barone, Capitalism generates many contradictory forces:

• Wealth & poverty
• Efficiency & waste
• Freedom & domination
• Competition & monopoly
• Increased productivity & worker alienation
• Free labor force & slavery
• Technological advance & decline of leisure
• Economic growth & stagnation
• Mass consumption & ecological destruction <ref> Barone, Charles. Class Lecture. Capitalism Shakes the World PowerPoint. </ref>

History

The Capitalist age began around 1500 in Europe and the British Isles. It unleashed a process of change unknown and unimagined in in earlier times, and after it had begun, the world would never be the same. <ref> Barone, Charles. Class Lecture. Capitalism Shakes the World PowerPoint. </ref>

References

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