The history of capitalism can be traced back to early forms of merchant capitalism practiced in Western Europe during the Middle Ages, though many economic historians consider the Netherlands as the first thoroughly capitalist country. In Early modern Europe it featured the wealthiest trading city (Amsterdam) and the first full-time stock exchange. The inventiveness of the traders led to insurance and retirement funds, along with much less benign phenomena as well, such as the boom-bust cycle, the world's first asset-inflation bubble, the tulip mania of 1636–1637, and according to Murray Sayle, the world's first bear raider – Isaac le Maire, who in 1607 forced prices down by dumping stock and then buying it back at a discount.
Over the course of the past five hundred years, capital has been accumulated by a variety of different methods, in a variety of scales, and associated with a great deal of variation in the concentration of economic power and wealth. Much of the history of the past five hundred years is concerned with the development of capitalism in its various forms, its condemnation and rejection, particularly by socialists, and its defense, mainly by conservatives and liberals.
Read more about History Of Capitalism: Merchant Capitalism and Mercantilism, Enclosures and The Transition From Feudalism, Industrial Capitalism and Laissez-faire, Nineteenth Century, Twentieth Century, Twenty-first Century, Future
Famous quotes containing the words history of, history and/or capitalism:
“The history of American politics is littered with bodies of people who took so pure a position that they had no clout at all.”
—Ben C. Bradlee (b. 1921)
“For a transitory enchanted moment man must have held his breath in the presence of this continent, compelled into an aesthetic contemplation he neither understood nor desired, face to face for the last time in history with something commensurate to his capacity for wonder.”
—F. Scott Fitzgerald (1896–1940)
“The man who is admired for the ingenuity of his larceny is almost always rediscovering some earlier form of fraud. The basic forms are all known, have all been practicised. The manners of capitalism improve. The morals may not.”
—John Kenneth Galbraith (b. 1908)