The Dynamics of Capitalism
In this chapter, capitalism is viewed as the set of economic relationships that emerged with the rise of the industrial or factory system during the 18th Century. To be sure, there were earlier precedents--e.g., the commercial ventures, local and international, of Venetian and Florentine businessmen during the Renaissance. But here we focus on production in privately owned, often capital-intensive, facilities embodying ever more advanced technologies--a phenomenon whose origins are commonly characterized as the Industrial Revolution. The Industrial Revolution set in motion dynamic forces that will be our primary concern here. Most important among them are technological advances that propelled accelerated economic growth, changes in the structure of enterprise ownership and in the distribution of income among workers and owners, and a tendency toward more or less cyclical fluctuations in economic activity. These will be the "dynamics" on which this essay focuses.
|Date of creation:||Oct 2009|
|Contact details of provider:|| Postal: 79 JFK Street, Cambridge, MA 02138|
Web page: http://www.ksg.harvard.edu/research/working_papers/index.htm
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:ecl:harjfk:rwp09-032. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If references are entirely missing, you can add them using this form.