Essay about History Of Capitalism, Biernacki, Richard, And Ellen Meiksins Wood

Essay about History Of Capitalism, Biernacki, Richard, And Ellen Meiksins Wood

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History of Capitalism
Biernacki, Richard, and Ellen Meiksins Wood. “The Origin of Capitalism.” Contemporary Sociology 2000 : 638. Print.
Richard Biernacki and Ellen M. Wood starts by admitting that capitalism lacks stating the actual date when capitalism began is quite hard. They are of the opinion that capitalism has always been present throughout human history. The authors note that in the history of capitalism, politics, wrong religion, autocratic leadership and powers of lordship have been the greatest impediments in the fast growth and clear manifestations of capitalism in the past. According to Biernacki and Wood, these historical enemies of capitalism perpetuated their mandate by suppressing the economic rationality and hindering the mobility of economic actors. However, this phenomenon, as they observed have recently been changing. The forces behind this radical change have been inevitable market expansions and timely innovations. These two authors disagree with Marxists ideologies whereby the bourgeois and growth of cities is accredited for triggering growth of capitalism. However, they differ with other scholars on grounds that capitalism is purely a social system. For this cause, capitalism posses aspects of natural evolution and if the beginning is know, the end can as well be imagined. To them, capitalism existed in the extremes of eternity.
Pryor, Frederic L. “Capitalism and freedom?” Economic Systems 34.1 (2010) : 91-104. Print.
In this article, Frederic L. Pryor tests conclusions of Milton Freidman that attempted to correlate capitalism with political freedom. Pryor states the history of capitalism can only be marked to when humanity began exercising political freedom. However, he does not provide specific dates...


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...f its dynamic nature. This dream has materialized so far because no part of the world where capitalism is not practiced. The major contributing factor of the rapid adoption of capitalism in the workings of the economy by then was through torture and violence. Jeffrey D. Sachs holds also the opinion that in the end of the 18th real capitalism was sparked by the Industrial Revolution in Britain. Sachs adds that well organized institutions in Europe fastened growth of the capitalism. However, though in the Americas and Oceania the institutions were not well organized, the expanding markets forced people to get into doing business. The author also notes that the history of capitalism can be seen as if it is in two phases, namely the English imperial era and the going global sovereignty all countries. The eras occurred in the end of the 19th and 20th century respectively.

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