It is an economic system in which the means of production are privately owned and organized to accumulate profits within a market system.
Capitalism in the West emerged out of a complex process of
- European exploration of the rest of the world.
- Its plunder of wealth and resources.
- An unprecedented growth of science and technology.
- Harnessing of science and technology in agriculture and industries.
Capitalism was marked by its dynamism, its potential to grow, expand, innovate, use technology and labour in a way best assured to ensure greatest profits.
Capitalism was also marked by its global nature of being linked to western colonialism.
