What is the origin of modern capitalism?

Most scholars consider the era of merchant capitalism and mercantilism as the origin of modern capitalism, although Karl Polanyi argued that the hallmark of capitalism is the establishment of generalized markets for what he called the "fictitious commodities", i.e. land, labor and money.

What is capitalism based on?

Capitalism, economic system, dominant in the Western world since the breakup of feudalism, in which most means of production are privately held and production, prices, and incomes are determined by markets. Learn more about the history and development of capitalism in this article.

Is capitalism a crisis?

Since its emergence in the late 1700s, modern capitalism has been the focus of intense controversy. On the one hand, capitalist economic growth has been extraordinary. On the other hand, capitalism has been prone to crisis, and is also associated with a striking degree of inequality.