History of Capitalism

Capitalism is an economic system that began in Europe during the late Middle Ages and gained prominence in the 18th and 19th centuries due to the Industrial Revolution. It emphasizes private ownership of production and free markets, where supply and demand dictate prices. Key features include competition, capital investment, and profit motive. Over time, capitalism evolved, leading to global trade networks and various forms, such as laissez-faire and welfare capitalism. Critics argue it can lead to inequality, while supporters highlight its role in fostering innovation and economic growth. Today, it remains a dominant economic system worldwide.