The Theory of Capitalist Development

The Theory of Capitalist Development, developed by economist David Harvey, explains how capitalism progresses through a dynamic process of accumulation and investment. It highlights how capitalists invest in production to generate profits, leading to technological innovation, economic growth, and sometimes increased inequality. The theory emphasizes that capitalism is driven by the pursuit of profit, which pushes industries to expand, innovate, and compete. However, it also suggests that this development can create economic cycles, social tensions, and contradictions, such as overproduction or resource depletion, shaping the overall trajectory of capitalist societies.