Exploring the Nature of Capitalism
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This is the 3rd post on the nature of capitalism. The previous post ‘ The Historical Emergence of Capitalism‘ traced the experiences of western Europeans which led to capitalism. It finished in the 18th century, with Adam Smith’s outline of a new environment – the economy.
Here we pick up the threads in the early 18th century and describe how capitalism received its evangelical force.
By the start of the 18th century, Britain, with most of the rest of western Europe to one extent or another, had in place all the necessary understandings, motivations and organisational processes and practices which would produce both the discipline of economics and the ‘industrial revolution’. What it lacked, was a deep religious commitment to capitalism.
Those who held the political and economic reins increasingly confused money-making and religious ideals. More and more of them justified themselves through involvement in money-making activities and the churches, which had been so strong in the 17th century, found it difficult to attract and hold members.
With weak attachment to religion, the religious morality which had constrained capitalist behaviour in the previous century lost a great deal of its force. The drive to industry and frugality was seriously weakened as the money-makers and their allies gained political power and used it to enrich themselves.
Freed from moral considerations, their earthly-minded materialism, self-satisfied complacency and self-interest allowed them to engage in predatory behaviour toward the weak and vulnerable in society. With little compunction, they stripped the livelihoods and entitlements from more than half the population, leaving them dispossessed and impoverished.
Thomas Jefferson, in 1787, gave his opinion of what he found in 18th century Europe:
…they have divided their nations into two classes, wolves and sheep. I do not exaggerate. This is a true picture of Europe. …man is the only animal which devours his own kind; for I can apply no milder term to the governments of Europe, and to the general prey of the rich on the poor.
Yet there was no ‘revolution of the proletariat’. Instead, by the end of the century, Capitalism was poised to remake the world in its image. How on earth did this happen?
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Thanks
Bernice Franklin
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