Friday, October 18, 2019
Apitalism in the ourse of the 16th Century Essay
Apitalism in the ourse of the 16th Century - Essay Example Protection of private property was never so legally simplified before the advent of capitalism and the legal implications of private ownership suggested greater independence of private property owners and provided clear protected ownership that could be legally validated. Capitalism brought in the standardization and integration of property rules increased trust in economic transactions and laid down the risks of ownership with possibilities of insurance against such risks. Loans and borrowing became easier as personal credit history could be checked and there was an increased standardization and transferability of statements documenting ownership of property (Levi-Faur et al, 2005). This specification of property limits and rules and regulations of ownership indicated a smoother flow of property between individuals and enabled a well-defined role for companies so that they could easily operate in national and international markets. The concept of capitalism has often been criticised by the fact that ownership of enterprises shows the division between the employer and the employee as the profits seem to go to the employer and is not shared by the employees. The growth of multinational companies is thus a direct influence of capitalism and the changing global economy has also been directly shaped by the spread of capitalism across society and nations. In fact, the world today could never have been the same without capitalism and considering this, it is important to examine why and how capitalism first emerged in the 16th century and what are the social, historical and political implications. Capitalism is often contrasted to feudalism on the one hand where a monarch has ownership of property and socialism or communism on the other in which means of production are owned by the community collectively (Sweezy et al 1976).