Capitalism

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CAPITALISM
    Capitalist economic system first emerged in the sixteenth century and seventeenth century in Europe. It developed from feudal system of production which was predominantly obtainable in Middle Ages. Feudalism was characterized by agrarian-based production geared to the needs of landed aristocratic class and baron lords (Heywood, 2007).  The emergence of capitalism started with the emergence of bourgeois merchant class who placed too much emphasis on capital rather than the land. This led to Industrial Revolution which brought in capitalism as a means of system of production.
    According to the Oxford Concise Dictionary of Politics, capitalism is “a term denoting a distinct form of social organization, based on generalized commodity production, in which there is private ownership and/or control of the means of production”.
Nwankwo (1992:29) defines capitalism as “an economic system which allows private ownership of property, means of production and distribution.”
Igwe (2013) defines capitalism as “a social, economic and political system of enterprise based upon the individual ownership of means of production, distribution and exchange” (lecture note).
Appadorai (1968: 115), defines it as ‘’an economic system in which private persons are permitted (under regulations laid down by the state) to undertake enterprises, providing or borrowing the necessary capital, and taking the profits, if any, after all the costs of the enterprise have been met.’’ He further contends that its essentials are the private ownership of the means of production, private enterprise and private profit or unlimited acquisitiveness as a motive in individual life.
     Moreover, we can define capitalism in this context as economic, political and social system of production and administration that anchors on the individualistic tendency of monopolization of means of production, distribution and exchange and in which social relationship is based on class stratification. This means that, in a capitalist society, social and political relationships are economically determined.
    The three main components or characteristics of a capitalist system of production are: private ownership of property, free competition or enterprise and the profit motive.

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