Capitalism
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, m...