Where capitalism came from

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Chapter 2 in How Capitalism Destroyed Itself, 2017, pp 41-67 from Edward Elgar Publishing

Abstract: The institutional basis of capitalism, individual property rights, was an invention of the ancient Greeks, and was subsequently the basis of Roman wealth. Christianity then introduced a new emphasis on the importance of the individual, so that this combination produced a medieval form of capitalism, first in the shape of monastic innovation and wealth, and then in independent cities. Although about Church doctrine, the Reformation was at least equally about who was to own this new wealth, and in the course of this a change was made which reversed a principle that had been accepted for millennia, which was that money could not be lent at interest. Once usury was accepted, capital for investment became available as never before, and this was particularly availed of by followers of John Calvin. Rejection of a religious basis for society required a secular one, and this was provided by what was known as the Enlightenment, which was essentially the application of rationality to the solution of all human problems.

Keywords: Economics and Finance; Innovations and Technology (search for similar items in EconPapers)
Date: 2017
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