The Structure of Capitalism

Michael C. Carroll
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Michael C. Carroll: Muskingum College

Chapter 5 in A Future of Capitalism, 1998, pp 59-77 from Palgrave Macmillan

Abstract: Abstract Capitalism did not spring from some noble heritage or acute sense of self-purpose. Rather, it very slowly evolved, after the fall of Rome, from the initial pack trains of the burgher merchants. Heilbroner describes capitalism as emerging ‘slowly, painfully, and without any sense of fulfilling a historic mission — during a thousand-year period we call feudalism’ (Heilbroner 1993a, 50). The highly collective and strictly hierarchical social structure of Rome is, on the surface, incompatible with the capitalist system. Any belief in self-fulfillment and individual rights was still hundreds of years in the future. If capitalism had spontaneously risen to combat Roman intolerance it would be easier to relate to its success. ,In reality, capitalism was born after a thousand-year gestation; punctuated with disease, famine and human misery. Finding an appropriate method of viewing capitalism’s character and heritage is a very difficult endeavour.

Keywords: Inventory Level; Social Formation; Capitalist System; Policy Prescription; Radical View (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37251-1_5

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DOI: 10.1057/9780230372511_5

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