Invented in post-industrial 19th century Europe, the idea of capitalism
originally sought to describe and explain the distinctive
characteristics of an emerging modern world. Since then, capitalism has
served to identify an economic system, a particular social structure,
and a set of cultural values and mental attitudes. The subject of
continuous debate among scholars for more than a century, capitalism has
been accorded so many definitions, it is now virtually meaningless.
Depending upon the interpreter, capitalism is synonymous with the market
economy, the division of labor, credit creation, economic concentration,
social polarization, class formation, the decline of kinship and
community, patriarchy, property rights, contracts, acquisitiveness, the
work ethic, conspicuous consumption, individualism and entrepreneurship.
Noted economic historian Richard Grassby investigates the origins and
evolution of the idea of capitalism to illustrate for readers the true
nature, merits, and the future of capitalism. Grassby examines its
numerous and often conflicting definitions, and he tests alternative
models of capitalism against the historical record to establish when,
where, how, and why modern economies and societies emerged. Although
Grassby argues that capitalism is a concept with diminished explanatory
power, he shows the influence of this powerful idea on the formation of
the world we live in. This is required reading for classes on World
history, modern European history, and economic history.