Introduction To Business And Society Writing Assignment

Introduction to Business and Society
Student Name
Institution Affiliation
Many economists have attributed that capitalism developed after the end of feudalism during the latter periods of the 16th century. The feudal economy, which had characterized various parts of the world from the 12th to the 15th centuries supported societal issues such as slavery and forced labor. According to the medieval feudal society, peasants were forced to till the land for prominent members of the community in exchange for shelter or the opportunity to get a small piece of land for themselves. In that regard, various people, including Ellen Wood, who is renowned for her inputs in the book The Agrarian Origins of Capitalism are of the opinion that capitalism began in the countryside during the Agrarian period. Wood supports her argument by looking into detail at the distinct features of capitalism, its contents and the social property of relations in correlation with the development of the human society.
During the Agrarian period, some lords and emperors owned large pieces of land and were labeled “appropriators.” On the other hand, the peasants who were tasked with working on the lands did so not only to accumulate wealth but also to maximize profits and were referred as “producers” (Whittle, 2000). Therefore, according to Wood capitalism was driven by both the appropriators and producers through agriculture and countryside trades and social relationships and profit inspired it. However, I do not concur fully with Wood regarding the origin of capitalism because the bond she shares between the appropriators and producers was not the only mode of wealth accumulation. Capitalism was enhanced by the increased trading activities between people from various regions, the progression of technology and increased the population.
Capitalism is not only a system of economy in the pre-modern society, but it is also a bridging relationship between property and people. Capitalism thrives on social order and which is primarily the core of the whole system. From the economic and business perspective, capitalism does not only relate to monetary terms but to the processes and methods of production which facilitate the profit-making initiatives and ventures. It is as a result that various social property relations are necessary for the development of capitalism. Ellen Woods (1998) reiterates that fact in her article and states “While all capital and means of production are privately owned, capital does not necessarily only mean money concerning discussing business as there is much more involved. Looking at processes, production methods, anything to help gain profit and the tools needed to get to the final result, along with anything related to private property are the means of production” (p.20). Therefore, to measure the price of capital in any situation, it is prudent to take into consideration the values of the system which eventually determines the market price.
Nonetheless, social property relations in regards to capitalism are in two folds. Firstly, there is the control relation and which primarily focuses on the interaction between the laborer and the capitalist (Sée, 2008). The laborer works under close supe...