Capitalism

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Capitalism
Capitalism identifies with an economic system with production means privately owned in the production of the goods and services for commercial purposes. Examples of the capitalist markets identifies with wage labor, competitive markets, voluntary exchange, personal finance and capital accumulation (Marx and Bottomore 34). Worker cooperatives and market socialism are considered non capitalism markets. Research indicates that capitalism has variations resonating with state capitalism and laissez-faire. Historical cases have been noted to have applied the capitalism principles with variations in policies, geography, time and culture. It is believed that capitalism was common among the western cultures with the feudalism demise (Conway para 21).
Research indicates that political activists, economists and historians have diverse perspectives on the effects of capitalism. This is looked at from the perspective of the acting government losing control of over the markets, a scenario identified with laissez-faire; this is considered with the reflection of the property rights that has generated diverse reactions over centuries. It has been noted that most political economists like Marx emphasized on the property to be publicly owned with close reflections to wage labor, power relations, class and capitalism uniqueness reflecting on the historical information (Marx para 14). Policy and politics influence the extent of the free markets and the rules governing the private ownership of the property. It has been noted that nations are adapting to mixed economies with market driven and planned elements in the economic system of the state. Scientists have emerged in the support of the economic liberalism.
Karl Heinrich Marx was a German economist, philosopher, historian, journalist, sociologist and revolutionary socialist. He significantly contributed to the socialist movements and social sc...