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Notes

There are three different approaches used in understanding the history of capitalism.

These include;

Historical Materialist thesis- This was developed by Karl Max. According to this approach, history came to be as a result of the struggle between different social classes. The conflict is said to have stemmed from economic struggles and oppression. In this case, landlords formed the ruling class while peasants/workers were categorized as the subordinate class. Workers are provided with no other option than to seek for labor to get wages and salaries.

• A capitalist is defined as someone or an individual who has the right to a means of production. This enables them to create goods and services that can be sold on the market, therefore accumulating wealth and resources that necessitate ruling.
• Freedom in a capitalist economy is only experienced by workers. In this case, they have the freedom of choosing to work or not to work. However, this raises the question of whether this is real freedom. It is vital to understand that these workers are provided with no other option rather than to earn an income and provide for their families.

Commercialization thesis- This was developed by Braudel and Pirrenne. This approach holds that capitalism is a logical outcome of processes that needed the removal of obstacles and fetters to achieve full efficiency. In this case, capitalism is considered a beneficial factor for the community.

This approach is considered natural and progressive. It implies that capitalism originated from trade and that human beings have the desire of conducting trading activities. The desire to obtain goods and money is what fuels this exchange.

It is defined by four dimensions; all work is regarded holy, virtuous life, protestant ethics, and the world disenchantment. It is characterized by merchants and the 15th and 16th-century renaissance.

Protestant Ethics thesis- This approach was developed by Max Weber. It argued that Protestantism is the seedbed that influenced the development and growth of capitalism. Weber directly compares the values of protestants with those of the capital aspect.

Market- institutions or organizations that enable the exchange of goods and services between buyers and sellers.

It plays a vital role when it comes to distributing and allocating resources between the various members of society today.

A market is defined by its goods and services i.e. the products developed. In this case, the principles of circulation of goods, from the seller to buyer and vice versa is guided by the following principles;

Reciprocity

Redistribution

Exchange            

The commodification process refers to the process through which a good or service is transformed into a commodity to be used for trading purposes in the market. It is essential to note that the commodification process is dependent on different factors including the social relations of the community. This process involves the changing of an item that has no economic value to one that has.

Another market aspect to understand is emancipation- this is when a market decides to segregate itself from the established rules and regulations. In essence, the market is inherently set apart from the operations of other markets and organizations.

Implementing a critical attitude- this is beneficial when it comes to organizing yourself. It equips one with the discipline and motivation needed to see their goals and objectives through.

Methods of arguing a position- inductive and deductive arguments. It is essential to understand that the method chosen is dependent on the type of argument one has. Different arguments call for different methods.

Outline

Topic: Notes

Format – Essay

Introduction

There are three different approaches used in understanding the history of capitalism.

These include;

• Historical Materialist thesis- This was developed by Karl Max. According to this approach, history came to be as a result of the struggle between different social classes.
• Commercialization thesis- This was developed by Braudel and Pirrenne. This approach holds that capitalism is a logical outcome of processes that needed the removal of obstacles and fetters to achieve full efficiency.

Overview

   Body:

1. It is defined by four dimensions; all work is regarded holy, virtuous life, protestant ethics, and the world disenchantment. It is characterized by merchants and the 15th and 16th-century renaissance.
2. Market- institutions or organizations that enable the exchange of goods and services between buyers and sellers.
3. It plays a vital role when it comes to distributing and allocating resources between the various members of society today.
4. Another market aspect to understand is emancipation- this is when a market decides to segregate itself from the established rules and regulations.  
5. Methods of arguing a position- inductive and deductive arguments. It is essential to understand that the method chosen is dependent on the type of argument one has.

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