Working Paper Number
41
Publication Date
2002
Abstract
CAPITALISM is an economic system dedicated to production for profit and to the accumulation of value by private business firms. In the fully developed form of industrial capitalism, firms advance money to hire wage laborers and to buy means of production such as machinery and raw materials. If the firm can sell its products for a greater sum of value than that originally advanced, the firm grows and can advance more money for a new round of accumulation. Historically, the emergence of industrial capitalism depends upon the creation of three requirements for accumulation: initial sums of money (or credit), wage labor and means of production available for purchase, and markets in which products can be sold.
DOI
https://doi.org/10.7275/1274520
Comments
Working Paper 41