Economists, historians, political economists, and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism, and welfare capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social policies. The degree of competition in markets and the role of intervention and regulation, as well as the scope of state ownership, vary across different models of capitalism. The extent to which different markets are free and the rules defining private property are matters of politics and policy. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning.
Market economies have existed under many forms of government and in many different times, places, and cultures. Modern industrial capitalist societies developed in Western Europe in a process that led to the Industrial Revolution. Capitalist economies promote economic growth through accumulation of capital, however a business cycle of economic growth followed by recession is a common characteristic of such economies. (Full article...)
The slate industry in Wales began during the Roman period when slate was used to roof the fort at Segontium, modern Caernarfon. The slate industry grew slowly until the early 18th century, from when it expanded rapidly and reached its peak output in the late 19th century, at which time the most important slate producing areas were in north-west Wales. These included the Penrhyn Quarry near Bethesda, the Dinorwig Quarry near Llanberis, the Nantlle Valley quarries and Blaenau Ffestiniog, where the slate was mined rather than quarried. Penrhyn and Dinorwig were the two largest slate quarries in the world, and the Oakeley mine at Blaenau Ffestiniog was the largest slate mine in the world. The Great Depression and the Second World War led to the closure of many smaller quarries, and competition from other roofing materials, particularly tiles, resulted in the closure of most of the larger quarries in the 1960s and 1970s. Slate production continues on a much reduced scale. (Full article...)
There is no longer any room for conducting the manufacture of such articles upon a small scale; expensive works and machinery costing millions are required, as the amount per ton or per yard of what we call "fixed charges" is so great a factor in the total cost that whether a concern can run successfully or not in many cases depends upon whether it divides these fixed charges — which may be said to be practically the same in a large establishment as in a smaller — by a thousand tons per day or by five hundred tons per day of product. Hence the reason for the continual increase year by year in the product of your mills, not that the manufacturer wishes primarily to increase his product, but that the strain of competition forces him into extensions that he may thereby reduce more and more per ton or per yard these fixed charges, upon which the safety of his capital depends. It being therefore impossible for the employers of thousands to become acquainted with their men, if we are not to lose all feeling of mutuality between us, the employer must seek their acquaintance through other forms, to express his care for the well-being of those upon whose labour he depends for success, by devoting part of his earnings for institutions like this library, and for the accommodation of organizations such as the co-operative stores which occupy the lower floor of this building, and I hope in return that the employes are to show by the use which they make of such benefactions that they in turn respond to this sentiment upon the part of employers wherever it may be found. By such means as these we may hope to maintain to some extent the old feeling of kindliness, mutual confidence, respect and esteem which formerly distinguished the relations between the employer and his men. We are younger than Europe, and have still something to see from the older land in this respect; but I rejoice to see that many manufacturers in this country are awaking to the sense of duty to their employes; and what is even still more important are the evidences which we find among our workmen of a desire to establish societies which cannot but be beneficial to themselves. It is all well enough for people to help others, but the grandest result is achieved when people prove able to help themselves.
Image 3Gustave Doré's 19th-century engraving depicted the dirty, overcrowded slums where the industrial workers of London lived. (from History of capitalism)
Image 14The economic model of supply and demand states that the price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D): the diagram shows a positive shift in demand from D1 to D2, resulting in an increase in price (P) and quantity sold (Q) of the product. (from Capitalism)
Image 25Map of a medieval manor. Notice the large commons area and the division of land into small strips. The mustard-colored areas are part of the demesne, the hatched areas part of the glebe. William R. Shepherd, Historical Atlas, 01923 (from History of capitalism)
... that rational egoism is the idea that it is always in accordance with reason to pursue one's own interest, used by Ayn Rand as the rationale behind objectivism?
... that in the 16th century people convicted of sedition had their ears nailed to the pillory in Norwich Market, and when their pillory time was completed their ears were cut off?
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