The Rise of Capitalism

Definition

The rise of capitalism refers to the period when capitalism became the dominant economic system in Europe during the late Middle Ages. It marked a shift from feudal economies based on agriculture and barter to economies based on money and commerce.

Analogy

Imagine playing a game where you start trading items instead of just farming them yourself - that's kind of what happened with the rise of capitalism. People started focusing more on trade and business rather than just producing everything they needed themselves.

Related terms

Industrial Revolution: A period from about 1760 to sometime between 1820 and 1840 when major changes occurred in agriculture, manufacturing, mining, transport, and technology that had profound effects on socioeconomic conditions globally.

Free Market Economy: An economic system where prices for goods and services are determined by open-market competition between businesses without government regulation or fear of monopolies.

Bourgeoisie: The middle class, typically with reference to its perceived materialistic values or conventional attitudes. In Marxist context, it refers to the capitalist class who own most of society's wealth and means of production.