Rise of Capitalism - Essay Example

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Rise of Capitalism

In the capitalist system individuals have the freedom to make economic decision as stated by Friedrich (1995), individuals are free to make decision on their own unlike the other forms of organising the economy, this means that the individual will decide what to consume and in what quantity, he or she will also decide on whether to work or not to work, save or not save. In the socialist system individual are assigned roles and these roles are equal and this means that there is limited choice.
Also in the feudal system it is also evident that freedom is limited and that decisions are made by the lord who is the owner of land. In the capitalist system there is freedom of enterprise whereby individuals are free to make business decisions, however this decision is limited by competition where decisions in the market are made by demand and supply forces.
According to Marx (2002) in the socialist system means of production and resources are collectively owned by the society and individuals do not own property. The capitalist system however is different in that the individuals in the economy privately own property. ...
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Summary

Capitalism has become the widely accepted as the most appropriate form of organising the economy. There were other forms of economic organisation which include feudalism and socialism. In Feudalism the system the lords were owners of land, the lord would grant the vassal ownership of the land and in return the vassal would provide military services to the lord.
Author : emmiedavis

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