Intro to PE / capt origins

Question 1

what is capitalism?

Answer 1

capitalism is a socioeconomic system where private wealth is used in the distribution and production of goods

value is determined by the productive continuation of this process

Question 2

when was the term capitalism first used?

Answer 2

in the early 19th century

Question 3

who wrote ‘the wealth of nations’ and when was it published?

Answer 3

Adam Smith, 1776

Question 4

what are the three key characteristics of capitalism?

Answer 4

Decentralisation

Commodification

Accumulation

Question 5

How does capitalism impact the distribution of goods?

Answer 5

Capitalism relies on markets as mechanisms for the allocation and coordination of goods.

Question 6

What is the significance of decentralization in capitalism?

Answer 6

Decentralization allows individuals and other collective actors to make relatively autonomous decisions, notably in terms of property rights.

Question 7

What is commodification in the context of capitalism?

Answer 7

markets = mechanism for allocation and coordination.

Treats objects as commodities to be bought and sold.

Question 8

What is accumulation in capitalism?

Answer 8

utilising resources for present investment in expectation of bigher future gains

Question 9

What is the importance of understanding the origins of capitalism?

Answer 9

Understanding the origins of capitalism helps in comprehending modern economies, governance structures, and societal dynamics.

Question 10

How does Marxist theory contribute to the understanding of capitalism’s origins?

Answer 10

Marxist theory provides a critical perspective, highlighting issues of exploitation, inequality, and class struggle in the emergence of capitalism.

Question 11

Arguments for capitalism

Answer 11

promotion of innovation, efficiency, and individual freedom

Question 12

Arguments against capitalism

Answer 12

exacerbation of inequality, exploitation of labor, and environmental degradation

Question 13

Which dynasty expanded maritime trade during the period of 960-1279?

Answer 13

The Song dynasty expanded maritime trade, particularly in Southeast Asia, India, Arabia, and East Africa.

Question 14

When did the shift away from sea trade occur, altering global power dynamics?

Answer 14

The shift away from sea trade occurred in the 1430s

Question 15

What characterized the Age of Discovery in relation to capitalism?

Answer 15

The Age of Discovery in the 16th and 17th centuries expanded capitalist networks through exploration and colonization.

Question 16

Which companies rose during the 17th and 18th centuries, marking a significant shift in capitalist enterprises?

Answer 16

Joint-stock companies such as the British East India Company and the Dutch United East India Company (VOC) rose during this period.

Question 17

What territories did European powers control by the year 1500?

Answer 17

European powers controlled approximately 7% of the world’s territory by the year 1500.

Question 18

What was the significance of the Dutch East India Company in the 17th century?

Answer 18

The Dutch East India Company was as large as 20 modern companies combined, indicating its immense economic power.

Question 19

What percentage of the world’s territory was controlled by Europe by the year 1775?

Answer 19

Europe controlled approximately 35% of the world’s territory by the year 1775.

Question 20

What impact did the expansion of capitalism have on wider society during the period of 1500-1900?

Answer 20

The expansion of capitalism during this period led to significant changes in production, governance, and colonization, shaping wider societal structures and interactions.