Capitalism (jan 1, 1500 – jan 1, 1700)

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Capitalism has undoubtedly changed society forever. Before capitalism, European societies mostly used feudalism, where land ownership dictated social and economic power. The decline of feudalism, marked by the dissolution of feudal society, allowed capitalism to emerge. Later, in the 16-18th centuries, merchants contributed some elements of capitalism, including competing against other merchants for business and reinvesting profits into their businesses. During the industrial revolution, the rise of factories also meant the rise of mass production and the systematic use of capital for increased production. Following its inception, capitalism spread throughout Western Europe and later to other parts of the world during the 19th and 20th centuries. It is historically significant as it incentivized efficient production and innovation, driving the Industrial Revolution and enabling Western Europe and the United States to achieve significant economic expansion.

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