Periodizations of capitalism
Encyclopedia
A periodization of capitalism seeks to distinguish stages of development that help understanding of features of capitalism
through time. The most well-known periodizations that have been proposed distinguish these stages as:
The Marxist periodization of capitalism into the stages: agricultural capitalism, merchant capitalism
, industrial capitalism and state capitalism
.
Another stage is merchant capitalism
, industrial capitalism, finance capitalism
, welfare capitalism
, state monopoly capitalism
and global capitalism.
Another theory is merchant capitalism
, industrial and finance capitalism
, and global capitalism.
Many theories suggests the basic stages of merchant capitalism
, industrial capitalism and finance capitalism
.
Capitalism
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...
through time. The most well-known periodizations that have been proposed distinguish these stages as:
- Early or concurrential/ monopolyMonopolyA monopoly exists when a specific person or enterprise is the only supplier of a particular commodity...
/ state monopoly capitalismState monopoly capitalismThe theory of state monopoly capitalism was initially a Marxist doctrine popularised after World War II. Lenin had claimed in 1916 that World War I had transformed laissez-faire capitalism into monopoly capitalism, but he did not publish any extensive theory about the topic...
(Sweezy etc.) - Free trade/ monopoly/ finance capitalismFinance capitalismFinance capitalism is a term in Marxian political economics defined as the subordination of processes of production to the accumulation of money profits in a financial system. It is characterized by the pursuit of profit from the purchase and sale of, or investment in, currencies and financial...
(HilferdingRudolf HilferdingRudolf Hilferding was an Austrian-born Marxist economist, leading socialist theorist, politician and chief theoretician for the Social Democratic Party of Germany during the Weimar Republic, almost universally recognized as the SPD's foremost theoretician of his century, and a...
etc.) - Early capitalism (primitive accumulation)/ colonialismColonialismColonialism is the establishment, maintenance, acquisition and expansion of colonies in one territory by people from another territory. It is a process whereby the metropole claims sovereignty over the colony and the social structure, government, and economics of the colony are changed by...
/ imperialismImperialismImperialism, as defined by Dictionary of Human Geography, is "the creation and/or maintenance of an unequal economic, cultural, and territorial relationships, usually between states and often in the form of an empire, based on domination and subordination." The imperialism of the last 500 years,...
(HobsonJohn A. HobsonJohn Atkinson Hobson , commonly known as John A. Hobson or J. A. Hobson, was an English economist and critic of imperialism, widely popular as a lecturer and writer.-Life:...
, Lenin, Bukharin) - Extensive stageExtensive stageExtensive stage, or by its full name, predominantly extensive stage of accumulation is pertains at one of the periodizations of capitalism, as proposed by Aglietta . It is the first stage of capitalism and thus in it there is plenty of room for the extension of capitalist relations of production,...
/ intensive stageIntensive stageIntensive stage, or by its full name, predominantly intensive stage of accumulation pertains to one of the periodizations of capitalism, as proposed by Aglietta...
/ (late capitalismLate capitalism"Late capitalism" is a term used by neo-Marxists to refer to capitalism from about 1945 onwards, with the implication that it is a historically limited stage rather than an eternal feature of all future human society. Postwar German sociologists needed a term to describe contemporary society...
) (AgliettaMichel AgliettaMichel Aglietta is a French economist, currently Professor of Economics at the University of Paris X: Nanterre. Michel Aglietta is a scientific counsellor at CEPII, a member of the University Institute of France, and a consultant to Groupama. An alumnus of the École Polytechnique, from 1998 to...
)
The Marxist periodization of capitalism into the stages: agricultural capitalism, merchant capitalism
Merchant capitalism
Merchant capitalism is a term used by economic historians to refer to the earliest phase in the development of capitalism as an economic and social system. Early forms of merchant capitalism were developed in the medieval Islamic world from the 9th century, and in medieval Europe from the 12th...
, industrial capitalism and state capitalism
State capitalism
The term State capitalism has various meanings, but is usually described as commercial economic activity undertaken by the state with management of the productive forces in a capitalist manner, even if the state is nominally socialist. State capitalism is usually characterized by the dominance or...
.
Another stage is merchant capitalism
Merchant capitalism
Merchant capitalism is a term used by economic historians to refer to the earliest phase in the development of capitalism as an economic and social system. Early forms of merchant capitalism were developed in the medieval Islamic world from the 9th century, and in medieval Europe from the 12th...
, industrial capitalism, finance capitalism
Finance capitalism
Finance capitalism is a term in Marxian political economics defined as the subordination of processes of production to the accumulation of money profits in a financial system. It is characterized by the pursuit of profit from the purchase and sale of, or investment in, currencies and financial...
, welfare capitalism
Welfare capitalism
Welfare capitalism refers either to the combination of a capitalist economic system with a welfare state or, in the American context, to the practice of businesses providing welfare-like services to employees...
, state monopoly capitalism
State monopoly capitalism
The theory of state monopoly capitalism was initially a Marxist doctrine popularised after World War II. Lenin had claimed in 1916 that World War I had transformed laissez-faire capitalism into monopoly capitalism, but he did not publish any extensive theory about the topic...
and global capitalism.
Another theory is merchant capitalism
Merchant capitalism
Merchant capitalism is a term used by economic historians to refer to the earliest phase in the development of capitalism as an economic and social system. Early forms of merchant capitalism were developed in the medieval Islamic world from the 9th century, and in medieval Europe from the 12th...
, industrial and finance capitalism
Finance capitalism
Finance capitalism is a term in Marxian political economics defined as the subordination of processes of production to the accumulation of money profits in a financial system. It is characterized by the pursuit of profit from the purchase and sale of, or investment in, currencies and financial...
, and global capitalism.
Many theories suggests the basic stages of merchant capitalism
Merchant capitalism
Merchant capitalism is a term used by economic historians to refer to the earliest phase in the development of capitalism as an economic and social system. Early forms of merchant capitalism were developed in the medieval Islamic world from the 9th century, and in medieval Europe from the 12th...
, industrial capitalism and finance capitalism
Finance capitalism
Finance capitalism is a term in Marxian political economics defined as the subordination of processes of production to the accumulation of money profits in a financial system. It is characterized by the pursuit of profit from the purchase and sale of, or investment in, currencies and financial...
.
See also
- Nikolai BukharinNikolai BukharinNikolai Ivanovich Bukharin , was a Russian Marxist, Bolshevik revolutionary, and Soviet politician. He was a member of the Politburo and Central Committee , chairman of the Communist International , and the editor in chief of Pravda , the journal Bolshevik , Izvestia , and the Great Soviet...
- Rudolf HilferdingRudolf HilferdingRudolf Hilferding was an Austrian-born Marxist economist, leading socialist theorist, politician and chief theoretician for the Social Democratic Party of Germany during the Weimar Republic, almost universally recognized as the SPD's foremost theoretician of his century, and a...
- John A. HobsonJohn A. HobsonJohn Atkinson Hobson , commonly known as John A. Hobson or J. A. Hobson, was an English economist and critic of imperialism, widely popular as a lecturer and writer.-Life:...
- Ernest MandelErnest MandelErnest Ezra Mandel, also known by various pseudonyms such as Ernest Germain, Pierre Gousset, Henri Vallin, Walter , was a revolutionary Marxist theorist.-Life:...
- Paul SweezyPaul SweezyPaul Marlor Sweezy was a Marxist economist, political activist, publisher, and founding editor of the long-running magazine Monthly Review...